Same sex marriage financial issues. What same-sex couples must now know about their finances.



Same sex marriage financial issues

Same sex marriage financial issues

Contact your financial advisor to consider additional steps that may be needed to account for a change in your marital status. Limitations to the type of relief offered may apply, depending on whether the statute of limitations has run out. Wealth management planning includes a broad spectrum of activities: Or they may be complacent — not unlike heterosexual couples. NerdWallet makes managing your money easy with a single view of your finances. Also, if you are married for at least 10 years and then get divorced, you may be able to claim benefits on your ex-spouse's work record. When one member of a married couple retires, they can claim either their own Social Security payment or a spousal benefit that can be worth up to half the spouse's benefit. 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. As always, it is important to consult an attorney or tax advisor before making any financial or estate planning changes. Update health-care directives and power-of-attorney forms, if needed. Related articles Something blue, something green: Take the time to understand the financial implications of any action you take, and talk with a qualified tax or financial professional before making any decisions. See your tax advisor for more details. In comparison, unmarried couples do not have the same advantage of tax-free transfers to one another. Doing so will likely lower their tax-preparation costs and make filing simpler.

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Income tax problems of same sex couples, Part 1 of 3



Same sex marriage financial issues

Contact your financial advisor to consider additional steps that may be needed to account for a change in your marital status. Limitations to the type of relief offered may apply, depending on whether the statute of limitations has run out. Wealth management planning includes a broad spectrum of activities: Or they may be complacent — not unlike heterosexual couples. NerdWallet makes managing your money easy with a single view of your finances. Also, if you are married for at least 10 years and then get divorced, you may be able to claim benefits on your ex-spouse's work record. When one member of a married couple retires, they can claim either their own Social Security payment or a spousal benefit that can be worth up to half the spouse's benefit. 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. As always, it is important to consult an attorney or tax advisor before making any financial or estate planning changes. Update health-care directives and power-of-attorney forms, if needed. Related articles Something blue, something green: Take the time to understand the financial implications of any action you take, and talk with a qualified tax or financial professional before making any decisions. See your tax advisor for more details. In comparison, unmarried couples do not have the same advantage of tax-free transfers to one another. Doing so will likely lower their tax-preparation costs and make filing simpler. Same sex marriage financial issues

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