Your Money Matters: Tax planning tips for same sex couples

Your Money Matters
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Louis Sands
Plante Moran
www.plantemoran.com

Tips:

It is always good for any client contemplating a life-changing event as important as marriage to schedule a meeting with their attorney, accountant and/or financial planner before they “tie the knot.”

Couples contemplating marriage should consider reviewing their estate plans, their medical coverage available through work, their beneficiary designation on the life insurance policy as well as their 401(k) plans. Generally you are “pooling”  your financial lives with your future spouse, for better or worse (prenuptial agreements are also worth considering in the right circumstances.)

If a married couple moves to another state that doesn’t recognize the marriage, the couple will still be married as far as the federal government is concerned (and for example can file a joint federal tax return 1040), but they may be forced to file their state tax returns as if they are single.

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