LGBT Tax and Financial Issues

With same-sex marriage so recently arrived in New York, the biggest issue in LGBT tax and financial issues would seem to be the financial impact on individuals of a legal wedded union. In most cases it really may be cheaper to get married. However, although New York recognized the union, one still must file as "single" on one's Federal tax return. Taxes and healthcare benefits are the main issues. But the new law will also effect adoption and the settling of estates among other financial issues. Companies of over 500 employees that have self-funded health insurance plans are not required to cover gay spouses since their self-insurance program is under Federal law. But I expect most companies to still do what is morally right and cover all couples, gay or not.

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Shelly Goch

Shelly Goch, CPA
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