The Financial Planning Challenges of Same-Sex Couples

The Financial Planning Challenges of Same-Sex Couples

Darla Kashian, specializes in advising same-sex couples in financial planning, particularly in cases where the clients wish to marry and parent children.

Financial advisors are usually keen to hear such deep insights, which in this case can help them adapt to the ‘new normal’ in our evolving society.

Kashian speaks from solid experience: in her professional life, she serves as a financial advisor and portfolio manager at RBC Wealth Management, and in her personal world shares two children with her female life partner. Ms. Kashian warns that she is a pragmatist: in her view, marriage is not a good move for every LGBTQ client – a slightly uncomfortable caveat that is perhaps universal. She notes that she and her partner are not married – it wouldn’t suit their particular circumstances. For others, is might be just the right step.

Before a couple marries, Kashian counsels, they must engage in frank discussions about finances. All of the usual suspects need examination: how much does each party hold in savings, investments and debt? How much do they like to spend? What sort of lifestyle do they lead and what are their life goals? Establishing a mutual financial plan is a bedrock task for assuring a successful union – money problems kill more relationships than anything, so it’s vital to sort it out.

If you think that discussion is a passion killer, wait for the follow-up: before tying the knot, fiancés must seek the counsel of a tax specialist. Married couples enjoy certain taxation benefits, but their joint incomes can often drive them into a higher bracket. The tax facts, no matter how nausea-inducing, must be fully understood before anyone proceeds down the aisle.

For more information, please read:
Speaking From Experience: Financial Planning for Same-Sex Couples | Wealth Management


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