Since the U.S. Supreme Court overturned part of the Defense of Marriage Act (DOMA) in June 2013, financial planning for same-sex couples has become more complicated, not less, according to Professor Gregg Parish of the College For Financial Planning (CFFP) in Centennial, Colo.

The complex nature of state and federal regulations regarding lesbian, gay, transgender and bisexual couples makes the Accredited Domestic Partnership Advisor (ADPA) designation, which the college offers, as valuable now as it was when first offered in 2010, Parish says.

To date, 547 financial professionals have earned the ADPA designation, which earns the recipient three graduate credit hours and up to 45 hours of continuing education credit. The course requires nine to 11 weeks of study and is designed to prepare advisors to navigate the labyrinth of rules that apply to LGBT couples.

In June, the Supreme Court overturned part of DOMA and said that for federal purposes, same-sex couple marriages had to be recognized just as heterosexual marriages were recognized. But it allowed states to continue to determine if they wanted to allow same-sex marriages for the purposes of state benefits. Cases are working their way up to the Supreme Court level that may resolve that issue and whether states that do not allow same-sex marriage have to recognize marriages conducted in a state that does allow them.

To further complicate matters, not all federal agencies define a legitimate same-sex marriage in the same way. Some recognize the “state of celebration” (where the marriage was performed) when the couple applies for federal benefits no matter where they live at that time. Others recognize the “state of residence,” so the marriage has to be legal where the couple lives at the time they apply for federal benefits.

Thirty-one states have statutes or constitutional amendments against same-sex marriage. The remainder allow same-sex marriages, allow civil unions, or are silent on the subject.

“Overturning part of DOMA helped same-sex couples, but it did not solve all of the problems,” Parish says. “It is important for an advisor to know how to plan for these couples.”

“On average, same-sex couples have higher incomes and less unemployment than the average population, so they are just the people financial planners want to have as clients,” he adds.

Financial planners need to understand who needs alternative planning and in what areas they need it, Parish says.

“Domestic partners, including heterosexual partners who are not married, need more financial planning,” says Suzanne M. Antonelli, senior portfolio manager at Sigma Investment Counselors in Southfield, Mich., who holds the ADPA designation. “They are a vastly underserved population. If you hold the accreditation, you know how to unravel the complexities.”

“The law is still in flux and the fact that states have different rules makes it more complex,” she says. Michigan is one of the states that prohibits same-sex marriages.

An advisor has to have certain other credentials, such as CFP, Chfc, or JD, before he or she can earn the ADPA designation.

The Domestic Partnership course covers wealth transfer for domestic partners, federal taxation issues, retirement planning and relationship issues, and planning for financial, medical and end-of-life needs.

Parish sends out periodic memos to all those who have earned the ADPA designation and to those studying for it to keep them up to date on the changes in the laws or to show them how to do their own research on the issues. Things are changing so fast now that he has sent four memos out in the last nine months. The course material also is updated regularly.

“If every state allowed same-sex marriages, and the federal government recognized it across the board, same-sex couples would need advising just like any other couple,” says Parish, “but that is not going to happen any time soon.”