The U.S. Supreme Court DOMA ruling – How it affects estate planning for same-sex spouses

Description

Abstract: In June, the U.S. Supreme Court, in striking down part of the Defense of Marriage Act (DOMA), enabled many legally married same-sex couples eligible for a wide variety of federal tax breaks and other benefits previously available only to heterosexual couples. In August, the IRS clarified that same-sex couples married in jurisdictions that recognize same-sex marriage will be treated as married for federal tax purposes — regardless of where they reside. These rulings have particular significance for estate planning. This article discusses some of the breaks now available to same-sex married couples.