How do we make sure our beloved animals are taken care? In reviewing clients’ wills, I’ve seen many that are so well thought out that they include their current pets and any pets they might have in the future. Several famous cases, including Leona Helmsley, Michael Jackson, Doris Duke, and Alexander McQueen, provided fabulously for their pets. Karl Lagerfeld left $300 million to his cat.

Pets are actually considered property like furniture, jewelry, and cars – so if you don’t include your pet in your estate planning, they may not end up where you want them. Here’s what to do:

Identify your heir for your pet.

Figure out who would be best to care for your pet, and ask them if they would be willing to do so. It’s important to name someone who really would want to take care of them. Describe your pet and what they need.

Add that person to your will.

It can be a codicil to your existing documents that names the person, or you can include it as a statement in your will when you update your estate documents.

Create a trust for your pet.

You probably want to make sure there is enough money set aside to pay for your pet’s expenses like food, toys, veterinary fees, and medicines. You can name not only the new caregiver but the person who will manage the funds for your pet’s care. It’s also important to name a contingent caregiver and contingent trustee, in case they are unable to accept the inheritance and role of owner of your pet.

Add your desires for their medical and end-of-life care.

You may have specific ideas of what your pet needs at that time.

Set reasonable expectations.

In the famous Leona Helmsley will, she left $12 million when she died in 2007 to her dog named Trouble. This was more than she left to two of her grandchildren, who had been intentionally left out of the will. A judge later determined that Trouble could get by on less, and gave $6 million to the grandchildren, $2 million to Trouble, and the rest to charity.

The lifetime exemption for federal estate, gift and generation-skipping transfer (GST) tax has increased for 2020, to $11.58 million per person. When you’re doing advanced estate planning — when you’re making transfers above the $15,000 annual exclusion for gifts — that is your lifetime gift/estate tax exemption. And it’s a good time to do it soon before the exclusion is set to go back down in 2025.

A married couple now has a total of $23.16 million they can transfer free of federal estate/gift taxes, either during life or upon death. If a U.S. estate tax return is filed properly within nine months after the death of the first to die of a married couple, to elect “portability,” then the unused exemption of the first spouse can be used by the estate of the surviving spouse.

Absent intervening legislation, the Federal exemption amount will be increased for inflation each year until January 1, 2026, when it will return to $5 million (adjusted for inflation). IRS regulations now provide that individuals who use the increased federal exemption amount for lifetime gifts will not be adversely affected by a decreased federal estate tax exemption after 2025. They have indicated that there will be no “clawback” if the exemption amount in the year of death is lower than the amount of exemption used during life.

Annual gift tax exclusions are available in addition to the federal gift tax exemption. Each year any person may make gifts of $15,000 (or $30,000 for married couples) to an unlimited number of recipients without using up any part of their federal gift tax exemption.

New York

The New York estate tax exclusion for 2020 is $5.85 million, scheduled to increase annually for inflation. The benefit of the exclusion is “phased out” for taxable estates between 100% and 105% of the exclusion amount, and eliminated entirely for taxable estates that exceed 105% of the exclusion amount. This creates a “tax cliff,” so beware! As a result of this “cliff,” if a taxable estate exceeds 105% of the exclusion amount, the entire taxable estate will be subject to the New York estate tax (applied at graduated rates).

There is no separate gift or GST tax in New York. However, taxable gifts made by a New York resident prior to December 31, 2025, and within three years of death are added back to and taxed in the resident’s estate. The right estate planning can be a benefit.

Massachusetts

The Massachusetts estate tax exemption is only $1,000,000. This exemption is reduced by lifetime gifts in excess of the federal gift tax annual exclusion. The Massachusetts estate tax is imposed on the entire value of the estate when the exemption is exceeded, unlike the federal estate tax which only taxes the excess over the threshold. If an estate exceeds $1 million then all but $40,000 of the entire amount is taxed. However, those tax rates are much less than the 40% federal estate tax rate.

For 2020, Massachusetts estate tax rates: are 0.8% to 16%, depending on the value of the estate. The state does not tax gifts at all of any amount, nor does it have an inheritance tax.

Connecticut

The Connecticut estate and gift tax exemption for 2020 is $5.1 million, and will increase to $7.1 million in 2021, and $9.1 million in 2022. Beginning in 2023, the Connecticut exemption will equal the federal exemption (as adjusted for inflation). There is no separate generation-skipping tax in Connecticut.

