As a LGBTQ financial advisor, my clients tell me they hear this baffling question often, “You’re gay, you must be loaded right?!” There is a misconception that marriage and kids are traditionally that of a heterosexual relationship, and that as LGBTQ individuals we must have more money because we don’t spend it on kids and that we can keep our money independent of our partner’s so there is no need for this “family money” nonsense.
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).
Most clients do not expect to have an in-depth discussion about disability insurance with their wealth management advisor.
Do you have an exit strategy for your business or career? Whether you are a corporate executive or a business owner, there will come a time when you want, or need, to transition to the next phase of life. Done in advance, this can be an optimistic process, it should define how YOU want to exit. As the plan develops, there will be reality checks and alternative paths to consider, but at this point it should be a framework of how you want the future to look. If not done in advance, it will be reactive and prone to unnecessary doubt and anxiety at an already stressful time.
Do you work for an employer that granted you restricted stock units (RSUs)?
If you are considering a divorce, you are not alone. Statistics show that almost 50% of all marriages in the United States will end in divorce or separation.1 While divorce is becoming less common for younger adults, rates for those adults age 50 and older has roughly doubled in the past 25 years.2
Many business owners transitioning into retirement know it can be beneficial when their younger partners choose to buy them out. However, finding a way to finance the buyout can post a significant obstacle for younger partners.
This checklist was created to help you organize your affairs after a divorce. Your individual situation will dictate other items which may need to be addressed. We suggest discussing your plans with the executor of your will as well as consulting with your legal, financial, and tax advisers. The time to get these professionals involved is before an event occurs – plan ahead. Select a few items below to get your momentum started and then continue through the list focusing on what you find most important. Your financial planner can help you organize and prioritize which topics to tackle first.
This checklist was created to help you organize your affairs before or during a divorce. Your individual situation will dictate other items which may need to be addressed. We suggest discussing your plans with your “divorce team”: your legal, financial, and tax advisers. The time to get these professionals involved is at the beginning stages of divorce, but it’s never to late to get started. Your financial advisor will be able to help you prioritize your financial goals throughout the divorce process.
If you are contemplating a divorce, going through one now, or have recently finalized a divorce, you know there are many moving parts that need to be considered.
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