Prudential White Paper

Financial Implications for LGBT Couples Following Obergefell v. Hodges

How the Supreme Court decision ‘leveled the playing field’ on Social Security, other benefits

WASHINGTON, July 02, 2015 – Prudential (NYSE:PRU) today released its latest thought leadership in the LGBT space, “Financial Planning for LGBT Couples After U.S. v. Windsor and Obergefell v. Hodges.”

The Supreme Court on June 26, 2015 extended the rights of same-sex couples to marry in all fifty states. The white paper comes on the heels of a January 2015 update to Prudential’s “Financial Planning Considerations for Same-Sex Couples After Windsor,” which the firm originally launched in March 2014.

To coincide with the launch, James Mahaney, author of both papers and vice president, Strategic Initiatives at Prudential, is participating in a live chat with advisors on LinkedIn. Click here to view or join the conversation, which will cover a wide-range of financial implications for the LGBT community.

The Windsor Decision

Named for Edith Windsor, the plaintiff in the federal case United States v. Windsor, the Windsor decision refers to the overturning of Section 3 of the Defense of Marriage Act (DOMA), which limited the definition of marriage for federal benefit purposes to opposite-sex unions.

The historic June 26 Obergefell v. Hodges decision extends the rights of same-sex couples to marry in all fifty states. This past week’s Obergefell decision combined with the June 2013 Windsor decision has leveled the playing field for same-sex married couples in light of both the licensing and recognition of marriage.

“While the Windsor decision extended federal benefits to same-sex married couples, Social Security spousal and survivor benefits were still not available to same-sex married couples who lived in states that banned same-sex marriage,” says Mahaney. “This changed when the Supreme Court ruled in the Obergefell case that all states must license same-sex marriages and recognize marriages that took place in other states as well.”

In addition to the impact to Social Security benefits, other financial planning opportunities have emerged with these historic decisions, especially in the areas of:

  • Workplace benefits Retirement preparation
  • Estate and gift planning
  • Tax filing status

Want more information on the paper? Visit our Research & Perspectives web site to download a copy of the paper, explore this infographic or download a copy of the post-Windsor and Obergefell checklist.




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