“The question now is who is the next of kin?” Ferrara asks. U.S. Trust helps advisors with planning guidelines for same-sex couples, and the guidelines are now being rewritten in light of the Court’s decision, he says.
Joshua T. Hatfield Charles is a financial planner and board member of PridePlanners, a professional association for financial planners that focuses on the gay and lesbian communities. Charles points out that just because same-sex couples are now permitted to marry, that does not mean they will elect to do so.
“A financial planner has to be an expert in helping couples who live together but do not marry,” Charles says. This can apply to LGBT couples, baby boomers who decide to cohabitate rather than marry, and young couples who are not ready for marriage yet.
“A financial planner needs to be on top of the issues and work with attorneys and CPAs who specialize in these issues,” Charles says.