Monday, June 21, 2010

MetLife releases legal planning guide for LGBT Baby Boomers

The MetLife Mature Market Institute has released a legal planning guide designed to assist LGBT Baby Boomers in making decisions about legacy planning, employee benefits, health care, financial planning, and retirement planning. It also offers helpful definitions of terms like "contingent beneficiary" and "529 plan" and explains in simple language the benefits of careful planning for LGBT couples.

Because of the Defense of Marriage Act (DOMA), Social Security survivor and spousal benefits, along with certain estate and income tax advantages, are not available to LGBT couples -- even those who are legally married on the state level. "Beyond issues surrounding marriage, however, LGBT individuals need to consider many other important rights and directives that may be equally important," the guide reads. It is recommended that LGBT individuals and couples work to "assure that your heirs...receive the legacy you intended, your wishes regarding health care decisions are honored, and that you and those you care about enjoy financial security and employee benefits while you are working or in retirement."

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