New Jersey

New Jersey repealed its estate tax entirely, effective January 1, 2018. However, New Jersey has retained a separate inheritance tax, which is based on the relationship between the decedent and the beneficiary. Transfers to a spouse, child, stepchild, or grandchild of the decedent are exempt from inheritance tax. There is no separate gift or GST tax in New Jersey.

• There has been a change in your marital status (many states have laws that revoke part or all of your will if you marry or get divorced) or the marital status of your children or grandchildren.
• There has been an addition to your family through birth, adoption, or stepchildren through marriage.
• Your spouse or a family member has died, has become ill or incapacitated.
• Your spouse, your parents, or another family member has become dependent on you.
• There has been a substantial change in the value of your assets or in your plans for your money.
• You have received a sizable inheritance or gift.
• Your income level or requirements have changed.
• You are retiring.

Some Things to Consider

There are several questions we ask clients to think about:

• Who are your family members and friends? What is your relationship with them? What are their circumstances in life? Do they have any special needs?
• Do you have a valid will? Does it reflect your current goals and objectives about who receives what after you die? Is your choice of an executor or a guardian for your minor children still appropriate?
• In the event you become incapacitated, do you have a living will, durable power of attorney for health care, or a Do Not Resuscitate order to manage medical decisions?
• In the event you become incapacitated, do you have a living trust or durable power of attorney to manage your property?
• What property do you own and how is it titled (e.g., a trust, or outright or jointly with right of survivorship)? Property owned jointly with right of survivorship passes automatically to the surviving owner(s) upon death.
• Have you reviewed your beneficiary designations for your retirement plans and life insurance policies? These types of property pass automatically to the designated beneficiaries at your death.
• Do you have any trusts, living or testamentary? Property held in trust passes to beneficiaries according to the terms of the trust. There are up-front costs and often ongoing expenses associated with the creation and maintenance of trusts.
• Do you plan to make any lifetime gifts to family members or friends?
• Do you have any plans for charitable gifts or bequests?
• If you own or co-own a business, have you made provisions to transfer your business interest? Is there a buy-sell agreement with adequate funding? Would lifetime gifts be appropriate?
• Do you own sufficient life insurance to meet the needs of your family?
• Have you considered the impact of gift taxes, estate tax, generation-skipping and income taxes, federal and state?

Most recently

We lost some greats in 2018, including chef and traveler Anthony Bourdain and the Queen of Soul, Aretha Franklin. But it appears Franklin died without a will or estate plan in place. Her four sons filed documents in probate court in Oakland County, Michigan, listing themselves as interested parties, and her niece asked the court to appoint her as personal representative of the estate.

All of this is now available to the public because of probate. Her estate will be distributed according to the laws of Michigan, her state of residence. In addition, creditors will have a chance to make claims against her estate and may get money before any of her heirs. It looks like she owned property in more than one state, so probate will likely have to be opened in each state where she owned property (ancillary probate). The settling of her estate could drag on for years at a potentially high financial and emotional cost.

A few years ago

Prince Rogers Nelson, who was better known as Prince, died in 2016. He was 57 years old and still making incredible music and entertaining millions around the world. The first filing in the Probate Court for Carver County, Minnesota, was by a woman claiming to be the sister of Prince, asking the court to appoint a special administrator because there was no will or other testamentary documents. As of November 2018, there have been hundreds of court filings from prospective heirs, creditors, and other “interested parties.” There will be no privacy in the administration of Prince’s estate, as the entire ongoing proceeding is open and available to anyone for scrutiny.

A long time ago

Here are some other notable personalities who died many years ago without planning their estates.
Pablo Picasso died in 1973 at 91, leaving no apparent will or other testamentary instructions. He left behind nearly 45,000 works of art, rights and licensing deals, real estate, and other assets. The division of his estate assets took six years and included seven heirs. The settlement cost an estimated $30 million in legal fees and other related costs.

Howard Hughes’ estate made headlines for several years following his death in 1976. Along the way, several bogus wills were offered, and people claiming to be wives came forward, as did countless self-proclaimed relatives. Three states — Nevada, California, and Texas — claimed to be responsible for the distribution of his estate. Ultimately, by 1983, his estimated $2.5 billion estate was split among 22 “relatives” and the Howard Hughes Medical Institute.

