LGBT Community

The Iowa Financial Group has a dedicated team of financial services representatives working with the growing Lesbian and Gay community in Iowa. They devote their time and energy to helping people in the community reach their personal and financial goals by making informed decisions with their money. As a team they focus on the unique issues that present financial challenges in the LGBT community such as:

• Is your partner (and/or children) covered financially in case something were to happen to you?
• Are you and your partner making informed decisions with your money so you can retire with a comfortable lifestyle?
• Do you maximize the options available to you in order to reduce your taxable income?
• Are you aware of the value of your estate and the issues that surround transferring it to whom you want?
• Have you evaluated your current investments as they relate to your accumulation goals?
• If you own a business, are you and your employees financially protected?                                                                                           

 The Lesbian, Gay, Bisexual and Transgendered (LGBT) community faces a host of financial challenges that often call for unique strategies. As financial professionals, we can lend our experience by providing the solutions and strategies that can help you reach your goals while also helping protecting your financial decisions.

• Mature Market Institute: Still Out, Still Aging - The MetLife Study of Lesbian and  Gay Baby Boomers
• Since You Care Guide: Legal Matters
• Same-Sex Marriage: Consumer Slip Sheet
• GLBT Homework Packet: What You Need to Think About 
• LGBT Financial Planning Strategies

• Annuities for the LGBT Community

  Pass on Your Legacy to Those Who Matter the Most

 Click on the links below to learn more - if you feel that an individual consultation is needed to address one or more of these topics, please contact us and we will put you in touch with a GLBT Community representative.

Your Home: Planning Ideas for Partners

Federal Estate Taxes: What You Need to Know

Death of a Loved One: Creating an Estate Plan

Children: The Financial Considerations

A value add that MetLife brings to the comminuty is a financial workshop created solely for gays and lesbians.  Through this workshop we discuss the difference between state and federal rules of legal marriage in Iowa, the importance of estate planning and, essentially, the vital financial planning tools you need to protect yourself and those you love.  Please contact us if you are interested in having us conduct a workshop for your business and/or organization.

• Children: 
  If a gay or lesbian couple have children, either together or from a prior relationship, usually only one of them is the child’s “legal” parent. In most states, the law does not presume that the other partner has any interest in the child’s upbringing. A number of legal documents - and perhaps a court order - may be necessary to adequately ensure both partners’ rights. Be sure to discuss these issues and how you can protect yourself and your children with your attorney. Remember, laws vary from state to state, so do seek professional guidance.
   
• Death of a Loved One: 
  Non-traditional couples are not afforded the same tax advantages as legally married couples, so it is extremely important to have certain documents in place in the event of death or incapacity. Not only for death and taxes, but for illness and especially in life support decisions for ourselves or our partners. Domestic partners status is not legally recognized in the same way that a legal marriage is.
  Given these issues, we often suggest that my clients meet with their attorneys in order to create additional documents, in addition to a domestic partnership agreement.
   
• Disability: 
  Many people are unaware of the odds of becoming disabled. And, many are not aware of the potential financial disaster and problems that can occur if they become disabled. There are actions you can take now to protect yourself.  Disability income insurance protects your ability to earn an income after becoming sick or injured, and it is extremely important coverage for those who rely on their paychecks.
   
• Federal Estate Taxes: 
  If your estate is subject to federal estate taxes, will your partner have enough money to pay the taxes?  Lesbian and gay couples usually need to do some additional planning.
  What about joint property? The way the law reads, if you and your partner own property jointly, the law includes the entire value of that asset, such as a house, in the estate of the first to die.
  There are strategies that you can put into place now to protect your wishes and your partner. Work with an estate planning attorney and a financial professional to ensure you keep control of your decisions and to ensure that your things go where you want them to go.
   
• Group Benefits:  
  With so many variables to consider, it might make sense to consult with a financial professional and tax professional if you’re uncertain as to how to make intelligent choices when your employer offers domestic partner benefits.
  Several employers now offer extended benefits to domestic partners, be they gay men and lesbians or people who live together.
  Since these programs generally are employer-initiated, there are few rules governing domestic partner benefits at this point. This leaves different companies free to offer different types of benefits, depending on their needs, resources, and priorities.
  There is no uniform definition for what constitutes a domestic partnership, and while consensus standards are emerging (many employers require an affidavit that lists specified criteria – some combination of a joint residence, joint finances, and so on), here, too, the employer is free to set its own rules.
  Perhaps the most important source of complexity – for both employers and employees – is that domestic partner benefits often are taxable income. Most people don’t realize it, but the tax law is written in such a way that, unless Congress has created a specific exception, all fringe benefits are treated as just another form of compensation, subject to income tax in the exact same manner as cash wages.
   
• Your Home:  
  If you’re a couple and only one of you owns the home, homeowner’s insurance will not cover the non-owners. He or she should purchase a separate renter’s insurance policy in order to protect your tangible assets. 
  If both of you and your partner own your home, always pay the mortgage with two checks. For estate planning and tax purposes purposes, such an action can be most valuable as it will allow a surviving partner to prove his or her portion of ownership in the home, making the estate valuation of the first partner to die more equitable, and may also save costly estate tax dollars.  Another reason to pay the mortgage with two checks is in the event partners separate. 
   
   

Ron Gottl Investment Advisor Representative Financial Services Representative   4600 Westown Parkway, Suite 117 West Des Moines, IA 50266 (515) 224-3415 rgottl@metlife.com

Jacque Mahoney Investment Advisor Representative Financial Services Representative   4600 Westown Parkway, Suite 117 West Des Moines, IA 50266 (515) 224-3425 jmahoney1@metlife.com

I will work with you and your tax and legal advisers to help you select the most appropriate product solutions to suit your specific needs and circumstances.