Financial Implications of Same-Sex Marriage: Marcum’s Modern Family & LGBT Tax Experts Respond to US Supreme Court Decision in Obergefell v. Hodges
New York City, NY – Tax and Estate Planning experts from the Modern Family & LGBT Services Practice group at Marcum LLP responded to the financial implications of today’s U.S. Supreme Court decision establishing same-sex marriage as a legal right in all 50 states. The Court’s decision in Obergefell v. Hodges determined that the Fourteenth Amendment requires all states to license a marriage between two people of the same sex. The ruling also established that the Fourteenth Amendment requires a state to recognize a marriage between two people of the same sex when their marriage was lawfully licensed and performed out-of-state.
Janis Cowhey, group Co-leader and a Trusts & Estates attorney, said, “With this ruling there will no longer be a two-class tax system differentiating married same-sex couples who receive income from or reside in states that previously did not recognize their marriages. All married same-sex couples will be able to file jointly at the federal and state levels, regardless of where they live and earn their income, and to plan accordingly. At the same time, for same-sex couples in committed relationships who choose not to marry, particularly those with children, the need for income and estate planning remains acute, since in the absence of a will, an unmarried partner is a legal stranger under U.S. law in the event of death, and assets may go to the legal next-of-kin. The same holds true of the need for powers of attorney, health care proxies and living wills, not only in the U.S. but in many countries abroad which do not recognize same-sex marriages. We advise our clients to keep these critical documents with them on a flash drive at all times in case of emergency – never leave home without them.”
Ms. Miller (West Coast Partner-in-Charge of Assurance Services, Marcum San Francisco) and Ms. Cowhey (Tax & Business Services Partner, Marcum New York City) are widely regarded as thought leaders in the specialty area of tax compliance and consulting services for high net worth modern families, same-sex couples, and LGBT individuals. Marcum’s specialists have over 20 years of experience navigating the complex, hyper-local and shifting tax landscape for the modern family in America. In 2012, Marcum became the first national accounting firm to establish a tax and estate planning practice dedicated to the complex rules faced by people who don’t fit traditional definitions.
Marcum’s Modern Family & LGBT Services Practice group provides services to high net worth families, couples and individuals in the following circumstances:
- Combined Families
- Registered Domestic Partners
- Cohabitating Unmarried Couples
About Marcum LLP
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