Kyle Young, First Vice President Investment Officer with the Accredited Domestic Partnership Advisor Designation, Wells Fargo Advisors, LLC in Short Hills, N.J., addresses the unique financial challenges faced by same-gender partners. This is the seventh article in a continuing series. Click here to watch his presentation from Fair360, formerly DiversityInc’s Innovation Fest!
June was a truly historic time for the LGBT community. With California’s Proposition 8 dismissed and a key section of the Defense of Marriage Act deemed unconstitutional, the financial- and estate-planning landscapes have drastically changed for “recognized” married LGBT couples.
With several current forms of relationship recognition for LGBT couples (marriages, civil unions and domestic partnerships) and with no laws in place to require recognition of out-of-state same-sex unions, the true impact of these decisions is largely yet to be determined. As the IRS and other federal agencies work through the nuances of implementing the rulings, we will begin to analyze what it really means to be a fully recognized, married, same-gender couple in the United States.
