By Pamela Yip | Dallas News
Although lesbian, gay, bisexual and transgender investors are confident about their financial future, the complex financial issues facing same-sex couples weighs heavily on their minds, according to a national survey by Wells Fargo.
LGBT investors were more positive about their current financial situation than the general public, according to the survey.
However, lack of federal recognition of same-sex couples adds many layers of challenges to retirement and estate planning, financial planning experts said.
“When it comes to Social Security benefits, when it comes to health benefits, even estate assets, we have to be very careful as planners that the assets to the LGBT community in particular actually flow to the intended recipients,” said Terry Thompkins, Accredited Domestic Partnership Advisor at Wells Fargo Advisors. “If it is not laid out specifically, there are legal statutes that basically require assets to go to family members or to other individuals other than the same-gender partner.”
The challenge becomes even greater when one considers that most same-sex couples intend to care for each other in their older years, he said.
Statement by RLG attorney Laura Bianchi: “Estate Planning is important for everyone, but it is absolutely essential for same-sex couples because our current laws do not afford them the same rights or assumptions as their heterosexual counterparts.
Due to this inequality, same-sex couples must ensure that every detail of their estate plan is established, every necessary authority stipulated and their intentions regarding the surviving spouse, guardianship of children, disposition of assets etc. are clearly established and in writing. To fail to do so can have devastating effects on the survivor and their loved ones.
If you’d like to discuss estate planning/asset protection, contact Laura Bianchi, Director RLG’s Estate Planning/Asset Protection Department., lbianchi@roselawgroup.com
