New York has said it will provide same-sex spouses refunds for estate taxes they were forced to pay since federal law didn’t recognize gay marriage.
(Related: Estate taxes and farm transitions)
Tuesday, Gov. Andrew Cuomo said that the refunds for overpayment of estate taxes are the result of the recent decisions by the U.S. Supreme Court rejecting part of the Defense of Marriage Act.
Previously, same-sex spouses were required to pay thousands of dollars more in New York estate taxes when their partner died, because they were treated differently than they would had they been in traditional marriages.
(Related: Long-Term Care Costs Rising)
Same-sex marriage was legalized in New York in 2011. It remains to be seen how much money will be refunded.
Contact Michigan estate planning attorney Marc Wander at 248-481-4000 for a free consultation, today.