Financial planning may look different for LGBTQ couples

#lgbtq #lgbtqia #yahoofinance #finance #savings

LGBTQ couples spend anywhere between $200 and $2,900 more on healthcare each year than their heterosexual counterparts, according to the National Library of Medicine. Katie Carlson, Bank of America’s private bank head of wealth strategy, joins Brad Smith on Wealth! to discuss how financial planning looks different for some members of the LGBTQ community.
Carlson tells Yahoo Finance, “There are unique challenges for the LGBTQ+ community, especially when we start to think about healthcare and, quite frankly, family planning. You know that family planning is a really personal choice for anyone. But as the LGBTQ+ community thinks about creating those families, they have to do them in what we consider nontraditional ways, which can often be at added cost. When you start to have to think about potentially having sperm donors or surrogates looking at adoption, all of those are different things that come at a cost.”
The intricacies of the financial costs associated with family planning for same-sex couples come into focus on Yahoo Finance’s Living Not So Fabulously podcast.
Estate planning is another aspect of personal finance that may look different for queer people. Carlson explains, “The purpose of an estate plan is around control to whom and to how you want to give your assets. And then you want to start to think about taxes for individuals [who] choose to stay in relationships but don’t choose to get married. We want to start to think about how you want those assets to pass”
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
This post was written by Naomi Buchanan.

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