DOMA-cide and a Financial Boost for Gay Couples
By Janet Al-Saad
NEW YORK (MainStreet) -- After the Supreme Court's historic 5-4 decision today striking down the constitutionality of The Defense of Marriage Act (DOMA), married gay couples can enjoy many of the same benefits and legal recognitions of their heterosexual counterparts. This is news worth celebrating, since it's not only a historic step toward equality, but also of great benefit to gays' financial futures.
Some of the immediate benefits include the ability for married couples to file taxes jointly and an elimination or reduction of the estate and gift taxes -- all of which can result in thousands in savings.
It's worth keeping in mind, however, that DOMA's repeal currently only benefits same-sex couples in states that already legally recognize such marriages. Still, because more states are likely to approve gay unions in the coming months and years -- and further Supreme Court decisions may emerge -- non-married gay couples should take action to protect joint finances.
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