How to protect your loved ones – and your money
Not all committed couples intend to walk down the aisle to say “I do,” but LGBTQ partners will need extra retirement and estate planning to ensure a secure old age – and protect each other thereafter if they choose not to marry.
Less than 1% of Americans are married to a same-sex spouse, according to a 2021 Gallup report. The number of same-sex marriages increased immediately after the 2015 decision, but has leveled off since then. In the six months before Obergefell v. Hodges, 7.9% of LGBT adults were in same-sex marriages. In the first year after the Supreme Court decision, that figure jumped to 9.6% and has hovered around that percentage ever since.
Medical documents, such as advance directives like a power of attorney and healthcare proxy, are also important, as they will provide authorization to make decisions in the event of incapacity. Same-sex couples may choose to go through second-parent adoption so that the non-biological parent is legally recognized as the parent in the event of the biological parent’s death, said Joseph Stemmle, a certified financial planner at Riverstone Wealth Advisory Group and one of the leaders of the FPA PridePlanners Knowledge Circle Group, a group of 150 people in the LGBTQ and financial planning communities.
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