Nearly 100 years after women got the right to vote, America has reached another historic milestone: The Supreme Court has legalized same-sex marriage throughout the land!
That means same-sex marriages currently legal in 37 states will be recognized in ALL states. Important financial and social benefits will accrue to same-sex couples everywhere– including Social Security survivors benefits, spousal benefits in estate planning, the ability to adopt children in all states, and many more areas.
The authors of The New Love Deal welcome this clarity. Does it change our book? Not at all! (Except you can skip the chapter that explains the tortuous financial planning techniques for same-sex couples in states that previously did not recognize their marriages. for example, these couples will no longer file a joint federal return, but separate state tax returns.)
Suddenly, ALL the advice we have for heterosexual couples about premarital agreements and cohabitation agreements and financial planning suggestions will apply equally to all couples. Celebrate the ruling, but come back to the reality that when two people agree to live together or to get married, there are a lot of important topics to discuss and a lot of plans to be made to help your arrangements proceed smoothly.
The New Love Deal is a perfect present for ALL couples. Click here to order on Amazon.
I’m so glad you could join me today. In addition to taking general personal finance questions, I’m focusing the chat today on Love and Money. Joining me are the authors of “The New Love Deal: Everything You Must Know Before Marrying, Moving In, Or Moving On.” I’m happy to have as my guest Gemma Allen, Judge Michele Lawrence and Terry Savage.
So if you’ve got any relationship and money questions such as should you get a prenup, they are here to help.
Let’s get started.
More and more older couples are choosing to dissolve their marriages. But what does the reality look like when that happens? We’ll take a closer look at what you need to know before marrying, moving in, or moving on with divorce attorney Gemma Allen and divorce Judge Michele Lowrance who penned a new book, The New Love Deal, with nationally syndicated finance columnist Terry Savage.
How do you know?
So how do you know if someone is committing financial infidelity? There are ways to spot it, according to Terry Savage, a financial columnist and co-author of “The New Love Deal: Everything You Must Know before Marrying, Moving in or Moving on.”
Are you planning on getting married? This book can help with questions that may, and should arise before the big day.
People can talk about love. People can talk about money. The really hard thing is to talk about those two topics together. Especially when getting married or moving in together!
Please join the authors for a book signing and celebration on Thursday, October 23rd. Festive food and drinks will be served from 5 to 7:30 p.m. at the JAMS Resolution Center at 71 S. Wacker Dr., 23rd Floor Conference Center. We look forward to networking and discussing the love and money dynamics!
To discuss a prenup, you have to talk about divorce — and no one likes to do that.
Michele Lowrance, coauthor of “The New Love Deal: Everything You Must Know Before Marrying, Moving In, Or Moving On!,” says that our cultural sensitivity around prenups has to do with a reluctance to face the idea of an unhappy ending.
“This belief in the concept of ‘happily ever after’ offers one of the few soft spots remaining in our society, and carries with it much pleasure,” she explains.
That said, most couples planning to get married should have a prenup, particularly those bringing significant assets into their marriage. It’s like insurance: Of course you don’t intend to have an emergency, but it’s the responsible move to plan just in case. Even if you don’t have many assets to divide between the two of you, honest communication about your finances, plans, and values never hurts.
Where to start, though? A discussion about your relationship’s potential demise can be hard to have, and saying, “Honey, I want a prenup,” over dinner on date night seems like a real conversation stopper. Lowrance, who is a divorce court judge and domestic relations mediator, weighed in with some tips to initiate and navigate that tricky conversation.
MAY 20, 2014 (New York City, NY) – Experts from the Philadelphia LGBT practice of Marcum LLP, the first national accounting firm with a practice dedicated to tax and estate planning for same-sex couples, advise that today’s court ruling overturning the ban on same-sex marriage in Pennsylvania opens up important planning opportunities for these families.
“Same-sex married couples will now receive equal treatment under state tax law, giving them the same benefits previously available only to traditional married couples in Pennsylvania,” said David H. Glusman, Partner-in-Charge of Marcum’s Philadelphia office and a member of the Firm’s national LGBT & Non-Traditional Family practice. “One of the most important benefits is access to tax-advantaged estate and gift planning, but perhaps even more significant are issues of child support and the deductibility of alimony, which will now apply as they would to any other married couples.
“The equitable tax treatment of same-sex married couples also will significantly reduce the cost of tax preparation. Since the federal government began recognizing same-sex marriages for tax purposes in June 2013, couples in non-recognition states necessarily have had to file their federal and state taxes using two different sets of calculations. The expense and effort of the duplicate effort has been voided in Pennsylvania by today’s ruling.
“With the addition of Pennsylvania, same-sex marriage is now permitted in all northeastern U.S. states, making tax compliance much easier for couples who work in one state and live in another. And as same-sex marriage is legalized in more and more states, more couples will be able to take advantage of tax and estate planning opportunities.”
Marcum LLP is the thought leader in the specialty area of tax compliance and consulting services for same-sex and other non-traditional families. The firm’s professionals have more than 20 years of experience in dealing with the complex tax and financial rules faced by the LGBT community, state-by-state and around the country. For more information, including Marcum’s Top 10 Tax Planning Tips for Legally Married Same-Sex Couples and Top 10 Non-Traditional Family Estate Planning Tips, visit www.marcumllp.com/lgbt.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the United States. Ranked #15 nationally, Marcum LLP offers the resources of 1,300 professionals, including over 160 partners, in 23 offices throughout the U.S., Grand Cayman and China. Headquartered in New York City, the Firm’s presence runs deep, with full-service offices strategically located in major business markets. Marcum is a member of the Marcum Group, an organization providing a comprehensive range of professional services spanning accounting and advisory, technology solutions, wealth management, and executive and professional recruiting. The Marcum Group companies include Marcum LLP; Marcum Technology LLC; Marcum Search LLC; Marcum Financial Services LLC; Marcum Bernstein & Pinchuk LLP; MarcumBuchanan Associates LLC; and Marcum Cronus Partners LLC. For more information, visit www.marcumllp.com.