By Woody Derricks

(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.

YOU are in control of your destiny, if you so choose.  And, the way I see it, your only real reason for being here is spreading YOUR love and YOUR light. – Barb Elgin

I just finished…

1)  Mailing off a check to Evan Wolfson and Freedom to Marry for 50% of registrations from Coach Sappho’s Valentine’s Tele-Party last month!  Thanks to those of you who attended the tele-party and enabled Coach Sappho to make this donation to a very worthy organization (and cause!).

2)  An amazing session with a client and since I am often asked ‘just what is this are you ready for love? thing’ I thought I’d share some thoughts on today’s coaching session as it relates to this infinitely important question.

I believe it was Freud who said… (more…)

I’m back from the NGLCC Conference in Miami and I’m getting re-settled!  It’s great to be home.  Ruby got an A+ and a gold star from her pet sitter so is this mommy proud or what???

What an amazing conference.  One of the high points for me was attending the Successful Business Woman’s Presentation, where we learned from a distinguished panel of lesbian professionals that professional success requires great commitment, passion, talent, ability to overcome the inevitable adversities and, even, a bit of luck here and there.  For example…

• All of the lesbians on this panel continually make ‘trade-offs’ for their success.  And many stated that they knew even as a child that they’d have to ‘make it on their own’ because they were lesbian. 
• Married with Children and The Big Gay Sketch Show’s Amanda Bearse shared that managing a career, business AND being a full time single mom is very challenging, even when you have the resources needed to get the support you need (like she says she’s been fortunate to have as a result of the prosperity she’s been able to amass from her status as a celebrity).
• Elizabeth Birch shared her struggles going from poor to where she is today and the ‘price’ she’s paid personally and professionally, as a business owner and mother of two children.  Probably the most touching moment of the panel happened as she shared some of her most vulnerable feelings regarding the break up of her previous relationship and the impact on herself and her family. 
• If you’d like to learn more about Elizabeth Birch (and hear what people think about her and her contributions to the growth and success of the Human Right’s Campaign), be sure to watch the HRC ‘farewell to Elizabeth’ video created for her when she left HRC a few years ago.
• Mary Catona, owner of her own successful trash collection firm, shared her personal and professional challenges on the road to success, which have included being the victim of physical violence.  Despite the many adversities Mary has encountered, Mary has persevered and continues to prosper, personally and professionally.  In 2007 Office Depot named her their Businesswoman of the Year.  Mary is a black belt in karate and is now pursuing her third degree black belt!
• Both Elizabeth and Amanda met during their tours with the UP! With People troupe in the 1970′s!
• You’ve got to check out here! TV’s DL Chronicles!  The creators of this show are two 30 year old gay men who’ve been together 10 years.  The Chronicles will open your eyes to the entire ‘Down Low’ story, instead of the narrow and negative one you’ve probably heard about.
• NGLCC is getting ready to launch a business networking site called BIZ!

In addition…

• Tropical Storm Barry kept the skies grey and the ground wet, but, hey, I live in Florida and I didn’t miss the sun!
• South Beach is as cool (or, on the day I visited, as hot and steamy) as ever.
• Love bugs are really nasty to a car’s paint job!

Okay, I’ll say more about the conference when I have a chance to upload some of the pictures and catch up on my rest, so, stay tuned!

Barb Elgin