2023 Marcum Year-End Tax Guide

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2023: THE YEAR OF MODERN FAMILIES BY STEPHENIE YEH CHAN

As the definition of “family” continues to expand, the law plays catch-up. More couples are deciding to forego marriage, while married couples are headed toward divorce. Many are pursuing alternative ways to grow their families, while others are treating their pets as children. LGBTQIA+ individuals and blended families are also facing unique challenges and may benefit from additional planning.

WHAT’S NEW? I. Respect for Marriage Act

Act of 1964, which prohibits discrimination based on race, color, religion, economic status, sex, and national origin. If passed, it would include gender identity and sexual orientation, and it would be the first Federal law that clearly prohibits anti LGBTQIA+ discrimination. blow to LGBTQIA+ protections with its 6-3 decision in June. A website designer seeking to work in the wedding industry did not want to have same sex couples as customers because she believed it would violate her Christian values. She intended to make an announcement to that effect but found that doing so would violate a Colorado law that prohibits public businesses from discriminating based on gender identity or sexual orientation. The Court struck down the Colorado law as a violation of the First Amendment.

WHAT’S NEXT? The best strategy for the modern family is to have a written plan in place that addresses your family’s needs. Here are some recommendations: I. Alternatives to Marriage Choosing to have a life

Signed into law at the end of 2022, the Respect for Marriage Act repeals the Defense of Marriage Act (DOMA) and requires all US and State government agencies to accept same sex and interracial marriages. This provides protections for couples and gives them Social Security and tax benefits. It received significant bipartisan support and shifted the tone on marriage equality in this country. On the other hand, the Equality Act, which would provide federal protection for LGBTQIA+ individuals, has struggled to gain bipartisan support. It passed the House in 2021 but died in the Senate. Recently, Democrats in both chambers have reintroduced the Equality Act, seeking to amend the Civil Rights

III. 303 Creative LLC v. Elenis The Supreme Court dealt a

partner rather than a spouse is becoming commonplace. While not legally bound through marriage, unmarried couples are still entangling their lives by purchasing real property together and having children. Unmarried couples should consider Cohabitation Agreements. Likewise, couples anticipating getting married should think about Prenuptial Agreements, while those already married may benefit from Postnuptial Agreements. Having a plan in place and agreeing on assets and children while everyone is friendly can protect both parties’ interests in the event of a split.

II. Equality Act

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