LGBT Financial Planning New York Service Advises Same-sex Couples on Complex Wealth and Tax Matters
Based in New York, Integrity Financial Partners, Inc. works with LGBT clients on financial and tax planning opportunities resulting from the legalization of gay marriage.
February 5, 2014 (Newswire.com) - As a result of the overturning the Defense of Marriage Act (DOMA), same sex couples that choose to get married are now eligible for more than 1,100 rights that may have a significant impact on tax and financial planning, according to Integrity Financial Partners (IFP), a New York-based tax and wealth management firm specializing in LGBT financial planning and wealth management strategies.
With tax season fast approaching, IFP offers same-sex couples the following tips to ensure they take full advantage of the financial benefits of this monumental decision:
Revisit your tax planning as soon as possible. In the past, couples who have filed separately and divided expenses, income, and capital gains/losses between two returns can now file jointly. Assess the impact of the "marriage penalty" and decide if it is best to change your filing status.
Examine past refunds. Tax returns can be amended up to three years from the tax filing date. Speak to your accountant about revisiting past returns and examining what deductions you may be eligible for retroactively.
Update financial and estate plans. With new options available through marriage, same-sex couples should review trusts, wills, general powers of attorney and healthcare proxies to ensure spouses are protected.
Revisit beneficiary designations for retirement accounts. Survivorship rules now apply to same-sex couples. It is easy to forget about these designations as they may have been determined several years ago. Now is a good time to take stock of assets and make all necessary changes.
While specializing in financial services for LGBT clients, IFP serves a diverse group of clients in the New York metropolitan area including high-net worth individuals, family trusts and estates, small business owners and executives with stock options. Through Integrity Advisory Partners (IAP), an independent registered investment advisor, the team also consults on tax-efficient wealth management strategies.