October 21, 2013
Both state and federal laws influence the financial and estate-planning implications of same-sex couples legalizing their unions.
Same-sex couples won a battle on Tuesday, May 14, 2013, when Minnesota Governor Mark Dayton signed into law equality for same-sex couples wishing to get married. This landmark coincided with a Supreme Court decision validating same-sex marriage in the 12 states that have legalized it.
Additionally, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) said same-sex couples who are legally married in jurisdictions that recognize their union will be treated as married for federal tax purposes even if they move to a jurisdiction that does not recognize same-sex marriage. While the IRS has clarified matters for federal taxes, many other legal issues remain unresolved.
David Rephan, attorney-at-law and partner at Chestnut Cambronne Law Firm in Minneapolis, Minnesota specializes in elder law and estate planning.
…Read the full article on The Huffington Post, here: http://www.huffingtonpost.com/andrea-jackley/minnesotas-samesex-couple_b_4123729.html.