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May
16
Retirement Benefits for Same-Sex Married Couples
Retirement Benefits for Same-Sex Married Couples Beneficiary rights If you participate in a 401(k) or similar plan at work, federal law provides that your spouse is automatically the beneficiary of your account in the event of your death. You can name someone else as beneficiary, but only if your spouse agrees in writing (witnessed by a plan representative or notary public). Special rules apply if your plan pays benefits in the form of an annuity. IRAs aren't subject to this federal law, although your state may impose its own, similar requirements. For example, if you live in a community property state, your spouse may have legal rights to your IRA regardless of whether he or she is named as the primary beneficiary. Even...
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Apr
25
Estate Planning for Same-Sex Couples
Estate Planning for Same-Sex Couples In United States v. Windsor (2013), the U.S. Supreme Court struck down Section 3 of the federal Defense of Marriage Act (DOMA) which required that federal statutes, regulations, and rulings be interpreted as defining marriage as a "legal union between one man and one woman" and a spouse as "a person of the opposite sex who is a husband or a wife." Then, in Obergefell v. Hodges (2015), the U.S. Supreme Court struck down every ban on same-sex marriage in the United States, including Section 2 of DOMA which provided that states have the right to deny recognition of same-sex marriages licensed in other states. As a result, same-sex marriages must now be recognized by every state and the federal...
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 Securities, insurance products, and investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC. Additional insurance services offered through SGM Agency, LLC. Smith, Moses & Company, LLC and SGM Agency LLC are not affiliated with FSC Securities Corp.



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