Planning for Same-Sex Couples


The Supreme Court has now ruled that same-sex marriage is legal in every state, bringing clarity to financial planning strategies, and making new strategies available to same-sex couples that didn’t previously exist.

First, a refresher: When the Supreme Court struck down the Defense Of Marriage Act (DOMA) in 2013, same-sex married couples were allowed to rollover a deceased spouse’s IRAs and retirement plans via spousal rollover, instead of needing to use a non-spousal rollover to an Inherited IRA.  A review of beneficiary designations can be prudent from time to time, and with laws changing, now is certainly a good time to have a look at those designations.

Social Security currently plays a large part in the consideration of many couples’ retirement planning.  Spousal and survivor benefits from the Social Security Administration are now available to married couples, and marriage is now marriage in every state regardless of sex, providing clarity to planning opportunities in this arena.

If you are contemplating marriage to someone of the same sex, we encourage you to talk with your attorney about the topic in light of new rights being available.  Of course, you should consider such unpleasant but often necessary legal documents such as prenuptial agreements and other property agreements.

Premarital arrangements become more important for same-sex couples now, as with the high court’s ruling comes not only the ability to marry, but also to get a divorce.  Previously, those who married in a state with marriage equality who moved to a state that didn’t recognize the marriage could not be granted a divorce in that state.  Now, the good and the bad side of marriage is available to all.

Want to adopt?  States now must grant equal rights to same-sex couples who wish to pursue adoption.

Same-sex married couples no longer need be concerned about filing separate state tax returns in states where such marriage was not previously recognized.

There are many financial matters to consider in a marriage, and same-sex couples now have the opportunity to consider for themselves what heterosexual couples have had available as far as planning strategies.


A little more about Capital Financial Planners...

Established in 1984, Capital Financial Planners, LLC is an independent, fee-based investment management and financial planning firm located in Salem, Oregon. We provide wealth management and advisory services to clients in the Pacific Northwest and beyond. Our services include retirement planning, investment management, advisory services for trustees, hourly financial planning and more. We take a holistic and collaborative approach, working not only as our clients’ financial advisors, but as their financial partners.


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