[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/equallywed.com\/gay-marriage-business-bonanza\/#BlogPosting","mainEntityOfPage":"https:\/\/equallywed.com\/gay-marriage-business-bonanza\/","headline":"Gay Marriage Business Bonanza","name":"Gay Marriage Business Bonanza","description":"By Daniel Bukszpan, Staff Writer, CNBC.com Brides Julie and Stephanie, photo by Lilia Ahner On July 24, 2011, the first marriage vows will be legally...","datePublished":"2011-07-22","dateModified":"2021-06-21","author":{"@type":"Person","@id":"https:\/\/equallywed.com\/author\/admin\/#Person","name":"Equally Wed","url":"https:\/\/equallywed.com\/author\/admin\/","identifier":787,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/ca62cf123aaaf135c80b055249bacbda79de9226e11cdfcde6529bedf89683de?s=96&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ca62cf123aaaf135c80b055249bacbda79de9226e11cdfcde6529bedf89683de?s=96&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Equally Wed","logo":{"@type":"ImageObject","@id":"http:\/\/equallywed.com\/wp-content\/uploads\/2018\/08\/equally-wed-lgbtq-weddings-logo.jpg","url":"http:\/\/equallywed.com\/wp-content\/uploads\/2018\/08\/equally-wed-lgbtq-weddings-logo.jpg","width":218,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/equallywed.com\/wp-content\/uploads\/julie-stephanie-two-brides-lilia-ahner.jpg","url":"https:\/\/equallywed.com\/wp-content\/uploads\/julie-stephanie-two-brides-lilia-ahner.jpg","height":267,"width":400},"url":"https:\/\/equallywed.com\/gay-marriage-business-bonanza\/","about":["Marriage Equality News"],"wordCount":857,"articleBody":" By Daniel Bukszpan, Staff Writer, CNBC.comBrides Julie and Stephanie, photo by Lilia AhnerOn July 24, 2011, the first marriage vows will  be legally exchanged by New York state\u2019s gay couples. While opinions  vary about the effect that these new marriages will have on the state’s  social fabric, less attention has been paid to the effect that it will  have on its economy.The housing market, the financial sector and  many others are likely to see changes when the new law takes effect and  the weddings begin. CNBC.com spoke with experts in these fields and  others and asked what trends they expect to see when New York state’s  same-sex couples start saying “I do.”Real EstateOne  of the benefits to the newly married will be legal protections  affording them the emotional and financial security needed that comes in  handy when making the decision to purchase real estate.\u201cWhen it  comes to the state taxes, both heterosexual and same-sex couples will  have the same estate benefits,\u201d says Lawrence Rich, Senior Vice  President of the Prudential Douglas Elliman real estate firm. \u201cBoth  parties will be able to have their names legally on documents like  proprietary leases in co-ops.\u201dVictoria Shtainer, who like Rich  is also an Associate Broker and Senior Vice President for Prudential  Douglas Elliman, sees other benefits as well. \u201cThe estate tax issue will  now be transferred tax free from one spouse to another. Before, without  being legally married it was not the case. Also, there is a $500,000  marital deduction if you sell your primary residence if you resided  there 2 years or more. For a single person it is only $250,000.”While  it\u2019s not known if these benefits will result in an influx of same-sex  couples from other states, it\u2019s still likely to provide a much-needed  shot in the arm to New York\u2019s real estate market. After all, why would  an unmarried gay couple living in New Jersey stay there and miss out on  the tax breaks that a married couple across the Hudson River could get?Financial PlanningSame-sex  couples who are merging their lives will need a financial planner to  guide them through the process. Ryan Himmel, a New York based CPA and  the CEO of the BIDaWIZ.com tax and financial advice website, claims to  have already seen an increase in finance and tax-related questions from  gay clients who are about to tie the knot, particularly the older ones.\u201dMost  newlywed couples get married in their late 20s when their net worth is  likely below $10,000 on average,\u201d says Himmel. \u201cThose in the gay  community, on the other hand, have not been able to get married until  now, with many in their 40s, 50s, and 60s. Their net worth is likely  five to ten times more than if they were in their 20s. Because they have  more financial assets at stake, they will likely need more professional  help from attorneys, accountants and financial planners.\u201dJeffrey  B. Woolf, CFP, CDFA, also sees benefits for gay married couples that  extend beyond those given to couples in civil unions. \u201cThe spousal  exemption for estate tax and gift tax purposes for all assets left to a  spouse should now apply,\u201d he says. \u201cThere will be more options when it  comes to creating trusts, social security and disability benefits for  spouses, insurance benefits that are exempt from taxes.\u201dFinally,  Jeffrey Kaplan, a matrimonial attorney for the New York City law firm  Schwartz, Levine & Kaplan, PLLC, says that same-sex married couples  should think about the unpleasant possibility of needing a pre-nuptial  agreement, and not just because of the money. \u201cGay marriage is going to  include adoption,\u201d Kaplan says, \u201cso there will be issues pertaining to  custody and visitation.\u201dEvent PlanningThe  legal, proprietary and financial realities that gay marriage will bring  to New York state won\u2019t come to pass without one very important  ingredient\u2014the wedding. Although the impact of the Marriage Equality Act  will certainly be felt by professionals in the event planning industry,  opinion is divided as to whether the business will see a huge spike in  activity, or just a slow trickle.Dave Amron, Vice President of  Business Development for Scratch Weddings, believes that the effect of  gay marriage will be seen over the long term, not right away. \u201cMany  same-sex New York couples in long-term committed relationships have  already held commitment ceremonies and elaborate receptions for their  family and friends,\u201d he says. \u201cThey will happily make it official Sunday  with a license and ceremony, but an onslaught of giant parties this  summer and fall is not likely from couples who have already spent  considerable sums to commemorate their commitment.\u201dNichole L.  Wright, President of Bon Vivant Events, PR & Fundraising, however,  is more optimistic. “This is a tremendous opportunity not only for event  planners, but venues, hotels, caterers and the entire event design  industry to embrace and capitalize on,\u201d she says. \u201cWeddings have always  been a mainstay for the event and hospitality industry, but this opens  new doors. It is really a wonderful opportunity to expand our minds and  creativity and celebrate.”Republished with permission from CNBC.com"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Gay Marriage Business Bonanza","item":"https:\/\/equallywed.com\/gay-marriage-business-bonanza\/#breadcrumbitem"}]}]