LGBTQ Families: Tips to Better Protect Your Financial Future
Copper Leaf Financial Associate Wealth Advisor Jackie Winkler has published a new article on LinkedIn in recognition of pride month: “LGBTQ Families: 4 Tips to Better Protect Your Financial Future“.
Those in the LGBTQ community face unique financial challenges and this article outlines 4 ways for them to stay in the “know” and protect their financial security – preparation is critical to meet your goals!
1. Know Your Rights
Become familiar with anti-discrimination laws relating to employment, housing, and public accommodations. This is crucial so you are able to advocate for fair treatment. Familiarize yourself with both local and federal laws that protect LGBTQ rights. Click here to learn more about your rights.
2. Review Healthcare & Insurance Options
When selecting a health plan, it is important to understand exactly what services are covered. Be sure to identify the costs and coverages, including gender-affirming care, mental health support, and preventative services.
3. Plan for Your Retirement
LGBTQ couples should understand how their marital status will impact any Social Security and retirement benefits. Marriage equality has expanded access to spousal and survivor benefits, and it’s important to ensure all documentation is in place to access these benefits.
Be sure to review and update beneficiaries on retirement accounts including 401(k)s and IRAs.
4. Get an Estate Plan in Place
It is crucial to have a clear and legally binding will or trust in place – one that details all of your wishes. It is good practice to annually review the beneficiaries you assign on all of your accounts and update as needed.
At Copper Leaf Financial we also emphasize the importance of establishing healthcare directives and powers of attorney with our clients. This can help ensure your partner has full authority to make medical and financial decisions during an emergency. Click here to read more about estate planning considerations.
By Jackie Winkler, Associate Wealth Advisor, Copper Leaf Financial
Recipients should not act on the information presented without seeking prior professional advice. Check with your advisor about your specific situation or contact Copper Leaf Financial at 802.878.2731.