Last year’s landmark U.S. Supreme Court decision making same-sex marriage legal in all 50 states affects estate planning for many same-sex married couples.
Now, like opposite-sex married couples, same-sex married couples may be able to take advantage of gift and estate tax breaks such as:
The marital deduction. This allows one spouse to transfer an unlimited amount of property to the other, during life or at death, without triggering federal gift or estate taxes (as long as the recipient spouse is a U.S. citizen). Also, certain estate planning vehicles, such as qualified terminable interest property trusts (or qualified domestic trusts for non-U.S. citizens), qualify for the marital deduction.