Nearing Retirement

Planning Consideration for LGBT Seniors

Planning Consideration for LGBT Seniors
 

It is estimated that by 2030 the population of LGBT Americans over the age of 65 will exceed eight million. Yet research shows that LGBT seniors are twice as likely to be single, twice as likely to live alone and three to four times less likely to have children than their heterosexual peers.1

While the U.S. Supreme Court’s ruling in Obergefell v. Hodges paves the way for LGBT couples to pursue lives that include legal marriage and children, and levels the playing field in respect to shared benefits and final planning strategies, for many older LGBT individuals these newly conferred rights may be too late to overcome inadequate retirement savings and little or no long-term care planning.

For most people, the lion’s share of care and support later in life is provided by spouses, children and other family members. But what about when you’re 65+ and have never been married, have no children and may even be estranged from immediate family members, who will step in to manage your medical needs and financial affairs should you become unable? Out of necessity, many in the LGBT community rely on informal families made up of close, trusted friends. Although these networks can provide much needed personal and emotional support, they have little to no authority to act on your behalf without proper legal documentation.

Taking action for tomorrow

If you want to ensure that someone you trust has the ability to make important medical and financial decision on your behalf should you become incapacitated, and that your assets are distributed according to your wishes when you die, you need to have an attorney draft a legal Will along with a healthcare proxy and financial power of attorney. Without those documents, in most instances the courts will appoint a next-of-kin guardian to assume the responsibilities. Not only may that appointed individual not have your best interests at heart regarding medical and long-term care matters, they could choose not to abide by your wishes concerning the distribution of your assets to the individuals and/or causes that are dear to you.

You will also want to work closely with your advisor to address your unique financial needs. He or she can assist you in formulating a plan to accelerate your retirement savings, align an investment strategy to your long-term goals, explore insurance solutions that may help fund future long-term care needs and provide a meaningful legacy.

Additionally, there are a host of online resources available to assist with specific LGBT aging issues and concerns – from locating LGBT-friendly retirement communities and caregivers to maximizing government benefits and finding community volunteering opportunities. Two organizations of particular note are the National Resource Center on LGBT Aging (https://www.lgbtagingcenter.org ) and SAGE (https://www.sageusa.org ) which both publish a wide array of helpful studies, infographics, resource guides and checklists.

Rest assured that you are not alone. The sheer number of LGBT Baby Boomers who are currently in or soon to be entering retirement will continue to drive an expansion of and improvements in services and care options. What you need, however, is to put a plan in place that encompasses your entire financial, healthcare and legacy needs and desires for the future that lies ahead.

For more on retirement and investing planning:

Call our Client Advisory Center at 844.206.8900 or learn more online.

Note: Center hours are 8-6 ET, Monday through Friday

 1The National LGBT Health & Aging Center, 2015

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Related

Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.