Legacy on Your Terms: Estate Planning for the LGBTQ+ Community

Episode 70: Audio automatically transcribed by Sonix

Episode 70: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs and may not be suitable for all investors. It is not intended to predict the performance of any specific investment, and is not a solicitation or recommendation of any investment strategy.

Speaker2:
Welcome to Take Pride in Retirement, the podcast dedicated to helping members of the LGBTQ+ community protect and grow their hard earned money. Get set for a show full of education and insights with your host and advisor, Matt McClure. We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in. No matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure.

Speaker1:
Hello and welcome once again to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your friend, your pal, and your confidant. Thank you so much, as always, for being a part of the show. You know, this is the show that recognizes your individual situation is unique. There is no other you. And so, um, we like to around these parts say that, you know, whether you're planning for yourself, your partner, your chosen family. I'm here to help. And, um, that is really what the show is all about. Because no matter who you are, where you come from, who you love, how you identify, or how much money you have, you deserve a retirement you can take pride in. And that is the bottom line. And that is what we are going to be talking about today in a little bit of a different way. Is this an issue and a subject that we've addressed before here on the show? But I wanted to touch on it maybe in a little bit different from a kind of a different angle. And it's legacy planning. Right? It's kind of going beyond the numbers with legacy planning, but really your legacy on your terms, um, and giving you some essential estate planning, uh, kind of information guidelines, if you will. Um, keeping in mind, you know, I'm not an estate planning attorney or anything like that, but these are some concepts that you need to keep in mind.

Speaker1:
And when you work with me in a one on one capacity, then if you know the estate plan is something that we want to then tackle as part of the overall plan, which very often it is, um, then we can get that handled. We have relationships with different, uh, services that provide, uh, those basically, you know, packages of estate plans that, um, you know, include all of the essentials in there. So, so that is something that we can handle one on one. So today on the show, Want to go through quite a bit of things. First of all though, again, thank you for being a part of the show. Go to the website. Take pride in retirement. Com take pride in retirement. It's all one word of course. Dot com 85524692 11 is the number (855) 246-9211. Once again. And you know of course there are a lot of different things that you can do via the website. There's a specific thing that you can do when you call that number. Um, that one is to schedule an appointment, schedule a free consultation, free of any cost, free of any obligation. Um, I'll do a deep dive into your financial situation and, uh, you know, show you my recommended plan and how I can improve said situation. All right, so that is number one. Number two, on the website. You can do a lot. You can actually schedule a consultation directly in my calendar. You see my real time availability there and all of that.

Speaker1:
So that is um, that's a good thing right? About the website. You can also find all of the previous episodes. You can get links to subscribe to the podcast. Watch a nice little welcome video. There's a contact form where if you just want to reach out and ask a question, maybe about something you heard on a previous episode or this episode, a bunch of stuff that you can do there. So once again, take pride in retirement. Calm. And I would really appreciate it if you would go and follow on the socials. Instagram has really started taking off here in just the past few days. I feel like I've gotten several notifications about new followers on Insta, so that is good stuff and I want you to be a part of that. So follow take Pride in Retirement on Instagram, also on Facebook, on threads, on blue Sky, and on, uh, the old YouTubes. Um, the full episodes are uploaded now to YouTube, uh, in video form. So you get to see behind the, uh, the face behind the dulcet tones. Um, and then you can also see a bunch of shorts and stuff there as well. So like and subscribe to those channels and the videos and all other things. Okay, so that's my spiel. Now, though, I want us to, um, get a little bit of inspiration for our conversation. Shall we? And as usual, we'll do that via our quote of the week.

