Supporting the LGBTQ+ Women in Our Communities Through Estate Planning

It’s always the right time to recognize and celebrate the women who paved the way for greater rights, inclusion and opportunities. Their contributions have not only shaped our country but have also deeply influenced our personal communities and lives, including mine. As we reflect on their impact, we should also remember to support the women with us, especially as they age.

Remembering a Trailblazer

Not long ago, my community just lost another matriarch, a woman who was at the Stonewall protest. Although she would never have described herself that way, she was a trailblazer. As an experienced social worker, she helped many people find resources and support. She was a quiet, noble woman who happened to love another quiet, noblewoman. She died five years after her loving wife of 36 years.

In my LGBTQ+ community, we have said too many goodbyes to these matriarchs. We are a small and dwindling community nestled in the foothills of the North Georgia mountains, with little or no safe elder care housing options. We’re trying to decide how to collaborate to live together, drawing on our combined resources to live fully in dignity and grace until our time here on earth. This kind of community support for people as they age is found in small towns and large cities throughout our great country.

Challenges Women Face as They Age

Aging and retirement pose unique challenges for women, especially women who are part of the LGBTQ+ community. These challenges often stem from systemic disparities such as the wealth gap. Over a lifetime, women typically earn less than their male counterparts due to a multitude of factors including pay discrimination and career interruptions for caregiving. Consequently, women often can’t save much for retirement. Additionally, women tend to live longer than men. Compounded by the rising costs of healthcare and long-term care, as well as the difficulty finding safe housing for LGBTQ+ elders and elder care, the financial burden can be onerous for many older LGBTQ+ women.

The Importance of Estate Planning

One way we can take care of our LGBTQ+ elders is through estate planning. Estate planning is an essential part of everyone’s financial plans. Here are some questions to ask your LGBTQ+ loved ones to help them get started on the process:

1. If you are unable to live in your current home, what’s Plan B? Where else would you feel safe?
2. When do you want to execute Plan B, if you have a choice?
3. If you can’t communicate your wishes, whom would you want to advocate for you?
4. Do you have legal documents prepared that can communicate your wishes?
5. What financial resources do you currently have to support your wishes?

These are tough questions to handle alone.

A CERTIFIED FINANCIAL PLANNER® professional can provide valuable advice on supporting your loved ones as they age, including the matriarchs of your LGBTQ+ community. CFP® professionals are experienced in helping clients navigate the creation of estate plans, including forming relationships with attorneys and other professionals to create a team of advisors. Find a CFP® professional to work with today.