On Bauer Business Focus — A conversation on planning for the future with Andrew Schneider, business reporter for KUHF 88.7 FM.
On June 26, the Supreme Court found the Defense of Marriage Act (DOMA) unconstitutional. The law barred the federal government from recognizing same-sex marriages legalized by the states. With changes on the horizon for states that allow same-sex marriage, many states still have restrictions with personal financial implications.
Morgan Stanley wealth adviser Dominic Cellitti stopped by Bauer Business Focus recently to discuss how the defeat of DOMA may impact same-sex couples living in states that ban same-sex marriage.
“I think immediately there are not a lot of implications to DOMA (in Texas), and there are not a lot of things same-sex couples can do,” Cellitti said. “My advice is to look at their finances and evaluate what they have currently, and if the law changes, there may be some provisions that they can be provided.”
While there may be no immediate changes, Cellitti advises same-sex couples in Texas to take certain financial steps.
“I think it’s important they have a domestic partnership agreement that lays out the agreement between the couple and says what is part of the estate, and what isn’t. The next portion I think is beneficiary designations. If you don’t name your partner or beneficiary, the law will name it for you, and that’s an important consideration to take care of your partner.”
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