Abraham Lincoln, one of America’s greatest presidents, was a lawyer. Yet when he met his untimely death at the hands of John Wilkes Booth in 1865, he died intestate — without a will or other testamentary documents. After his death, Lincoln’s son, Robert, asked Supreme Court Justice David Davis to assist in handling his father’s financial affairs. Davis later was appointed as the administrator of Lincoln’s estate. It took more than two years to settle his estate, which was divided between his surviving widow and two sons.

Go ahead and plan

These are all cautionary tales. No matter your age or health, take some time to document your wishes for your assets, so the state or judges don’t have to decide what you might have wanted. And once it’s done, it will be a weight off your shoulders.

Many of our clients had been gifting (or receiving) the maximum $14,000 annual tax-free amount for years. For the first time in more than a decade, that maximum has increased and now stands at $15,000. The Tax Cuts and Jobs Act, signed into law in 2017, also nearly doubled the federal gift and estate tax basic exclusion amount to $11.18 million in 2018.

Gift tax. Gifts you make during your lifetime may be subject to federal gift tax. But not all gifts are subject to the tax. You can now make annual tax-free gifts of up to $15,000 per recipient. Married couples can make annual tax-free gifts of up to $30,000 per recipient by each giving to one person. You can give $15,000 tax free to as many people as you would like. Unlimited tax-free gifts are available when paid directly to educational or medical service providers for qualifying expenses. You also can make deductible transfers to a spouse and to charity. The basic “exclusion amount” protects a total of up to $11.18 million (in 2018) from gift tax and estate tax. Transfers in excess of that amount are generally taxed at 40%.

Estate tax. Property you own at death is subject to federal estate tax. As with the gift tax, you can make deductible transfers to your spouse and to charity; and the basic exclusion amount protects up to $11.18 million (in 2018, it will be adjusted for inflation in later years) from tax. A rate of 40% tax generally applies to transfers in excess of the basic exclusion amount. After 2025, the exclusion is scheduled to revert to its pre-2018 level and be cut approximately in half. Otherwise, federal gift and estate taxes remain the same. And 17 states levy separate estate and/or inheritance taxes, with death taxes sometimes starting at the first dollar of an estate. Delaware repealed its estate tax in 2018. And New Jersey repealed its estate tax this year, but left its inheritance tax intact.

Portability. The estate of a deceased spouse can elect to transfer any unused applicable exclusion amount to the surviving spouse (which is referred to as “portability”). The surviving spouse can use whatever is left of the exclusion of the deceased spouse, along with the surviving spouse’s own basic exclusion amount, for federal gift and estate tax purposes. For example, if a spouse died in 2011 and the estate had elected to transfer $5 million of the unused exclusion to the surviving spouse, in 2018 the surviving spouse has an exclusion amount of $16.18 million ($5 million plus $11.18 million) to shelter transfers from federal gift or estate tax this year.

For those courageous enough to remarry, there are many financial questions to answer together. How will you combine finances? This issue gets thornier the older you are. You’ll want to create a financial strategy that considers the assets, liabilities, and financial responsibilities that each partner brings to the marriage. Financial planning for remarriage is more complicated than it was the first time you got married, because your life likely isn’t as simple now. You may have acquired more assets. You may have children. You may want to plan more carefully this time, now that you’re familiar with the financial consequences of divorce or the death of a spouse. You may be more focused on retirement than you were the first time.

Many of the basic issues are no different than for those marrying for the first time: budgeting, savings and investments, insurance and risk, tax planning, integrating your employee and retirement benefits, and property ownership.

Ensure a healthy future financial relationship

Before getting married, have an honest talk about your finances

You and your partner should discuss how you will handle money together, well before the wedding. Differences in how you and your partner handle and think about money can hurt the process unless you can communicate those differences. One person may be a saver, the other a spender. Also, you may have different financial goals than your partner. Money issues can be especially troublesome when you remarry, because you may feel financially vulnerable if a previous marriage ended in divorce, particularly if it ended, all or in part, because of financial troubles.

You can together work out the terms of your financial relationship, setting up a mutually agreeable plan. Before marriage is the time to decide if you want to keep separate bank accounts and to decide whether you want to pay expenses together or separately. Consider disclosing all your obligations and income to your partner to avoid any misunderstandings in the future and so that you can make sure that any budget you set is realistic.

