Five Financial Tips For Same Sex Couples

When the Supreme Court recently ruled that the bank on same-sex marriages in 13 states was unconstitutional, many same sex couples will now face a different set of rules when it comes their overall financial plan.   We have had specialists in this arena on our staff for years, but now is the time to really revisit the best way to be the CEO’s of your family finances.  Here are five tips you may want to consider for your future.

  1. Revisit Your Group Benefits During Open Enrollment Season- More than 50% of U.S. employers offers employees the opportunity to buy life insurance on their spouse through the company group policy.   This is really good news for same sex legally married couples as long as the group policy is covered underneath the federal Employee Retirement Income Security Act (ERISA).   You should revisit your personal insurance situation and the best way to maximize your coverage while minimizing your cost for your family.
  2. Prepare For The Cost Of Children- Like any family, it is important to build up a war chest of funds before you start having children.  With the average child costing more than $250,000 to raise for an average income family (without the college costs), determining how you will be able to afford children financially is a topic more and more same sex couples will be facing in the upcoming years.
  3. Open Up About The Family Balance Sheet- Who has what credit card debt?  How many credit cards does each one of you have?   What bank accounts will you make joint and what ones will you leave as they are today?  Who will pay the family bills?  Same sex couples face many of the same financial planning issues wondering the best way to build out a family budget.  If you are truly merging your finances at this point, how can each of you have full and fair disclosure?
  4. Prepare For Filing A Joint Tax Return- Now that same-sex marriages are recognized for federal tax purposes, you must decide whether you file married joint or married separate.   Your choices will truly be affected by your exemptions, deductions, IRA contributions, and other eligibility for tax credits.   You may even face something called the “marriage penalty” which your combined tax bill may actually go up.  It is a great time to create a sample tax return for this year and figure out what you can do to save money in taxes before the end of 2015.
  5. Building Joint Goals- Many couples never take the time to discuss their financial goals and objectives, which often causes a lot of strife on the home front.   You may now have new decisions to make around beneficiary designations, pension options, and what you might do with social security in the future.   It’s an important time to lay out your short, medium, and long term financial goals so you know exactly what you need to do as a family.

These are just five quick tips we have for you, but there are many more when you come see us for a meeting.

Written by: Ted Jenkin
Request a FREE consultation: www.oxygenfinancial.net

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves


My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Read More About Ted Here

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

Background and qualification information is available at FINRA's BrokerCheck website.

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