With domestic partner laws state-dependant and inconsistent, lesbian, gay, bisexual and transgendered individual and couples often have trouble securing a legacy. In order to help advisors and clients plan better, The MetLife Mature Market Institute released on Tuesday, June 2,“Planning Tips for LGBT Individuals and Couples.” The guide is a follow-up to its study, “Still Out, Still Aging: The MetLife Study of Lesbian, Gay, Bisexual, and Transgender Baby Boomers.” Compiled with SAGE (Services and Advocacy for Gay, Lesbian, Bisexual & Transgender Elders), the publication offers guidance and advice to LGBT boomers in the areas of legacy planning, employee benefits, health care, financial and retirement planning.
“Too often, unexpected injury, illness, or even death may leave us unable to express our preferences for ourselves or those who matter to us most,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute, in a statement. “Without preparation, much of what happens next will then be directed by default rules, customs and practices that may interfere with or run counter to what we would have directed. With LGBT individuals and couples who are not married, the legal lines can be blurred even more and the ramifications can be permanent. Making decisions about these issues and making them legal can save a great deal of anguish, time and money.”
The MetLife Mature Market Institute’s tips focus on key areas that require attention to assure that one’s heirs receive what is intended and that people’s wishes regarding health care decisions are honored. For individuals, the tips aim to help one enjoy financial security and employee benefits during working years and in retirement. The publication identifies documents and planning tools recommended for estate, health care, financial and retirement planning, as well as optimization of employee benefits.