Consider using legal agreements

Prenuptial and postnuptial agreements are contracts used by couples of all ages to define their rights, duties, and obligations during marriage and to determine what happens in the event the couple separates or divorces or one partner dies. If the contract is written prior to the marriage, it’s called a prenuptial, premarital, or antemarital agreement. (If it’s written during the marriage, then it’s called a postmarital agreement.) Couples who are remarrying should consider using marital agreements if they have substantial assets or children to protect and/or want to avoid some of the financial trauma that could occur if their marriage ends. They can spell out what assets and liabilities each partner is bringing into the marriage and determine how the assets brought into the marriage, and those acquired during the marriage, will be divided. These issues may also have an impact on your estate planning.

Consider keeping credit separate

One way to help you and your future spouse maintain a good financial relationship is to continue keeping your credit separate even after you marry. Instead of applying for joint credit cards, each partner can keep his or her own credit cards. This can protect you in several ways. If one of you has good credit but the other doesn’t, it can help the partner with good credit keep it. Keeping credit separate will also make it likely that if this marriage ends in divorce, only the person who incurred the obligation will have to pay it. In short, you won’t end up paying your ex-spouse’s debts. If you or your partner have been burned financially in a relationship before, keeping separate credit might make you feel more at ease and may prevent arguments.

The downside to keeping separate credit is that it can be complicated. If one spouse is working while another isn’t, the nonworking spouse may have trouble qualifying for his or her own credit. Trust issues and arguments over credit may also arise should one spouse have more credit or more accounts than another. In addition, you and your spouse may be able to qualify for a credit card or a loan much more easily if you apply together rather than separately, so keeping your credit completely separate may not be smart or even feasible.

Who owns what

There are several ways ownership of assets can be titled. Couples who are remarrying should pay close attention to the way assets acquired after they marry are titled, because how their assets are owned may affect their current finances as well as determine who will receive the assets after they die.
For example, if you and your partner buy a car and sign the loan paperwork together, you own the car jointly (as joint tenants). Owning your car this way can be advantageous because it means that if one of you dies, ownership of the car will pass immediately to the other. However, joint ownership can also have certain disadvantages. For example, if your partner owes back child support, his or her ex-spouse may be able to claim that the car should be sold and the money used to pay back child support, and the court may order this. Or, if your spouse owes money to a creditor, the creditor may be able to place a lien on the property or force you to sell it to pay off the debt. The fact that you aren’t responsible for the debt won’t affect the creditor’s right to your spouse’s share of the property.

People remarrying should carefully consider how holding assets can affect their estate planning goals. For example, if you have children from a previous marriage and you want to make sure they receive your assets when you die, consider setting up a trust for the benefit of the children. To make sure that your spouse has access to funds immediately after you die, you may want to set up a joint savings account.

Protecting retirement and pension benefits

Older individuals sometimes hesitate to remarry because they fear losing their Social Security or pension benefits. However, except under certain circumstances, this is usually not the case. For example, if you’re receiving a survivor’s benefit or annuity based on your deceased spouse’s pension, you generally won’t lose it if you remarry. One exception that can occur: If you are receiving survivor’s benefits based on your deceased spouse’s service with the federal government or the military, you do face the likelihood of losing your benefits in that situation if you remarry before age 55.

Rules governing Social Security survivor’s benefits are a little different. If you are over age 60 and are receiving survivor’s benefits based on your deceased spouse’s Social Security record, you won’t lose those benefits if you remarry. However, if you’re under age 60 and are receiving benefits because you are caring for a dependent child, you will lose your survivor’s benefits if you remarry.

Guardian for Minor Children

In many states, a will is your only way to make clear who you want to be legal guardian for your minor children if you die. If you wish, you can name different people for different parts of the job: a personal guardian, who takes physical custody of the children, and a property guardian, who manages the children’s assets. This can be the same person or not. Probate court would have final approval, but courts usually approve your choice of guardian unless there are compelling reasons not to.

Your Executor

A will allows you to designate a person as your executor to act as your legal representative after your death. An executor carries out many estate settlement tasks, including locating your will, collecting your assets, paying legitimate creditor claims, paying any taxes owed by your estate, and distributing remaining assets to your beneficiaries. As with naming a guardian, the probate court has final approval but will usually approve whomever you nominate.

How to Transfer Property

Transfers through a will are either:

• “Specific bequests” of things like heirlooms, jewelry, furniture, or cash;
• “General bequests” such as a percentage of property; or a
• “Residuary bequest” – that’s what is left after your other transfers.

Generally, a will is a written document that must be executed with appropriate formalities. These includes signing the document in front of at least two witnesses. You must be mentally sound. Though it is not a legal requirement, a will should generally be drafted by an attorney who is very familiar with estate law in your state. If you have no property or assets and no children, you likely do not have need for a will.

