Gay marriage ruling is a game changer for financial planning

OAKWOOD, Ohio (WDTN) — The Supreme Court’s decision regarding gay marriage is also a game changer for couples in terms of financial planning.

2 NEWS spoke with Artifex Financial Group in Oakwood on Friday.

Same-sex couples will now enjoy the same benefits of marriage that all other couples get. Artifex said up until this point, it’s been very difficult to financially plan for non-traditional couples, especially with large estates. Typically, they’ve had to jump through hoops to take care of common financial and estate issues. Now, it will be easier for same-sex couples to make sure assets go to their partners.

Gay couples have the right to inherit property from their spouse even without a will.

The ruling also makes it easier for same-sex couples to name beneficiaries and get a house together using dual incomes.

“It’s one of those things where if people want to do this together and they sit down and have a planning agreement together ,then they can look at it and say you know what we’re planning our life together. It’s not just the love part of it. It’s the finance part of it too,” said Artifex certified financial planner Randy Gantt.

The ruling also makes it easier for employers in terms of health care and life insurance, and it also simplifies filing taxes. Now couples can do a married filing jointly, instead of filing two sets of returns.

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