Speaker3:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
And this week's quote is this, uh, from Suze Orman. Uh, of course, the, um, very famous, uh, TV personality and financial expert, Suze Orman, uh, who is a member of the LGBTQ+ community. Um, and she said this when you are controlling your money, you are controlling your life. Boy, that's true, isn't it? It's like, uh, you know, money makes the world go round, after all. So it's not like when you control your money. You're controlling the world, but you're controlling your world. You're controlling your life. You're telling your dollars and cents where to go instead of the other way around instead of your financial situation dictating what is possible for you, you can dictate what's possible given your financial situation. A lot of times it can be easier said than done. But hey, that's why I say no matter how much money you have as part of my whole setup to the show, you deserve a retirement you can take pride in, right? You don't have to have a ton of money. You don't have to. Do you know, you don't have to be a billionaire to have a retirement that you can take pride in. Um, and so, you know, on the show, we're going to talk a lot about the legacy piece of the puzzle. This time around. We're going to go beyond the numbers. We're going to, you know, have, uh, kind of an overview of why estate planning is essential.

Speaker1:
And it's a really a powerful act of love and validation in the LGBTQ plus community, especially, um, non-negotiables here. Uh, things that you need to have wills, powers of attorney, health care directives. And we'll look at that through an LGBTQ+ lens. Um, protecting your chosen family. You know how to ensure that legacy benefit benefits the people that you consider your family, whether they are blood related or not, whether they're legally related or not. Avoiding probate, avoiding that unwanted interference in, you know, your wishes. We're also talking about advanced tools so you can have some protection. That's that's more ironclad. That's more secure. Right. And, um, ensuring that your identity is honored as well. Um, just specific directives regarding that and to make sure that your wishes are, are carried out. So, you know, I mean, for a community that is often had control taken away from us, taking charge of your financial legacy is really the ultimate act of of power in a way. It's about ensuring that you know, the life that you've built, that you've worked so hard to build, is honored that your future is secure and it's all on your own terms. That really is what legacy planning and estate planning, if you want to want to say it that way. That's what that's all about. It's ensuring that your, um, wishes, your, uh, finances, all of that's taken care of on your terms, not anybody else's.

Speaker1:
Certainly not a probate court. Right. And we'll talk about that in just a bit. So let's go. Um, beyond the numbers here, as I teed up, uh, as, as we talk about a legacy, um, and, and making sure that it's as authentic as humanly possible for, for you. Right. So the main kind of point here is that for LGBTQ+ people, estate planning isn't just about the money. It isn't just about the dollars and cents. It's about really codifying your relationships and ensuring that you are honored that your authentic self is honored, not anybody else's idea of what you should or shouldn't be. Um. But yours. Right? And so, number one, you kind of have to define your legacy. First of all. Right. Um, it's about protecting maybe the partner that you've built your life with. You know, if you want to make sure that they are set up, uh, when you are no longer around supporting maybe that chosen family who stood by you, um, you know, so often, especially in, in older generations, it's gotten better in the LGBTQ plus community in recent years. But, you know, there are certain things happening in the world that that, you know, don't know. Um, that's just as far as I'll go on that, uh, this particular episode. But, you know, I mean, It's happened so often in this community that people get separated from their biological families.

Speaker1:
They get separated from not because of their own choice necessarily, but because they they had family members who were not receptive to them as they are. They got kicked out of the house. Maybe they got disowned. They got, you know, whatever the situation might be. And so Chosen family is such an important thing. You don't want to have a situation where you pass on, and maybe this family that that has disowned you ends up getting all your stuff because you don't have a proper plan in place. You don't have the directives, you don't have the will. You don't have all any of the things to say, oh no, it's my chosen family that I want this all to go to. So it's again making your making sure that your wishes are carried out. And also, you know, giving to causes that matter to you to the LGBTQ plus community uh, in general. You know, it's about protecting all of those things and about giving to whatever causes matter to you. And one of the things that we'll talk about a little bit later on is, um, one of the the ways that you can, can do that, that you can make sure that, uh, maybe a charity, um, that you really do support benefits after you are gone. Um, there's a bit of a gap between people who consider wills important and people who actually have a will. Um, there was a caring.com study that came out that said, um, something to the effect of, well, it was a huge number of people.

