The Supreme Court’s 5-4 ruling in United States v. Windsor means that same-sex married couples will have equal access to federal benefits. But the ruling’s financial aspects will not apply to citizens of Texas.
Dominic Cellitti is a Houston-based financial advisor with Morgan Stanley.
“Only twelve states recognize marriage of same-sex couples. So the implications of this at this point will only impact those in those twelve states. And in the thirty-six states that currently ban same-sex marriage, there’ll be really no essential implication.”
For such couples in states that recognize same-sex unions, the ruling will allow same-sex spouses to file joint tax returns, potentially lowering their overall liability. It also allows same-sex spouses to obtain spousal benefits on health insurance policies or to name each other as beneficiaries of pensions or retirement accounts.