The Supreme Court today struck down the 1996 law blocking federal recognition of gay marriage. The court invalidated the Defense of Marriage Act, which denied federal benefits to gay couples who are legally married in their states, including social security survivor benefits, immigration rights and family leave.
This court ruling was not about the constitutionality of gay marriage. This is determined at the state level currently. What does this mean for the financial services industry ? It means that planners need now be ready to address questions from the LGBT community with respect to Federal benefits. I am not confident anyone has all the answers but one thing I know for certain is that "change is inevitable."
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).