Did more of them tie the knot? Couples should also ensure they have the correct beneficiaries on all of their financial accounts, such as life insurance, k s and IRAs. Despite these drawbacks, getting married does offer some financial perks. She also recommends both partners get a power of attorney.
We caught up with Moran for more insights on what the ruling has meant for the financial lives of LGBT couples. Another reason to hold off on marriage is if one partner has a child nearing college. I definitely had clients who got married because they felt that the federal laws protecting the rights of married couples would give them better protection than the laws of the states they live in. How can you plan to make sure the child has money for college? For couples who don't already have a good financial strategy in place, tax and estate planning are probably the areas where they're seeing the biggest incentive to tie the knot. But when a couple is legally married, an unlimited amount of assets can be transferred as a gift or as an inheritance from one spouse to the other, with no tax consequences. Instead of Mother and Father, they now say Parent 1 and Parent 2. Personal Finance NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. But gay and lesbian couples face additional challenges, thanks to confusing and ever-changing laws. When couples are legally married, though, money can be shared freely with each other. If you are not married, you may want to consider purchasing life insurance, Mahaney says. If your state does not allow co-parent adoption which allows both of you to be parents , look into a co-guardianship or co-parenting agreement, Lambda Legal recommends. Mostly, it caused people to sit down and talk about the pluses and minuses of getting married, compared with the strategies they were using before, and how their financial plans might change if they do get married. NerdWallet shows you where your money goes What does retirement look like for us, and how can we start preparing? These decisions can affect your finances. The percentage of LGBT couples married to a same-sex spouse is now more than This legal document has different names in different states, but it allows you to designate who will make your decisions for you if you are physically or mentally unable to. Should we consider establishing a trust to protect the interests of our children? If there is another parent in the picture, how will you split financial obligations with them? Client login Same-Sex Marriage: There's also a lot taking place around transgender rights—and a great deal of education and awareness that needs to happen. The Social Security administration currently looks to state laws, so if a couple is legally married, Social Security benefits including survivor benefits are available to them. Anita Roberts, a year-old woman in San Antonio, lost her partner of 21 years, Kim, in the fall of Are there any financial disadvantages for same-sex couples who are considering marriage? When both spouses are making good money, they may end up paying higher taxes on their combined income as a married couple. Some of the products we feature are from our partners. Sign up for free.
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