By Shelly Braden, CFP®

For members of the LGBTQ community, securing financial peace of mind can be particularly pressing.

Special Considerations

At first glance, financial planning for those identifying as LGBTQ appears to be generally the same as financial planning for heterosexual individuals. However, when LGBTQ individuals enter into a relationship and build a family, they often need specialized counsel. This will be especially true should federal or state laws change and curb access to a variety of items, including:

  • Tax status
  • Inheritance
  • Social Security benefits
  • Insurance benefits
  • Custody rights

Estate planning is one area that can become additionally complicated by issues like family estrangement.

Furthermore, when making financial decisions for purposes of estate planning, it’s critical to understand the differences between domestic partnership and marriage. Strategically designing Healthcare Power of Attorney documents, Wills, Durable Power of Attorney documents, and Living Trusts can help to legally recognize loved ones for purposes of your estate.

Additional considerations for the LGBTQ community include:

  • Setting additional money aside for special healthcare needs like fertility treatments, a surrogate, adoption, or hormonal therapy
  • Protecting financial rights that may appear to be revered by law but are trampled in practice
  • Properly titling beneficiary-designated accounts and deeds
  • Overcoming hurdles at financial institutions when a transgender person wants to update their name and/or gender

Find the Right Wealth Management Professional

Working with a well-versed and affirming professional can make all the difference.

PBMares is a professional service firm that understands the issues facing the LGBTQ community. Ready to have a conversation?  Reach out today.