No two people are alike, and no two families are alike. More and more often, families are being created and shaped in nontraditional ways and continue to change the way we think of families, such as single-parent families, blended families, same-sex households and children as caregivers for aging parents. In a way, nontraditional families are more the norm than the exception.
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).
While we have seen great progress with rights for those in the lesbian, gay, bisexual, transgender, and queer (LGBTQ+) community, there are also increasing challenges. 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.
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