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Nov 1, 2011 12:00 PM
With This Ring I Thee Tax
A look at same-sex marriage laws, DOMA and how they impact estate planning
On June 24, 2011, 42 years after the gay rights movement began with the Stonewall Riots in New York City, Governor Andrew M. Cuomo signed the Marriage Equality Act into New York State law. After a long political battle and a narrow 33-to-29 vote by the New York State Senate, New York joined Connecticut, Iowa, Massachusetts, New Hampshire, Vermont and the District of Columbia as the seventh (and most populous) jurisdiction to legalize the marriage of same-sex couples (we'll refer to Connecticut, Iowa, Massachusetts, New Hampshire, New York, Vermont and the District of Columbia as “same-sex marriage states”).
In same-sex marriage states, same-sex couples can avail themselves of state laws, including gift and estate tax laws, which are typically incorporated into effective and efficient estate planning. However, the Federal Defense of Marriage Act (DOMA) is the proverbial thorn in the side of same-sex couples nationwide. DOMA denies same-sex couples many federal rights and privileges enjoyed by opposite-sex married couples. The differences between state and federal laws, particularly tax laws, create a morass of rules and regulations to be deciphered by attorneys, tax professionals, scholars and academics. Conflicting state and federal marriage laws make estate-planning decisions more complex for many same-sex couples, especially when the goal is to minimize exposure to lifetime and after-death taxes.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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