Minnesota’s Legalization of Same-Sex Marriage Raises Tax Concerns

Effective August 1, 2013, same-sex couples may legally marryin Minnesota and same-sex marriages from other jurisdictions will beautomatically recognized.

Marriage may provide same-sex couples with significantestate tax benefits, but marriage also might mean increased income tax costs.  Those same-sex couples that are alreadymarried or plan on being married should contact their legal or financialadvisors to make any necessary changes to their “current planning documents,asset ownership, income tax withholding, cohabitation agreement, beneficiarydesignations, wills and trusts.”

See MichelleRehbein & Shane Swanson, EstatePlanning Alert: New Civil Marriage Law Could Increase Income Tax Costs, MayOffer Estate Tax Benefits, Leonard, Street & Deinard, May 21, 2013.