Recent recognition by IRS of same-sex couples is creating retirement planning opportunities for same-sex couples
IRA Financial Group, the leading provider of self-directed retirement solutions, such as the self directed IRA and Solo 401(k) Plan, has seen an increasing number of same-sex couples turn to the self-directed IRA for retirement planning opportunities, according to Adam Bergman, a tax attorney with the IRA Financial Group.
According to Mr. Bergman, previously, same-sex married couples didn’t have the same spousal-IRA benefits as other married couples. More than three months after the U.S. Supreme Court struck down a key portion of the Defense of Marriage Act, known as DOMA, same-sex married couples face some significant changes in the rules involving tax-deferred retirement accounts.
In response to the DOMA ruling, in August 2013, the Internal Revenue Service said it would recognize all same-sex marriages in the U.S. for federal tax purposes. The U.S. Department of Labor issued similar guidance in September. “The recognition by the IRS and DOL of same-sex marriages have opened up some retirement tax planning opportunities for same-sex couples,“ stated Mr. Bergman.
According to Mr. Bergman, “one of the new retirement tax planning opportunities for same-sex couples is that all the special rules that apply to any spouse now apply to same sex-couples, such as the ability to fund a spousal IRA for a nonworking spouse, up to the maximum of $5,500 a year (or $6,500 for those 50 or older).”
In the case of a same-sex widow, according to Mr. Bergman, the spouse can inherit a spouse’s IRA, which they can roll it into their own IRA increasing the potential tax deferral and potentially minimizing the exposure to required minimum distributions.
According to Mr. Bergman, with the recognition by the IRS and DOL of same-sex marriages, more and more same-sex couples are looking to retirement accounts, including the self-directed IRA, as an important vehicle for tax, retirement, and estate planning.
The primary advantage of using a Self Directed IRA LLC and Solo 401(k) Plan to make investments is that all income and gains associated with the IRA investment grow tax-deferred.
Using IRA Financial Group’s self directed IRA LLC with “checkbook control” solution to make traditional as well as non-traditional investments, such as real estate offers a number of very interesting investment opportunities, including the ability to diversify ones retirement portfolio with real estate, precious metals, and other alternative investment options.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the market’s leading “checkbook control” Self Directed IRA Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate, without custodian consent.