Speaker1:
Let me actually look at the number here. 64% of Americans in this Caring.com survey said that having a will is important, 64%. So like two thirds of people essentially think that having a will is important, but only 32% have one. And that is a big gap between important and done right. Um, the gap is really often wider, uh, in LGBTQ plus communities due to the historical distrust of legal systems or the feeling that marriage equality solved everything. It didn't necessarily. Um, there are still, um, you know, things that you need to do because let's, you know, let's be honest. If straight people, cisgender, straight people need to do x, Y, and Z need to make sure that they have a will make make sure that that's in place and make sure that their wishes get carried out. You should have that as well. You need to have that. Um, because let's, you know, um, straight couple across the street is is married, but they still need to have a will in place. They still need to have maybe other directives in place, maybe a trust, perhaps that we'll talk about in a little bit then that, you know, it's no different for you as a member of the LGBTQ plus community. Why would you not need to have that? So that is an important sort of frame of reference there.

Speaker1:
And really, I mean, one of the biggest gifts that you give when you come up with a legacy plan, when you work with a professional, you come up with a legacy plan. You make sure that your beneficiaries are named and up to date and all of that. One of the biggest things that you give is the gift of clarity, right? I mean, if you put your wishes in writing, you protect your loved ones from having to prove it right, to prove the validity of your relationship, to prove that this is what you wanted to guess at your intentions, especially if you are facing challenges from unsupportive relatives. Um, I've had unfortunately, uh, some friends who that kind of thing has happened to, and so that it's not a pretty, not a pretty picture, um, when that sort of thing rears its ugly head. So, you know, I mean, just give me a call if you if you want to get started along the road of making sure that your financial plan is in place for you first and foremost, and then that you have a legacy plan in place that stands the test of time and that makes sure that your wishes are carried out. Take pride in retirement. Com or call 85524692 11. I'll give you that number and the website all throughout the show today as well.

Speaker1:
Um, all right. So there are some essential documents here. And I sort of look at this as like, you know, the, the toolkit, um, for estate planning for LGBTQ plus folks. Um, and these are documents, really, that are for everybody, but they serve a critical function for LGBTQ. Plus, folks, there are a few different things here that I'll go over. The most kind of basic of these documents is the will. Where there's a will, there's a way. After all, um, wills are kind of like the absolute foundation of a good legacy plan. And again, I'm not an estate planning attorney or anything like that, but I can tell you that the will is the the most essential and and foundational of these and something that you really need to do that I believe is critical is to name your partner or your, you know, your husband, your wife, whomever. Name them explicitly and specifically in any and all documents, including the will. Don't rely on marriage status alone. All right. Because as I said earlier, the Obergefell decision that, uh, was, uh, the the catalyst for marriage equality across all 50 states didn't solve all the problems. And so you just need to be as explicit and specific as possible, clearly define any chosen family as well. If you leave them assets, if you got kids, name guardians for the kids. And that's especially important if you're in a non-traditional family type situation where you need, um, someone to look after your children and you want to be able to name that person, whether it is a partner or a relative or chosen family.

Speaker1:
Name that person, especially if it's, you know, if you're in a non-biological parenting type situation because then there could be, you know, if you're not clear about it, there could be some some contesting of your intentions or whatever going on. So be as explicit as possible. That really is kind of the bottom line when it comes to wills. There are also powers of attorney. There's a durable power of attorney that is something that really, um, is kind of essential. There's there's a financial power of attorney. Right. And, you know, there's there's maybe more of a general power of attorney as well. But I'm talking about kind of the financial aspects of it, allowing someone else to make your financial decisions for you. So you can appoint your partner, your, your spouse. Um, or you could appoint a trusted friend to manage your finances if you are incapacitated for some reason. And again, these are all things that you want to see a legal professional for. So you make sure that those. Teaser teaser teaser dotted the I's are crossed. No? Vice versa. The t's are crossed and the i's are dotted. Um, you want to make sure that that is taken care of. Um, and this really can.

