Aging itself is difficult and is something many prefer to avoid thinking about. To compound aging complications, there are also many financial issues like outliving your retirement funds, financial exploitation, among other things. There are several unique financial issues that LGBTQ couples face. An article from Next Avenue, “Financial Considerations For LGBTQ Couples As They Age”, gives advice for aging LGBTQ couples.
The first piece of advice Next Avenue gives, is that while it is important for everyone to establish an estate plan, it is even more critical for LGBTQ individuals. You need a plan that clearly states how your assets are to be managed and by whom when you pass. You do not want to die and leave your partner unprotected from probate or from family members who feel they have a better claim to your assets than your partner. You will want to make sure that there is no questioning your wishes for your estate when you pass. If the plan is for you and your partner to take care of the other in the wake of one’s passing, you need to ensure there are provisions to care for the long-term needs. An estate plan that is always up-to-date ensures your assets are left to the beneficiaries of your choice.
Unfortunately, according to Next Avenue, since LGBTQ retirement communities are only just developing, older LGBTQ adults tend to live in isolation. This is concerning especially in regards to physical disability, cognitive decline and other health problems. These more isolated adults have become the target of elder abusers. The abusers are relying on the possibility that their victims will suffer in silence and not report the crimes because of their isolation. The perpetrators of elder abuse can be scamsters and family members. Depending on your relationship with family members, it is important to have a trusted person who has copies of or access to copies of your financial documents and can ensure you are protected.
Another piece of advice that Next Avenue gives is that at least one partner in your relationship should consider long-term care insurance. While this is a smart financial move for anyone, the cost of care in your final years can be devastating to your finances. Long-term care insurance is a smart protective measure.
There are many strategies that aging couples should take in order to protect themselves and their families. Regardless of your orientation or relationship, you and your partner should work with an experienced elder law and estate planning attorney to make sure you have taken the proper steps to guard yourselves as you age. While this post just briefly touches on some concerns for LGBTQ couples, there are far more in-depth steps you need to take regarding your estate plan that an experienced attorney can guide you through.
To learn more about how we at Family Estate Planning Law Group can protect you and your partner either through strategic estate planning strategies or how we can meet your needs through elder law, schedule a complimentary consultation today!
Together, with you and your partner, we can plan for life and protect you and ensure you are both taken care of no matter what your age is.