3 things LGBTQ+ families need to do differently with their money, according to a gay financial planner

LGBTQ+ families need to create healthcare directives ASAP.

LGBTQ+ couples deal with three financial planning headaches straight couples don’t have to think about.
Ryan Klippel, a gay financial planner, says LGBTQ+ couples need to create healthcare directives ASAP.
He also recommends looking into estate planning and second-parent adoption if you have kids.

Queer and trans couples and parents often have to deal with financial headaches that their heterosexual counterparts don’t worry about.

Financial planner and head of social impact at Optas Capital, Ryan Klippel, says the financial planning approach for LGBTQ+ familes is different from the approach used for straight families. He tells Insider, “The legal structures in this country aren’t made to consider different notions of how LGBTQ+ families are today.” He adds, “I’m in the LGBTQ+ community as well, so I have some skin in the game.” 

Based on his experience specializing in LGBTQ+ financial planning, here are three issues that queer and trans families need to navigate differently.

1. Healthcare directives

According to the National Institute of Aging, a healthcare directive is a document drafted in case of a medical crisis where you might be too ill to make your own healthcare decisions. A healthcare directive outlines the kind of care you want to receive, how long you’d like to be left on life support, and who you trust to make decisions on your behalf.

Klippel explains, “Let’s say, for example, if you’re an LGBTQ+ couple and you have a husband, girlfriend, or domestic partner that you’d prefer to make those decisions, but you’re not legally married to them. You have to identify them on your healthcare directive so that you can prioritize who it is you trust to make those decisions.”

In the past, Klippel says that healthcare providers prioritized blood relatives, typically parents, over a queer …read more

Source:: Businessinsider

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