You Should Know: Personal Finance Changes For Gay Married Couples

Many are giddy over the Supreme Court striking down the Defense of Marriage Act, because it means the marriages of same-sex couples will be legally recognized by the federal government. A huge advancement for the LGBT movement, this move will grant some really great personal finance benefits for the wedded couples. Here are some changes to be aware of.

On inheritance

• Now that same-sex marriages are recognized federally, spouses will not have to pay estate taxes when they inherit from their partners.

On taxes

• Same-sex married couples will file joint tax returns or married filing separately.
• LGBT parents will be able to get the child care tax benefits now that they will have legal ties to their married partner's children.

On Social Security

• Spouses can collect Social Security checks of their deceased partners if they are receiving less in their own Social Security checks.
• Spouses can receive up to half of a living partner's Social Security check if it is more than his or her own.

Read on for more.

On retirement

• Pensions can go to surviving gay spouses.
• IRAs won't be taxed when rolled over to the gay spouses of their deceased partners.

On health insurance

• Insurance through gay spouses is now a tax-free benefit.
• Married partners of federal employees are eligible for health insurance coverage.
• Continuation of COBRA coverage is available for same-sex spouses. COBRA is basically a temporary continued health insurance coverage after an employee is laid off.
• Gay spouses will be able to share the health insurance benefits of the veterans they are married to.
• There will be more Medicare benefits for same-sex married couples.