June 26, 2015
Nanette Lee Miller, Modern Family & LGBT Services Group Co-Leader, Featured in The Wall Street Journal Article, "Supreme Court Ruling on Gay Marriage Raises Practical Issues."
By Brent Kendall, Stephanie Armour and Ana Campoy
After the Supreme Court's decision that same-sex couples have a right to wed, state officials, couples, lawyers and financial planners began considering a host of practical issues.
In the states where same-sex couples weren't free to marry before Friday, state officials were moving, some faster than others, to put the decision into practice.
Legal and financial observers said same-sex couples need to address an array of matters as they move toward marriage. "You need to plan, because there can be unintended consequences," said Nanette Lee Miller of Marcum LLP, an accounting and advisory services firm.
Depending on a couple's financial circumstances, they could end up paying more in income taxes. Couples getting married will want to check the beneficiary designations on their 401(k) plans and perhaps retitle their real-estate holdings, among other issues, she said.
Ms. Miller also pointed to issues like the federal adoption tax credit. She said the credit is available to a same-sex second parent who wants to adopt their partner's child, but isn't available if they're married.