08 August 2013

On Demand Webinar: Estate and Income Tax Planning After the DOMA Ruling

Please click here to register for this on-demand seminar from Trusts & Estates and Wealthmanagement.com.

On June 26, 2013, the U.S. Supreme Court struck down in the Windsor case the Federal Defense of Marriage Act (DOMA), thereby enabling married same-sex couples to enjoy the same legal rights as heterosexual married couples.

Same-sex married couples will now enjoy benefits including:

  • Filing joint income tax returns;
  • Claiming the marital deduction for gift and estate tax purposes;
  • Naming the spouse as the beneficiary under a qualified retirement account and allowing the spouse; “roll over” the account into his own account, electing portability of the deceased spouse’s unused applicable exclusion amount;
  • Simplifying the basis and contribution rules with respect to jointly owned property;
  • Splitting of inter-vivos gifts;
  • Eliminating adverse tax consequences for the transfer of property pursuant to a marriage settlement agreement; and
  • Granting certain Social Security, Medicare and Medicaid benefits.

This case will have a far-reaching impact on estate planning practitioners. Our presenters will discuss the recent case and what estate planners need to know when advising same-sex couples. The presenters will provide suggestions for immediate action and also discuss the application of the case to various residency scenarios.


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