October 19, 2014
Article by Richelle Maguire, Tax & Business Services Partner and Anupriya Mehta, Tax & Business Services Manager, "Path to Financial Stability, Long-Term Care for Aging LGBT Individuals Starts Now," Featured in LGBTQ Nation
By Richelle Maguire, Tax & Business Services Partner and Anupriya Mehta, Tax & Business Services Manager
For many of us, the question of who will take care of us when we are "old" seems obvious. It will be our spouse and/or children. But what if you were never married and/or never had children? Who will step in to manage your needs when you are unable to do so? What if you are a member of the LGBT community?
While many young LGBT individuals enjoy a more socially acceptable climate, it was not so for the generation who are approaching retirement age. What retirement community will embrace them and will they have the means to secure the future that they are entitled to?
We often hear from LGBT seniors that they do not have adequate retirement, financial, or long-term medical care plans in place which will sufficiently cater to their distinctive situations as they age. They need a place to turn and assurance that there can be a game plan – but options seem so limited on financial, medical and psychological resources that are in place.
This lack of clarity on what the future may hold is compounded by the fact that unlike their heterosexual peers, LGBT seniors often lack traditional family support systems, which heightens their need to create long-term plans for their future.