More Tips On How To Pump Up Your Portfolio

Following up on our finance feature in Instinct’s April/May Issue, Jason McDonald, accredited domestic partnership adviser and vice president-investment officer at Wells Fargo, shares some more tips and insights when it comes to same-sex marriage and money!

 

 Select Advisers Familiar With the Issues

“Gay friendly” is no longer sufficient. Seek out advisers, attorneys and other professionals who fully understand the unique planning requirements for LGBT couples. 

 

Execute a Healthcare Proxy and a Directive to Physicians

A healthcare proxy designates an agent (e.g., your partner) to make medical decisions for you in the event of your incapacity. 

 

Create Your Investment and Estate Plans—Together!

A plan can help with long-term financial goals, determining how to save for major purchases and laying out your paths to retirement. 

 

Execute a Will

Careful estate planning for same-sex partners is a must. You should be specific, clear and precise in making your wishes known. 

 

Be Precise With Beneficiary Designations

Instead of leaving it to state laws to identify your legal heirs, your will should list the identities of your beneficiaries by name. 

 

Make a Property Agreement

If you put your partner on the title, you may be making an irrevocable gift. Another approach to consider is creating a property-agreement order.

 

Make a “Living Together” Agreement

If you are sharing money and assets, financially supporting each other and incurring debt together, a “living together” agreement can state what property belongs to whom.

 

Execute a Durable Power of Attorney

A power of attorney gives one person in the couple financial authority to act and sign on behalf of the other.

 

Create a Joint-Custody Agreement

Consult your attorney about an arrangement that ensures each partner’s rights to seeing the child, continuing guardianship or maintaining custody and ensuring that agreed-upon living arrangements.