LGBT Businesses and Families Practice
LGBT individuals and families face some of the most complicated tax and estate planning situations. The Supreme Court’s Defense of Marriage Act ruling in 2013 and Florida’s legalization of same-sex marriages in 2015 created numerous opportunities for business owners, parents and couples to re-evaluate their plans and to take advantage of tax benefits that were previously unavailable.
Our team of accountants and advisors has years of experience in helping clients around the country navigate complex tax situations. With different rules in different states and the uncertainty of the application of DOMA ruling to the federal tax laws, there are opportunities and traps that only an experienced advisor can help exploit or navigate. Our services are especially helpful for clients with business or real estate interests in multiple areas of the country and the world.
Our clients include single individuals, married couples, registered domestic partners, and unmarried same-sex couples who jointly own property or businesses. In addition, we have experience with dissolution of partnerships.
Issues impacting same-sex couples include:
- Estates and trusts and reevaluation due to favorable new conditions
- Beneficial tax structures
- Family partnerships
- Inheritance taxes and gifting
- Amended returns for years prior to DOMA
- Beneficiary planning for gift and estate tax purposes
- Tax planning and compliance
- Pre-nuptial agreements
- Married couples who live in states where same-sex marriage is recognized
- Couples with businesses in multiple states with different rules
- Tax controversy resulting from domestic partnerships or multi-state holdings
- Wills and estate plans prepared in states that recognize same-sex marriage when one partner dies in a state that does not
- Marriage disputes and estate valuation