5 ways to prepare if marriage equality is overturned
Find your guide to financial documents for same-sex couples on this episode. Then download your FREE Queer Money Kickstarter, a 9-step Guide to Kickstart Your Journey to Financial Independence.
How same-sex couples can protect their finances
In June of 2022, we watched in shock as the Supreme Court overturned Roe v. Wade and gutted women’s rights. Many of us in the LGBTQ+ community were even more shocked when the concurring opinion from Justice Thomas mentioned the court’s need to review and reverse protections for same-sex couples, including marriage equality. So, what should same-sex couples in the US do to protect our assets should our rights be taken away?
On this episode of Queer Money®, we’re sharing the top five financial documents same-sex couples can and should be using to protect ourselves. We explain what differentiates a will from a living will and why we recommend securing both healthcare and financial power of attorney. We also walk you through the four different ways same-sex couples can own property jointly and describe the benefits of cohabitation agreements for unmarried partners.
Listen in to understand the consequences of failing to update beneficiary designations on your retirement accounts and learn how to leverage a trust to leave a legacy after your passing.
Listen to get insight on documents for same-sex couples
Topics covered on documents for same-sex couples
- Why financial planning is crucial for same-sex couples in an evolving political landscape
- What differentiates a will from a living will (and how to choose an executor for your estate)
- How a power of attorney allows someone else to act on your behalf while you’re still alive
- Why we recommend securing both a healthcare and financial power of attorney
- The 4 different ways same-sex couples can own property jointly—joint tenancy with right of survivorship, tenants in common, tenancy by the entirety and community property
- Why we suggest cohabitation agreements for unmarried same-sex couples
- The consequences of failing to update beneficiary designations on your retirement accounts and life insurance policies
- Leveraging a trust to protect your assets and use them to take care of a loved one/charity
Resources on documents for same-sex couples
- Obergefell v. Hodges on supreme.justia.com
- Alliance Defending Freedom adflegal.org
- Windsor v. United States on aclu.org
- Wealth Builder’s Pyramid
- CreditWise
Connect with David and John
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- Email [email protected]
Watch this week’s episode on documents for same-sex couples
Previous 3 Podcast Episodes
- 10 Great Gay Retirement Communities
- 5 Ways to Rock Your Finances in 2024
- How to Do an End of Year Finance Review & Plan
We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com), and the Queer Money® podcast hosts. We help queer people (and allies) live fabulously, not fabulously broke, by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.