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Life Planning


Q Recognition of Gay Marriage in NYS
  Oct 31, 2008

Will the NYS tax code be adjusted to reflect impact of gays and lesbians marrying out of state. Specifically concerned about tax consequences regarding inheritance. Presently there are inheritance tax advantages available to married couples which until now would have excluded gay couples.


A Response from Mr. Bowden

Hello and thank you for your question. This is a very good question. Currently NY State has no intention of adjusting the state tax code. I know, I know...it's just not right....you recognize gay marriage yet you don't update the tax code. With that said, there are several simple planning modes that may be used to address the consequences of not qualifying for the marital exclusion. If you would like more information on that or would like to discuss this further please feel free to e-mail me at william.bowden@nmfn.com

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