Castillo has made it a priority to serve the specialized needs of his clients. “Many LBGT clients enjoy being able to build up their community and often want to speak with their dollars politically; that’s something that requires a plan,” he said.
There are same-sex couples that have lived together and have assets together, but have no formal plan if something were to happen to them. In the event that they have an emergency or death, most want to learn how they can go about protecting each other, said Castillo.
People don’t realize that roughly 1,100 benefits are available to married couples that are not available to partnered couples and those in domestic partnerships, he added.
On June 26, 2015, in the case Obergefell v. Hodges, the Supreme Court ruled in favor of same-sex marriage, stating same-sex couples have a constitutional right to marry in all states. However, marriage is still a fairly new option for LBGT couples and many aren’t quick to marry, Castillo said.
Castillo helps clients navigate their options regardless of marital status and also supports them through the social and emotional dynamics of financial planning in same-sex partnerships. For example, there are cases where families of same-sex couples do not acknowledge the marriage the same way they acknowledge a heterosexual marriage. If one partner dies, the families will still try to go after the money, despite the presence of a widowed spouse, Castillo explained.
When there are children from previous relationships, transferring wealth can become even more complicated. It’s important to have the proper plan in place for that reason, he added.
Castillo encourages advisors to also get involved with communities they are interested in working with. Getting involved with organizations that serve the group an advisor may be interested in is a great way to start. Leveraging social media and building an online presence can also be a powerful tool in helping advisors looking to share their message with larger audiences, he said.