Planning For LGBTQ Couples: Distinct Financial Challenges Persist







by Brian Thompson
June 13, 2018


Three years ago, Obergefell vs. Hodges upended financial planning for LGBTQ couples, legalizing same sex marriage throughout the United States for the first time ever.  It was a momentous change, obviously, and now people often ask me if there are any remaining differences between financial planning for LGBTQ and heterosexual couples.

The answer is unequivocally yes. Even post-Obergefell, the LGBTQ community faces a wide array of issues that don’t affect our straight counterparts.  Some interesting new studies have highlighted issues unique to the LGBTQ financial experience, as well as key planning issues for these households. Today, I’d like to briefly go over the results and their implications for LGBTQ couples.

The world for the LGBTQ community looks much different now

When I first thought of the idea of starting a financial blog for the LGBTQ community, I came across a study by Prudential that explored “the hopes, dreams and fears of LGBT Americans.” I was so excited to find the report because I’d never seen anything like it that specifically focused on the LGBTQ community.  I found the statistics interesting and really useful when I made the pitch to my bosses about starting my blog. Ironically, just in time for the launch of my new business, Prudential offered an update.

The update rightly points out that “the world looks much different today” for the LGBTQ community than their last analysis back in 2012.  The Obergefell decision has afforded us access to over 1,100 federal benefits, including filing joint tax returns, putting spouses on health insurance on a pre-tax basis, and spousal protections in the event of death.

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