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Same-sex couples may now discover new rules for estate planning

Planning for life after death is something that everyone should consider, including those who live in the Hudson County area. Now, with the latest ruling from the Supreme Court regarding same-sex couples those who are in same-sex marriages have many new things to consider as they begin their estate planning and long-term asset administration. Understanding all of the implications that will now be in play is important for anyone in a same-sex relationship.

One of the many important changes handed down by the Court involves a marital deduction tax law. The law allows spouses to transfer any sum of money to each other without being penalized with a gift or estate tax. With the Court’s ruling this law now applies to same-sex couples as well. Previously they had to pay a federal estate tax if their inheritance exceeded a certain amount.

The Court’s ruling will also have an affect on several other tax and estate planning laws, including, portability, gift splitting, rollover rights and company retirement plans among them.

There are many estate and tax laws that have been affected by the Supreme Court’s ruling. It may take some time to see the results that these changes will bring, but it appears that they will definitely have consequences on estate planning for same-sex couples. If a same-sex couple is considering preparing their estate for the future it may be a very good idea to speak with an experienced attorney who can help them understand how these Court rulings can affect them.

Source: Forbes, “How The Supreme Court Decision Will Change Estate Planning For Same-Sex Spouses,” Deborah L. Jacobs, June 26, 2013.

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