Marriage equality helped to level the playing field for same-sex marriages. Even with this huge leap forward, there remains many legal inconsistencies from state to state for those who are lesbian, gay, bisexual, transgender, or queer (LGBTQ).
This creates an important need for LGBTQ financial planning.
And while the barrier to marriage has been lifted, several years later 42% of same-sex households remain unmarried. This compares to opposite-sex couples, where fewer than 12% are unmarried partners.
Now factor in that many Americans pass away without a will, including those who are LGBTQ, the need for trust and estate planning becomes an even larger point of consideration within LGBTQ planning.
The decision to marry your partner is a personal choice, regardless of the law or if you are lesbian, gay, bisexual, transgender or queer. This decision, though, does affect your financial life especially if you choose not to get married. The good news is that you can take control of some financial matters on your own by implementing some of the following strategies.
LGBTQ Couples Can Protect Their Financial Interests
In your relationship, you may already be commingling your financial affairs. You may even eventually entrust your partner in all things financial. But this commitment level also adds potential complexity when it comes to issues like future estate planning.
For example, if you are not married, there are risks that your savings, property, or care of children could inadvertently pass to someone other than your partner. This may be even more of a risk for those who are LGBTQ (for example, unfavorable outcomes with your blood relatives).
To ensure your intentions are followed, here are some estate planning tools and strategies to help protect yourself and your partner’s interests:
Modera Can Help LGBTQ Couples Plan Ahead
Our team at Modera Wealth Management includes LGBTQ financial advisors and allies serving the needs of the LGBTQ community. We can help you assess your unique situation and determine a plan of action to protect your financial interests, both now and in the future. To learn more, please contact Mindy Neira.
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