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Continued: After gay marriage ruling, it's time for same-sex married couples to reexamine their finances

  • Article by: JOSEPH PISANI , AP Business Writer
  • Last update: July 3, 2013 - 4:25 PM

Check with your employer and see who the beneficiary is on your 401(k) plan. 401(k) accountholders should know that their spouse will automatically inherit the account, unless the spouse signs a waiver. So if couples want to make other arrangements, it needs to be outlined clearly in the beneficiary form and, if necessary, a waiver needs to be in place from the spouse, says Alexander Popovich, a wealth adviser at JP Morgan Private Bank.

You should also check to see if your spouse is a beneficiary on your life insurance and any other retirement accounts, such as an individual retirement account, says Alexander Popovich, a wealth adviser at JP Morgan Private Bank.

REEXAMINE REAL ESTATE DEEDS

Some married gay couples may have left spouses out of real estate deeds to avoid a gift tax, which is triggered when someone transfers money or property to another person, says Popovich. Same-sex married couples no longer have to pay gift taxes after the Supreme Court ruling. If you want to add a spouse to a real estate deed, speak to a lawyer who can make that change.

REVISIT YOUR WILL

Now that married gay spouses don't have to pay federal estate taxes on anything they inherit after a spouse's death, married couples should review their will to see if it makes sense in the current environment, says John Olivieri, a partner at law firm White & Case.

CHECK HEALTH BENEFITS

If your employer didn't allow you to name your spouse on your health insurance, it should now, says Frank Fantozzi, a wealth planner and founder of Planned Financial Services. Couples should check to see whose health benefits are cheaper, or which employer offers more coverage and decide if they want to make a change.

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