Domestic Partner Planning

The 2013 Supreme Court ruling striking down key parts of the Defense of Marriage Act (DOMA) paved the way for greater financial parity among traditional and same-sex married couples. However, it also ushered in new challenges and considerations in managing your finances.

Who is impacted by these changes?
In August 2013, the U.S. Department of Treasury ruled that all same-sex couples that are legally married in any U.S. state, the District of Columbia, a U.S. territory or a foreign country will be recognized as married under all federal tax provisions where marriage is a determining factor. The Treasury Department further clarified that federal recognition for tax purposes applies whether a same-sex married couple lives in a jurisdiction that recognizes same-sex marriage (such as California) or a non-recognition jurisdiction (such as Texas). The decision does not apply to same-sex couples in domestic partnerships or civil unions.

While these changes are welcomed as a step in the right direction, they also represent a potential minefield of complexity. That’s because rules for eligibility vary by federal agency and create new issues in regard to Social Security, military benefits, insurance and income tax filing. That makes it difficult for many couples to navigate through these important changes on their own, possibly missing out on benefits they are now legally entitled to.

The help you need, when you need it
The Leicht Financial Planning and Wealth Management team includes Accredited Domestic Partnership AdvisorsSM (ADPA®) who are qualified to help you and your partner navigate today’s changing legal, financial and investment landscape.

Accredited Domestic Partnership AdvisorSM

Individuals who hold the ADPA® designation have completed a course of study encompassing wealth transfers, federal taxation, retirement planning, and planning for financial and medical end-of-life needs for domestic partners.

Tax and legal services are not offered by LPL Financial or affiliated advisors.

Below are just a few of the areas where we can provide clarity and guidance for same-sex married couples planning for the future:

Taxes
Social security benefits
Estate planning and asset transfer
401(k)/IRA distributions
Health insurance
Military benefits
Federal employment benefits
Estate planning and asset transfer