fbpx

Same sex marriages and the IRS – don’t count them out.

Other same-sex couples who might be thinking of following suit [with Rep. Barney Frank] should understand something that needs no explaining to Frank, co-author of the Dodd-Frank Bill to regulate the banking industry: Whether marriage will be a financial win depends on a couple’s age, income, assets, debts, where they live, whether they have kids and a raft of still unresolved legal issues.

Representative Barney Frank, of the Dodd-Frank bill to regulate the banking industry, is getting married and that’s as good a reason as any to remember just what difficulties lay ahead of him. I say difficulties because Rep. Frank is also among the most prominent members of the Gay community, so he knows all too well the difficulties and will likely remain a public example.

Forbes and Deborah L. Jacobs were quick to the punch with this piece on Frank and the trials and tribulations of same-sex marriage, and it’s worth a look. The central point, as many readers will know, is that same-sex marriage exists in a rather awkward nexus of laws, one that requires a great deal of work. Where it exists, it exists with all the legal weight of marriage, and that means the various financial duties and liabilities. Of course, even where it does exist, in a very real way it also doesn’t. This is because the Defense of Marriage Act of 1996 still rules out same-sex marriage by definition. That statute is what rules the IRS – and it has to enforce those rules – which is especially important in the realm of estate planning, even where there aren’t tremendous assets to guard.

That said, though, there still are legal moves to be made and rules to thoroughly understand. Perhaps with another nod to Frank, the Journal of Financial Planning recently offered a piece on the estate planning issues that affect non-married couples and same-sex marriages alike and it too is worth your consideration.

You can learn more about estate and elder law planning on our website. Be sure to sign up for our free e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

Reference: Forbes (January 26, 2012) “Tying the Knot Isn’t All Love and Roses: By Marrying, Barney Frank and His Partner Take on Legal Duties, Too

                The Journal of Financial Planning (February, 2012) “Estate Planning for Unmarried Couples: What Financial Planners Need to Know

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment

LIKE THIS POST?

We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.