Outside a Will

There are some limits, however, on how you can distribute property using a will. For instance, your spouse may have certain rights with respect to your property, regardless of the provisions of your will.
Some property cannot be transferred by a will. For example, property you hold in joint tenancy or tenancy by the entirety will automatically pass to the surviving joint owner at your death. Also, the assets for which you have already named a beneficiary will pass to that beneficiary regardless of what is in your will. That includes life insurance, pension plans, IRAs, and TODs (transfer on death account beneficiaries). It is good practice to name contingent beneficiaries, in your will as well as on your accounts, just in case your primary beneficiaries are not able to receive your assets.

Pay Estate Taxes and Expenses

State law determines how estate taxes and other expenses are divided among your heirs unless you direct otherwise in your will. To ensure that the specific bequests you make to your beneficiaries are not reduced by taxes and other expenses, you can provide in your will that these costs be paid from your residuary estate. Or, you can specify which assets should be used or sold to pay these costs.

Fund a Trust

In your will, you can create a trust, known as a “testamentary trust,” that comes into being when your will is probated. Your will sets out the terms of the trust, such as who the trustee is, who the beneficiaries are, how the trust is funded, how the distributions should be made, and when the trust terminates. This can be especially important if you have minor children or a spouse who is unable to manage assets or property.
A “living trust” is a trust that you create during your lifetime. If you have a living trust, your will can direct the transfer any assets that were not transferred to the trust while you were alive. This is known as a “pour-over will” because the will pours over the rest of your estate to your living trust.

Do You Need a Will?

If you do not have any property and no children, you likely do not need a proper will. But you might still want to provide written instructions about who you want to make healthcare decisions for you, and who you would want to pay your bills if you are not able to. These documents are cornerstones of estate planning, even if you do not have assets to pass to heirs.

Outright gifts

An outright gift is one that benefits the charity immediately and exclusively. With an outright gift you get an immediate income and gift tax deduction. Make sure the charity is a qualified charity according to the IRS. Get a written receipt or keep a bank record for any cash donations, and get a written receipt for any property other than money.

Will bequests and beneficiary designations

These gifts are made by including a provision in your will or trust document, or by using a beneficiary designation form. The charity receives the gift at your death, at which time your estate can take the income and estate tax deductions.

Charitable trusts

Another way for you to make charitable gifts is to create a charitable trust. You can name the charity as the sole beneficiary, or you can name a non-charitable beneficiary as well, splitting the beneficial interest (this is referred to as making a partial charitable gift). The most common types of trusts used to make partial gifts to charity are: charitable lead trusts and charitable remainder trusts. Note that there are expenses and fees associated with the creation of a trust.

Charitable lead trust

A charitable lead trust pays income to a charity for a certain period of years, and then the trust principal passes back to you, your family members, or other heirs. The trust is known as a charitable lead trust because the charity gets the first, or lead, interest. A charitable lead trust can be an excellent estate planning vehicle if you own assets that you expect will substantially appreciate in value. If created properly, a charitable lead trust allows you to keep an asset in the family and still enjoy some tax benefits.

In this example, Susan, who often donates to charity, creates and funds a $2 million charitable lead trust. The trust provides for fixed annual payments of $100,000 (or 5% of the initial $2 million value) to her favorite charity for 20 years. At the end of the 20-year period, the entire trust principal will go outright to Susan’s children. Using IRS tables and assuming a 2.0% Section 7520 rate, the charity’s lead interest is valued at $1,635,140, and the remainder interest is valued at $364,860. Assuming the trust assets appreciate in value, her children will receive any amount in excess of the remainder interest ($364,860) unreduced by estate taxes.

Charitable remainder Trust

A charitable remainder trust is the mirror image of the charitable lead trust. Trust income is payable to you, your family members, or other heirs for a period of years, then the principal goes to your favorite charity. A charitable remainder trust can be beneficial because it provides you with a stream of current income — a desirable feature if there won’t be enough income from other sources.

In this example, Jane, an 80-year-old widow, creates and funds a charitable remainder trust with real estate valued at $1 million with a cost basis of $250,000. The trust provides that fixed quarterly payments be paid to her for 20 years. At the end of that period, the entire trust principal will go outright to Jane’s alma mater. Using IRS tables and assuming a 2.0% Section 7520 rate, Jane receives $50,000 each year, avoids capital gains tax on $750,000, and receives an immediate income tax charitable deduction of $176,298, which can be carried forward for five years. Also, Jane has removed $1 million, plus future appreciation, from her gross estate.

