With the changes, same-sex couples are now allowed to gain tax and financial benefits gift splitting and passing along assets to surviving spouses. However, there are a few financial discrepancies that need to be correctly situated. For example, social security and estate planning can be difficult to obtain depending on factors, such as employers, residency, and licensing.

In the last few years, remarkable changes have occurred in state and federal laws to more inclusively recognize non-traditional relationships and family structures. From legalizing same-sex marriage to making it easier to include all your loved ones in estate planning and health insurance plans, the law is beginning to catch up with societal norms. To most, these changes are new and those affected can benefit from expert guidance navigating the confusing laws that now protect and include them…especially those in the tax code.

The CPAs at DeFreitas & Minsky, LLP were among the first accounting firms on Long Island to develop a team dedicated to the needs of the modern family and LGBTQ community. Our staff of tax advisors and financial planners are here to help apply the most tax-efficient financial strategies for you, your family, and your business.