Supeme Court Ruling – Same Sex Marriage Legal in All States

From the Court:

“The Court, in this decision, holds same-sex couples may exercise the fundamental right to marry in all States. It follows that the Court must also hold- and it does now hold- that there is no lawful reason for a State to refuse to recognize a lawful same-sex marriage…”

Here are some of the highlights and key points as it relates to our business:

  • States must license same-sex couples to marry and recognize same-sex marriages lawfully performed in other states.
  • Same-sex couples will have access to lifetime IRA benefits such as spousal contributions and the ability to use the Joint-Life Expectancy Table to calculate RMD’s.
  • Same-sex IRA beneficiaries will be able to complete a spousal rollover and enjoy the benefits and special rules for inherited IRA’s.
  • Same-sex couples will have access to qualified plan benefits, including spousal protection under ERISA and the QDRO exception to the 10% penalty.
  • The most significant positive impact will be on Social Security. Same-sex couples are now able to qualify for benefits that were previously denied them.
  • Estate planning is also a new benefit and include concepts around gift tax treatment, adoption rights, and greater ability to make medical and end-of-life decisions.

About Jeffrey Berson

40 years in and around the industry has made Insurance a part of my DNA. I have had the pleasure of working with and for some of the greatest minds in our industry. My "Bersonal" View is an attempt to capture some of the best ideas, the best concepts and the best practices in a way that can lead to success for others. It will certainly be my point of view, so please...don't take it "Bersonal".
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