The affluent LGBT investor prefers to be treated not as an LGBT investor, but as an investor who happens to be gay or lesbian, according to a new Spectrem study.
LGBT and non-LGBT households share the same national concerns, chief among them government gridlock and the political environment as well as the prolonged economic downturn and the performance of the stock market, the study finds. On the homefront, both types of households are concerned with personal health issues of their spouse or partner or themselves, maintaining their current financial situation and being able to retire as planned.
But there are concerns that the LGBT investor find especially relevant and among these, equal rights tops the list. Nearly eight-in-ten (79 percent) of respondents said they are most concerned about legislation regarding LGBT financial rights and opportunities. An equal percentage said they are concerned about equal access for the LGBT community regarding marriage and family opportunities,
Nearly three-fourths (73 percent) said they were most concerned about recognition of the LGBT community by political and consumer groups and equal employment opportunities for gays and lesbians.
But are also concerned about financial planning assistance. In December, New Mexico became the 17th marriage equality jurisdiction along with 14 other states (California, Connecticut, Delaware, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New York, Rhode Island, Vermont, and Washington) and the District of Columbia.Married same-sex couples living in one of these jurisdictions now have the identical rights, responsibilities, and obligations as all other married couples. For example, they will receive the unlimited marital deduction in their estate planning and will not be treated as individuals when seeking Medicaid eligibility.
LGBT households are more concerned than their non-LGBT counterparts (41 percent vs. 28 percent) about getting adequate help and advice to allow them to reach their financial goals, the Spectrem study finds. Among the personal financial issues of most concern include inheritance rules for LGBT couples (73 percent), the transfer of funds to one’s partner given their unmarried status (65 percent) and the tax implications for themselves and their partner.