Speaker1:
If you have that power of attorney in place, it can prevent a scenario where, you know, maybe some distant, uninvolved biological relative is given control over things by a court, because that really is what the court may look at is biological ties rather than the ties that really bind us. Um, and that is involvement in each other's lives and love and support and all of that stuff. Right. So you want to just make sure and be as thorough and again, as explicit as possible with these things. Um, advanced healthcare directive. So a living will basically something else that's really super important. Name your partner as your healthcare agent name. Maybe a chosen family member as your health care agent. And that will grant them the legal authority to make medical decisions for you. And importantly, it gives them visitation rights, right? I mean, you can say right here in the advanced directive, yes, I am allowed to visit this person if they are in the hospital or incapacitated or whatever the the deal may be. Also a HIPAA release. Um, and that's, you know, obviously a privacy law, right? Hipaa is a release of the information that is your your medical information. Right? So don't assume that a marriage certificate is enough. In a crisis, you're going to want to make sure that you maybe have that HIPAA release in place so that your, um, medical information can be accessed by whomever your designated person is.

Speaker1:
And then, you know, I mean, discuss, um, things with your partner, with your chosen family, with your biological family. If you are fortunate enough to have a supportive biological family, um, about, you know, gender affirming, um, directives as well. Specify your correct name on and your pronouns to be used as well on all official documents. Right. And then make sure that that's taken into consideration for any and all documents after you are gone as well. Things like death certificate and even your headstone. Stuff like that. And that can prevent a situation where maybe an unsupportive family member could misgender you in death. So that would, you know, maybe mean something like a disposition of remains type document, um, or something. Again, see your legal professional or, you know, we can refer you to one if you go to take pride in retirement. Um, take pride in retirement. Com or call 85524692 11. 8211 can connect you with someone who is a, you know, a member of the community who has worked with folks in this capacity before and and done these things before. So the other sort of aspect of this that's super important is protecting your chosen family. Not all family structures are the same. You know, I mean, most situations, um, in certainly in the financial industry that I deal with a lot, um, and try to get people to see beyond, uh, quite a bit my, my colleagues in this industry try to get them to see beyond is, you know, most of the situations that we deal with are the mom, the dad, two and a half kids, the cat and the dog, the white picket fence and two cars in the driveway.

Speaker1:
You know, that kind of thing. Um, but not all families look like that, obviously. Um, and so, you know, you want to protect your family, whatever that may be, biological, chosen, whatever, from probate and from conflict. Those can be two separate things. Um, or one can lead to the other because probate can be an ugly process. So one thing that you need to keep in mind is that not only can probate be an ugly process, it is something that could be and would be a very public process, like it's it's public record. If you do not have the documents that I'm talking about, you know, the will, all of those things, the beneficiaries named in your, um, insurance policies, maybe annuities if you have those retirement accounts, all of that. If you don't have your beneficiaries properly named, then you get into a situation where you could go into probate. So that means that it goes through a court process, all of your assets get tied up in that process. And, you know, it could take anywhere from six months in some places to a year and a half in others to get all of that settled.

Speaker1:
And all that is doing is bringing up bad, bad feelings, bad energy, bad. All of the things for your surviving family members, for the people who are left behind, for those who maybe your chosen family or biological, whatever the case may be. And so the public nature of probate can really invite challenges from people who don't recognize your relationships. Um, sad but true. Boy, it's an uplifting episode so far, huh? Um, can invite challenges from people who who don't recognize your relationships, who don't recognize your chosen family. And so your goal is to keep your affairs private and your chosen family protected. So they could contest a will. Like if you have estranged biological family members, they could contest a will that leaves asset to a partner or to friends. So a well-drafted plan, something that is comprehensive can make that much harder for them. Probate, again, is a matter of public record, and for many in the LGBTQ+ community, especially, financial and personal privacy is really a safety issue. It's it's not only a big issue just wanting to be private, but it can be a safety issue exposing all that personal information. You know, where your assets are going. All of those things could just be out there in the public, and you want to avoid that. And so make sure that this is one of the easiest things that you can do is to go through your accounts, whether they be retirement accounts.

