While there has been meaningful progress in LGBTQ+ rights, recent shifts in the social and political climate have introduced new challenges to sustaining that progress. This creates unique factors that must be considered when financial planning such as: decisions around marriage, protecting assets for loved ones, preparing for long-term care costs, and more.
Family planning is a deeply personal, exciting decision.
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).
