Major IRS Ruling on Estate Tax and Legal, Same-sex Marriages
Posted on Sep 12, 2013 7:00am PDT
WASHINGTON — In response to the June 26th #SCOTUS decision invalidating a key provision of the 1996 Defense of Marriage Act, two weeks ago the U.S. Department of the Treasury and the Internal Revenue Service (IRS) ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage.
Under the ruling, same sex couples will be treated as married for all federal tax purposes, including income tax, estate tax, gift tax, and generation-skipping transfer tax.
A complete copy of the ruling can be found at the IRS website, here: http://www.treasury.gov/press-center/press-releases/Pages/jl2153.aspx
Not sure how these changes in the tax law might affect you or your estate plan? Call us (805) 494-4569 for a confidential review of your case.