Speaker1:
Whether they be annuities, whether they be life insurance policies, anything that you could possibly name a beneficiary on who would get those assets after you are gone, those beneficiaries will override everything, the beneficiary designations. So update those for IRAs, life insurance, those pass outside of probate and they are legally binding. They will preempt anything else that may be out there. That also stresses the importance of making sure that those beneficiary designations are up to date. You know, I got a call, um, not not too long ago, probably probably a few months back now, um, from a gentleman who wanted to update his beneficiaries on a lot of his policies and stuff because he had been, um, divorced, and now he was getting married to his partner, um, after said divorce. And so, um, I said, yeah, absolutely. We can get that. Make sure that you have all of that updated and make sure that your, you know, your ex-wife doesn't end up with your stuff, with all your money, with all of your assets. When your new partner, who is becoming your husband, um, is the one who really you wish for that, uh, to go to. And so that is essential. And it's not a very difficult process at all. It's really just going in, updating those beneficiary designations one and done right.

Speaker1:
You have to do it. Make sure that you do it for any and all accounts that have beneficiaries named um, there's also joint ownership. You know, you, you let's say a few primary residents, if you own that, um, and you want that to remain with your partner, make sure that you are joint owners of that. Um, you got to understand some implications, their liabilities, stuff like that. But make sure if that's what you want to happen, you could avoid the probate process completely with regards to house, car, all of that stuff. If you're joint owners with your partner or spouse, um, a revocable living trust. We'll talk more about those in a minute. But that's really the most powerful tool. Um, the assets in a trust will bypass the probate process entirely. And that really shields you from potential challenges. It makes sure your wishes and your instructions very explicit. So that is something to to keep in mind as well. And again, um, I can connect you with professionals who are, uh, those that specialize in these things. I would love to do that for you. Take pride in retirement comm. Reach out there. Uh, or call 85524692 11 and I'll connect you with, someone who can help with that part of everything. I can also, um, you know, of course, give you that, um, full consultation. That free consultation. It's free of any cost, any obligation.

Speaker1:
Go through everything with a fine tooth comb and see how I can help you improve your financial situation and see how you can eventually have that retirement that you can take pride in, because it's what you deserve, after all. So that's it. You want to protect from probate and you want to protect from conflict, unneeded conflict, unneeded stress at a time when nobody needs any more stress put on them. Um, and so, you know, I mentioned revocable living trust minute ago. We'll talk more about trusts because those are really sort of the more advanced kind of tool here. Um, so revocable living trust. And really and here's the thing. I say the word trust and you're like, oh, this is just for really rich people. Not really. You know, I mean, they're really for anybody who wants to create a private, customized and, um, a plan that's really resistant to challenges from the outside for maybe those relatives that have not been involved in your life for a long time. Um, and so revocable living trust, like I just mentioned, for a lot of LGBTQ+ folks, it's the cornerstone because you control everything while you're alive. And then when you are no longer on this earth, you have a trustee that you have appointed, that you've chosen, and that person is responsible for distributing the assets according to your rules, the rules that you have set up. So that is why it avoids probate.

Speaker1:
It doesn't have anything to do with the court. It has everything to do with your wishes. And so that is something that that you could look into with a legal professional as well. Irrevocable trusts and can be kind of iffy because they're in place, then they can't really be changed. Revocable trusts can be changed in many cases, but most of the time an irrevocable trust, that's why it's called irrevocable cannot be changed. It can be used for like advanced tax planning usually, and things like that, to protect assets, maybe for a partner, especially in long term care planning, perhaps, um, that's a little bit more advanced. But see if that could be something with a legal pro that's right for you. Special needs trusts. Um, if you have and this is something that could be very advantageous because if you are supporting a chosen family member or a partner or a spouse with a disability, this is essential because it ensures that they receive their inheritance without losing government benefits. Right? Because if they come into a lot of money, the government could say otherwise. Well, we're going to take these benefits away because, you know, they have this, this big windfall. Well, that special needs trust could be something that takes care of that. There's also something called a charitable remainder trust. Crut as it's sometimes known. Uh, and that's something where you can also ensure that your assets are passed on to a charity, um, in the event of your death.

