June 12, 2010
MetLife releases legal planning guide for LGBT Baby Boomers
Kevin Mark Kline READ TIME: 2 MIN.
The MetLife Mature Market Institute has released a legal planning guide designed to assist LGBT Baby Boomers in making decisions about legacy planning, employee benefits, health care, financial planning, and retirement planning.
Planning Tips for LGBT Individuals and Couples -- which can be viewed at http://bit.ly/bN4wlN -- offers helpful definitions of terms like "contingent beneficiary" and "529 plan" and explains in simple language the benefits of careful planning for LGBT couples.
Because of the Defense of Marriage Act (DOMA), Social Security survivor and spousal benefits, along with certain estate and income tax advantages, are not available to LGBT couples -- even those who are legally married on the state level. "Beyond issues surrounding marriage, however, LGBT individuals need to consider many other important rights and directives that may be equally important," the guide reads. It is recommended that LGBT individuals and couples work to "assure that your heirs...receive the legacy you intended, your wishes regarding health care decisions are honored, and that you and those you care about enjoy financial security and employee benefits while you are working or in retirement."
A recent MetLife study called "Still Out, Still Aging" revealed that 60 percent of LGBT Baby Boomers fear being unable to care for themselves as they age. Nearly two-thirds say that they have a "chosen family" made up of people they consider family who are not biologically or legally related, and almost half don't expect to retire until they're 70 or older. In the meantime, it's important to plan carefully to make sure that the LGBT community is prepared to age safely, healthily, and happily.
In four separate sections, the guide offers tips and advice regarding estate planning, health care planning, financial and retirement planning, and maximizing your employee benefits. While it is recommended that you consult a professional planner or attorney -- especially one who has experience with LGBT issues -- MetLife's comprehensive planning guide will help you start important conversations.
