June brings sunny skies, warm weather, and Pride! For over 50 years, Pride has illuminated cities throughout the world to celebrate the LGBTQ+ community, honor the Stonewall Uprising, and advocate for change. As I help Little Falls Community Outreach plan our first-ever Pride celebration, I cannot help but think about the importance of financial planning for the LGBTQ+ community.
Where to hang your hat?
Numerous states lack comprehensive protections that prevent people from discriminating in housing, employment, and/or public places based on sexual orientation and/or gender identity. This influences where someone may prefer to live and work which impacts a financial plan.
Growing your family
Having children is without question an expensive proposition. Individuals or couples may consider several options to grow their family including surrogacy, IUI, and fostering or adoption. For the LGBTQ+ community, these present their own unique challenges, differing broadly from state to state, and the cost varies. Understanding how to best finance this journey and protect yourself is an important first step.
Understanding how to best finance this journey and protect yourself is an important first step.Laura Powers, Lead advisor
Who is your team?
Marriage Equality (2015) paved the way for more LGBTQ+ couples to receive legal acknowledgment and benefits long enjoyed by hetero spouses. This has made it easier for individuals to be with their partners during a medical emergency and make decisions.
Those who do not wish to marry may still want their significant other to handle medical decisions or act on their behalf if needed. Without a proper Health Care Proxy* or Power of Attorney*, this can prove incredibly difficult. In some instances, impossible. The LGBTQ+ community also has the added challenge of potential discrimination.
*Please note that married couples should also have these basic estate documents in place.
Paint your legacy!
Years of hard work, countless decisions, and dreams. You should have a clear plan in place that identifies exactly how your legacy is to be carried out. This includes having a Will and updated beneficiary designations for any retirement accounts, life insurance policies, etc. These documents are important to ensure that a loved one is not unintentionally disinherited.
Of course, there is also the impact of tax planning to be considered whether you are married, in a relationship, or single.
As you celebrate Pride, remember to also be proud of what you have personally accomplished. There are nuances with LGBTQ+ financial planning and Strategic wants to help you design a plan to achieve your dreams. Happy Pride!
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