Speaker1:
And you can actually, um, give money to a charity through that trust while you are alive as well. So that's something to speak with a legal professional about as well. Um, and then I wanted to, to also look at, because I started off the show today talking about our, our history, right. As LGBTQ plus folks, we've had to fight for rights. We've had to fight for visibility. And I just wanted to give, especially if you are, you know, of the younger generation. A little bit of a history lesson, because it was not all that long ago that we did not have the vast majority of the rights that we now have and enjoy. And so even just going back to the 1950s, you look at the lavender scare. Um, and if you have not seen the it was a mini series called Fellow Travelers, I believe it was, uh, HBO, HBO Max, um, called Fellow Travelers. Watch it. Because that is has a lot to do with this lavender scare. It was a time when federal employees could be fired for being gay. They were being outed left and right, um, publicly shamed and humiliated in all of the things. Um, and so that we're in a different time now, obviously, at least for the time being. But that's, um, reinforces the need for financial independence and private planning, not just relying on government benefits and, and, you know, recognition of marriage and all of that, but making sure that it's ironclad.

Speaker1:
All right. Then, of course, in 1969, in New York City, in Greenwich Village, there were the Stonewall riots at the Stonewall Inn, which I actually covered. Um, the a few years ago, I was working at a TV station in New York as a reporter and anchor, and I covered, um, and got to interview some folks who were waiting to go into the Stonewall Inn, um, on the anniversary of when the riots began. And it happened just right around the pride festival that year in New York, and the on the eve of the pride march in New York. And that was in 1969, the birth of the modern LGBTQ+ rights movement. And that eventually paved the way for legal recognitions that really make estate planning possible today for LGBTQ+ folks. Of course, back when I was a kid, um, the main thing in the headlines about the LGBTQ plus community was the Aids epidemic. And it was just obviously tragic, but also highlighted the need for things like healthcare directives, powers of attorney, you know, healthcare directive. A living will is another term for that to make sure that you can, you know, get in the hospital to visit your partner if they are incapacitated or that your partner can visit you if you are incapacitated, they can make medical decisions for you if that's what you wish.

Speaker1:
Because back then, during the Aids epidemic, partners were often denied hospital visitation rights and decision making authority by families who were unsupportive and institutions that were unsupportive of those people. And, um, it was just an absolute tragedy. There are a lot of great series and documentaries about that, um, as well. Then, of course, there was the Defense of Marriage Act, the, um, inappropriately named Defense of Marriage Act in 1996. It federally denied the recognition of same sex marriage. And that created massive estate tax and social security survivor benefit hurdles that required a lot of complex planning, a lot of trusts. And, uh, things had to be, um, Really detailed, really complicated. And that ended with the respect for Marriage Act. And also with the last thing on this list in 2015, which was Obergefell v Hodges Supreme Court decision which legalized same sex marriage nationwide. And then, of course, simplifies some aspects of estate planning, but doesn't eliminate the need for being, as I mentioned a couple of times now, as explicit as possible with your wishes and as specific as possible with your wishes. You need to have a plan. You need to have that documentation in place. And so, you know, a strong estate plan is the ultimate act of love. It's the ultimate act of of pride, of self-determination, all of the things.

Speaker1:
And it really does make sure that your life and your relationships, your legacy are honored and that it all happens on your terms. That is what it is all about. It's what I do, what I do, making sure that people have retirement on their own terms, and then making sure that they leave a legacy on their own terms as well. Just give me a call or go to the website. You know, because don't don't just leave your legacy up to chance or to the courts and the court system that may or may not understand your life because as I said at the top of the show, everybody's life is different. Protect your partner, protect your chosen family, and protect your peace of mind as well. So go to take pride in retirement. Com that's take pride in retirement. Com give me a call 85524692178552469211. You can schedule a no cost consultation and build a plan that really reflects who you are. Because as I say, that is what it's all about, about you, about your life, your wishes, your wants, your needs. Nobody else's but yours. Well, that's going to do it for this edition of Take Pride in Retirement. Thanks once again so much for joining me for this edition of the show. I really do appreciate it. And until next time, take pride in yourselves and take care of each other. We'll see you then.

Speaker2:
Thanks for listening to Take Pride in Retirement. Members of the LGBTQ+ community deserve to work with a fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call (855) 246-9211 or go online to take pride in retirement investment advisory services offered through Brookstone Capital Management LLC, a registered investment advisor. Bcm and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered in sold through individually licensed and appointed agents.

Speaker1:
Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.

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