Financial Planning In The Era of Marriage Equality
Everyone should have some kind of financial plan. For many people, this does not become clear until they get married and start a family. Once there is more than one person to think about supporting, it becomes fairly obvious that a plan must be in place in order to avoid bad consequences for spouses and kids.
Most financial planning instruments were devised before America embraced marriage equality. As a result, these devices and mechanisms make assumptions about families that, in many cases, no longer suit the real world. As a result, it is a good idea to make sure that you have a financial plan in place that will fully protect your family.
I borrowed the above graphic from Prudential, because I think it gives a good jumping off point to see where some of the issues may exist. It is worth noting that the graphic is from a piece of advertising, so take it with a grain of salt, because there may be certain biases.
If you would like to know more about this sort of thing, I would be happy to speak with you! An attorney is a great resource for estate planning and other protections you can put in place for your family!
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