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.

Barb Elgin’s
Creating a Life I Love
Online Ezine/Blog
barb@barbelgin.com
866-396-BARB

TODAY’S ISSUE:

I.  Great news from California!  California state senate passes gay marriage bill!!!

II.  Barb Elgin to hold open telephone conference line on Tuesday, September 6, 2005 at 8:30pm for support re: Hurricane Katrina.

III.  Join Coach Sappho’s Fall 2005 Life Makeover Tele-group (early bird registration through 9/10/05).

I.  Great news from California!  California state senate passes gay marriage bill!!!

Great news from the political front lines today.  California continues to inch forward on the gay marriage issue!  The California senate has passed a bill called The Religious Freedom and Civil Marriage Protection Act.  Now it goes to the state assembly and if passes California would be the first legislature in the country to pass equality rights legislation for same sex couples.  If you live in California, this is your chance to call your legislators, especially in the assembly and tell them you support this human rights issue.

Speaking of gay marriage, did you know that I’ve been recording an internet radio show called

Gay Marriage…Who Cares?

I hope you’ll go and check it out – hint:  while we are in production the program will be available at no cost online.  Eventually, the series will be compiled into a CD for sale.

II.  Barb Elgin to hold open telephone conference line on Tuesday, September 6, 2005 at 8:30pm for support re: Hurricane Katrina.

I’ve been taken by the heartbreak on the Gulf Coast, as I’m sure you have too.  Got lots bottled up about it and no where to go to release it?  I’ve got an outlet for you:

On Tuesday evening, September 6, 2005, at 8:30pm EST, I’ve reserved a teleconference line for anyone who’d like to join me to de-stress, strategize ways you can get involved and/or raise consciousness together around this tragedy.  These, I think, are three of the best things you can do to handle your emotions around this issue.

I’m offering this discussion to the community gratis.  Your only cost is your usual long distance telephone charges.  To attend, just call in to the following line on Tuesday at 8:30pmEST:  413.200.7075, private access code: 51861 and the ‘#’ sign.

By the way, people are doing all sorts of creative things to help out.  Today, members of our community wrote to me with the following ideas (sorry for the font issues, but I wanted to get these out as fast as possible):

• Encourage a group you are involved in or an area business to pitch in to collect items that can be packed up and mailed to rescue organizations. I hear that the following items are needed:

Towels

• Animal rescue - of course, in the chaos of what is going on, animals could and are getting lost in the shuffle.  But there are organizations you can donate to if you’d like resources to go to the care of the animals affected by the storm.  My friends over at Rainbow Ranch suggest the following:

Both the ASPCA out of New York and the AKC have donation mechanisms set up:  The AKC is accepting donations for the canine victims of Katrina.  See:  http://www.akc.org/news/index.cfm?article_id=2599

http://www.noahswish.org/ – comes highly regarded – they are ‘hands on’ and already in the area of the disaster.

The Humane Society of the United States is accepting donations: https://secure.hsus.org/01/disaster_relief_fund_2005/step1/r-pqLFC61kp5X 

Have a Heart for Companion Animals sent the email below just now that Best Friends www.bestfriends.org in Utah (the No More Homeless Pets people and sanctuary) is also coordinating fundraising to help the disaster pets.

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Thank you for your support!

Well hello!  How have you been?  It’s been busy as usual over here at Coach Sappho.

• Looking on the bright side this week I’d like to congratulate the State of Maine, who became the 16th state to add sexual orientation and gender identity to a Maine law that bars discrimination in employment, housing, credit, public accomodations and education.
• How’s your love life?  If you’ve ever been in a relationship over a year, you know things tend to “cool down.”  But, is it inevitable that they “cool off?”  I’ll never forget what the psychology professor I took a Human Sexuality class with in college said:

Did you know that your biggest sex organ is between your ears!?!

Yes, indeed, is she nuts, now, just what did she mean?  That imagination, mystery and creativity are sexy turn ons!  So, don’t let your brain cells go limp when it comes to sex and intimacy, even if you are not in a relationship (catch my drift!). 

Hate to break it to you but love isn’t all wine, roses and, for some of us, chocolates!  We have to add a dash of brain food in there too once in awhile.

Make time for sensuality in your life, you deserve it (and it’s no doubt great for stress reduction!).  Stimulate your dendrites and they will give you a tingle!

And, if you’re looking for suggestions to jump start your brain, here’s a couple of my favorite books/tapes on the subject:

Hot Monogamy by Pat Love, EdD (book) (audiotape) – excellent ideas delivered in an often humorous manner.  I just love Pat Love!!!

The Whole Lesbian Sex Book by Felice Newman – full of education and information

Or, here’s a simple suggestion that goes the distance:  each of you should make a list of activities you’ve gotten away from doing that you enjoy or that you’ve fantasized about or want to try.  Then, be sure to do one of those activities at least once a week, alternating back and forth.  And, again, if you are a single slinger, make a list and treat yourself.

Champions keep playing until they get it right! – Billie Jean King

And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom. – Anais Nin

For those of us in the northern hemisphere, spring has sprung!  While it may not feel that way yet (hey – it’s even been dark, chilly and rainy here in Central Florida the past couple of days!), you can bet warm, sunny days are just around the bend.

WHAT’S HAPPENING AT COACH SAPPHO:  Look what Coach Sappho has been cookin’ up for you, to keep you warm and toasty till lady spring pokes her head out:

Famous author, Angela Bonavoglia is Coach Sappho’s “Uncommon Courage” guest for March 2005.

Thursday, 3/31/05, from 7-8pm EST

Coach Sappho’s ‘Creating a Life I Love’ Club’s “Uncommon Courage” guest for March 2005 is a fabulous ally by the name of Ms. Angela Bonavoglia.  I met Ms. Bonavoglia about 18 months ago while interviewing Kathy Itzin, the catholic religious education instructor from Minnesota who had a lifetime achievement award taken back by her city’s bishop when he found out she was a lesbian.

Angela Bonavoglia has just published her latest book, Good Catholic Girls:  How Women are Leading the Fight to Change the Church.  Angela Bonavoglia is an award-winning journalist and author who covers social, health, religious and women�s issues. A previous book on abortion, The Choices We Made, was featured on Oprah. Her feature articles, investigative reports, op-eds, personal essays, and profiles have appeared in Ms. (longtime contributing editor), the Chicago Tribune, Redbook, Mirabella, Cosmopolitan, Newsday, and The New York Times, among other publications.

Angela’s article, “The Church�s Tug of War,” about women as an invisible force for reform in the Roman Catholic Church, was the lead article in The Nation in the wake of the clergy sex abuse scandals of 2002.

I can’t wait to talk with her about how and why she chose the career path she is on today.  Aren’t you curious?  I hope you will join her and I via the teleconference bridge on March 31st for an exciting discussion.  If you have specific questions you’d like me to ask her during the interview, email me so I can prepare.

Click here to read more about Ms. Bonavoglia and her latest book.  Or visit her website: http://www.goodcatholicgirls.com.