March 28, 2014

Marcum Experts Respond to Federal Recognition of Michigan Same-Sex Marriages

Marcum Experts Respond to Federal Recognition of Michigan Same-Sex Marriages Modern Family & LGBTQ Services

New York City, NY – Today’s ruling by the federal government granting full federal recognition to the same-sex marriages performed last week in the State of Michigan carries important tax and estate-planning consequences for those new families, according to LGBT tax experts at Marcum LLP. Marcum was the first national accounting and advisory firm to establish a full-service practice dedicated to the unique needs of same-sex and non-traditional families.

“Federal recognition for same-sex married Michigan taxpayers affords them the opportunity to take advantage of tax and estate planning opportunities that have always been available to traditional married couples,” said Janis Cowhey, LGBT Practice Co-Leader and a trusts & estates attorney. “That is a tremendous benefit of recognition for these families. But at the state level, the situation is more complicated. For example, even if you live in a state where your marriage is recognized, you may have income from a different state that does not recognize your marriage. And some states that don’t recognize same-sex marriage are actually allowing couples married in other states to file joint returns.You need to know the rules and how they apply to your specific situation. The newly married Michigan couples should consult their financial advisors as soon as possible.”

Marcum LLP is the thought leader in the specialty area of tax compliance and consulting services for same-sex and other non-traditional families. The firm’s professionals have more than 20 years of experience in dealing with the complex tax and financial rules faced by the LGBT community, state-by-state and around the country.

About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.