Private family foundation

A private family foundation is a separate legal entity that can endure for many generations. You create your foundation, then transfer assets to the foundation, which in turn makes grants to public charities. You and your heirs have complete control over which charities receive grants. But, unless you can contribute enough capital to generate funds for grants, the costs and complexities of a private foundation may not be worth it. A general guideline is that you should be able to donate enough assets to generate at least $25,000 a year for grants.

Community foundation

If you want your dollars to be spent on improving the quality of life in your community, a community foundation might be right for you. Similar to a private foundation, a community foundation accepts donations from many sources, and is overseen by people familiar with the community’s particular needs, and professionals skilled at running a charitable organization.

Donor-advised fund

Similar in some respects to a private foundation, a donor-advised fund offers an easier way to make significant gifts to charity over a long period of time. A donor-advised fund actually refers to an account that is held within a charitable organization. The charitable organization is a separate legal entity, but your account is not — it is merely a component of the charitable organization that holds the account. Once you transfer assets to the account, the charitable organization becomes the legal owner of the assets and has ultimate control over them. You can only advise — not direct — the charitable organization on how your contributions will be distributed to other charities.
 

Financial advisors recommend couples thinking about same-sex financial planning have a discussion about how the Supreme Court decision will affect their finances and consider the ramifications of all possible outcomes. “One size is not for all, so one broad answer wouldn’t address the factors involved. The financial choices are driven by individual goals and emotions,” said Maura Griffin, founder and CEO of Blue Spark Capital Advisors.

High financial stakes for 2M in same-sex couples

The Supreme Court heard arguments Tuesday about whether all US states must issue marriage licenses to same-sex couples under the Constitution, and whether they must recognize same-sex marriages performed in other states where they are now legal.

A decision is not expected until June. But whatever the ruling, the financial implications could be huge for same-sex couples.

“The Supreme Court decision will affect where same-sex couples live, where they travel and where they die,” said Scott Squillace, an estate planning attorney in Boston and author of “Whether to Wed: A Legal and Tax Guide for Gay and Lesbian Couples. “It’s going to be a really big deal for everyone.”

For starters, individuals in a same-sex couple will be able to gift unlimited assets to their spouse, free from federal taxes, either during life or at death, said Tim Bresnahan, a vice president at Northern Trust’s wealth planning advisory services group with a focus on planning for LGBT individuals. (Under current law, you may have to pay tax on gifts of more than $14,000 in a year to any person other than your spouse.)

Changes to same-sex financial planning as a result of decision

A Supreme Court decision against same-sex marriage would also dramatically change the financial plans for same-sex couples who were married before the court ruling.

“There are estate-planning issues and parental rights to consider in terms of holistic financial planning. And there are work-arounds for those who commit to living together,” said Maura Griffin, a certified financial planner and CEO of Blue Spark Capital Advisors in New York City.

For example, same-sex couples—whether married or not—can use a trust to protect their assets in the event of illness or death, which allows the assets held in trust to pass to beneficiaries outside of the often lengthy probate process, Bresnahan said.

Financial advisors recommend same-sex couples have a discussion about how the Supreme Court decision will affect their finances and consider the ramifications of all possible outcomes. “One size is not for all, so one broad answer wouldn’t address the factors involved. The financial choices are driven by individual goals and emotions,” Griffin said.

Currently, 36 states and the District of Columbia allow same-sex couples to marry. The status of same-sex marriages in Alabama is in dispute by conflicting state and federal rulings. Any ruling for gay challengers in the four appeals before the Supreme Court consolidated under the title “Obergefell v. Hodges” would make same-sex marriage legal nationwide, adding 14 states to those that already permit it.

There are about 390,000 married same-sex couples in the country, according to the latest Gallup survey data. But an additional estimated 1.2 million adults are living in same-sex domestic partnerships.
“If the court rules in favor of marriage equality, the impact on those married LGBT couples living in states that do not recognize their marriage will be tremendous,” said Ryan Svatora, a financial advisor with Zinn-Ray-Svatora Wealth Management Group in New York City. “With their marriage finally recognized, the patchwork of federal and state benefits will end, full equality will be realized, and numerous financial benefits will finally be at the couples’ disposal.”

CNBC News: Blue Spark’s Maura Griffin on Same-Sex Financial Planning – READ THE ARTICLE

By Tom Anderson Personal Finance Writer, CNBC