(Note from Barb Elgin:  Today’s post signals the start of new resources for you and all readers of Coach Sappho’s blog:  the inclusion of guest experts who will share with you information, tips and suggestions specially designed for the GLBT community.  Today’s post focuses in on financial concerns and was written by guest author, Woody Derricks.  Woody is a comprehensive financial planner who specializes in the financial concerns of the gay and lesbian community.)

For gay, lesbian, bisexual, and transgendered individuals, reaching financial goals frequently present unique challenges.  You may be aware of some of the issues that can affect you and your loved ones’ financial well being – others may come as a surprise.  One thing is clear: when it comes to managing your wealth, it is critical that you understand your options and opportunities – as well as potential obstacles.

If you are in a relationship, the first step is to include your partner. Because many domestic partners maintain separate bank accounts, they feel as though they should plan for the future as individuals.  I ask my clients: Do you own your home together?  Would you like to pass on a portion of your estate to your partner?  If your partner became disabled, would you provide financial support?  If the answer to any of these questions is yes, then you may want to evaluate your financial future as a couple.

Disparities in age present another hurdle for domestic partners. Frequently, partners may have a difference of 5, 10, 15 or more years between them.  Age affects the way we perceive risk with our investments and how we prepare for retirement.  Younger investors are more likely to accept ups and downs in the market as they have a longer time horizon.  Additionally, they have more time to accumulate funds for their retirement years.  For those who find themselves rapidly approaching retirement or who have already retired, the focus shifts from building for retirement to protecting those assets they have accumulated.  Balancing the need to grow with the need to protect can be a daunting task.

Other areas of concern include insurance and estate planning. You should ask yourself several questions: When I pass away, will my partner be entitled to my pension benefits?  How can I best protect my partner and myself while I am alive and after I have passed away? As we know, family members do not always look favorably on the relationship and may desire to have your assets for themselves.

Believe it or not, the Tax Code has produced some benefits for domestic partners. Due to the government viewing same-sex couples as individuals, many higher income partners find that they can contribute more to their Roth IRA’s, pay taxes at a lower rate, and have more deductions available to them than a married couple with a similar combined income.  Work with your financial planner and your tax advisor to identify each of the areas from which you could benefit.

As many look to grow and protect their wealth, they are turning to comprehensive financial planners.  Comprehensive financial planners separate themselves from traditional stockbrokers by providing their clients with thorough investment, retirement, tax, and estate planning strategies while developing a long-term relationship.  If you are in the market for a comprehensive financial planner, you will want to work with someone who understands your needs, respects your relationship, and, most importantly, someone you can trust.

Woody Derricks, the President of Partnership Wealth Management, LLC, has over 10 years experience helping GLBT individuals and couples reach their financial goals.  Click here to find Woody on Facebook.

This article is for informational purposes only and is not intended to provide specific advice to any individual.  Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.

Securities offered through LPL Financial, Member FINRA/SIPC.

Congratulations to Maine for legalizing same sex marriage and putting the issue behind them, hopefully once and for all.

I’m sure Maine ‘gets it’ that there are some very pressing domestic issues facing them, locally and nationally, such as the environment and the economy and those are the types of issues all of us, regardless of our differences, need to gather around and work together to improve.

Allowing gay and lesbian couples to marry can only help both Maine’s and the U.S.’s economy as well as help Maine’s communities in many other small, ‘quality of life’ ways.  The ‘doom and gloom’ scenarios the right have been putting out there are just that – scenarios, born of fear-based thinking that just doesn’t exist.  Worse yet, what a waste of human energy fighting against love.  Perhaps eventually these ‘anti-equality’ folks will get it.

The news today keeps getting better as I’ve got some of my own excitement to share…

I’ve been invited to write for a very interesting, visible, and popular GLBT web site – called Queercents.

Have you checked out Queercents?  This is a site that hit the ground running a few years ago and hasn’t stopped since.  Queercents has experienced rapid growth in content and readership.  It was founded by Nina Smith, who really understands the variety of financial issues facing GLBT’s.  I just love their tag line,

“We’re here, we’re queer and we’re not going shopping without coupons”.

I want to thank Nina for featuring me and my Queercents blog on their home page today, which I’ve titled:

Talkin’ About Lesbian Love: Secrets to Surviving the Lesbian Love Jungle

Nina notes in the feature – “It’s even rumored recently ‘out’ actress Kelly McGillis may be calling Coach Sappho for tips on surviving the lesbian love jungle”!

Well – we’d be glad to invite Kelly to join us here at Coach Sappho.  Kelly, you’d fit in here perfectly.  Kelly, check out Lez Rendezvous!

Queercents has a bevy of authors and topical discussions, all related in some way to GLBT’s and finances.  Be sure to check them out, it’s high quality stuff.

Savor each moment today!

Barb Elgin