Evolving Financial Planning For Same Sex Couples

In June 2013, the Supreme Court invalidated Section 3 of the Defense of Marriage Act (DOMA), which had barred the federal government from recognizing same-sex marriages for purposes of federal law. As a follow up to the decision, the Internal Revenue Service announced that it would apply a “state of celebration” rule for purposes of determining whether a couple is married. Same-sex couples legally married in jurisdictions that recognize their marriages will be treated as married for federal tax purposes, regardless of the rules in the jurisdiction in which the couple resides.

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