As an ally with the members of the LGBTQIA+ community, we know all too well the many obstacles thrown our way as we move through a culture dominated by heteronormative standards. One’s financial life is no exception to this rule, and members of the LGBTQIA+ community must take special considerations into account when planning for the future. As a team of diverse individuals from all walks of life, the Upbeat Financial team understands how overwhelming this situation has the potential to be. So, today’s blog breaks down some key points to help you navigate the financial landscape as a proud member of the LGBTQIA+ community!

First and foremost, it is important to familiarize yourself with the legal protections and rights for LGBTQIA+ community members in your region. With the legalization of same-sex marriage in many places, this opens the door for spousal benefits such as joint-filing, inheritance rights, and Social Security benefits. In situations where marriage isn’t an option, estate planning steps such as the creation of wills, living wills, trusts, and power of attorney can help ensure that your wishes are carried out by those you know, love, and trust. Engaging with an estate attorney is instrumental to helping you set up these steps with ease.

Next, check your health insurance and employee benefits. Be sure to review your company’s health insurance policy, as some offer coverage to the partner of an employee, even when not legally married.

For many LGBTQIA+ individuals and couples, family planning is also a huge financial factor to consider when discussing your financial future. Adoption, surrogacy, IVF, and other family-building options often come with high costs, meaning preparation is essential. After choosing an option that works best for your family, start considering a savings plan to reach your goal within your ideal family building timeline.

When it comes to savings and investing plans, joint accounts are an appealing option for many LGBTQIA+ couples. As you embark on this journey together, it is important to maintain clear records and communication about shared finances.

Finally, having the proper resources available can help you immensely on your journey to financial stability. Working with LGBTQIA+ inclusive services can help you gain the tools and knowledge you need to make confident decisions for your financial future. Here at Upbeat Financial, we are happy to be a knowledgeable and safe space for the LGBTQIA+ community. In addition to us, these organizations offer important information on a national level for members of the community located in the US:

• Human Rights Campaign - Resources for legal rights and financial planning for LGBTQIA+ individuals.
• National LGBT Chamber of Commerce - Offers connections to LGBTQIA+ friendly businesses and services.
• Lambda Legal - Legal support and advocacy for LGBTQIA+ rights, and resources for financial and estate planning issues.