For gay and lesbian baby boomer couples, in a committed relationship, the two most important aspects of financial planning involve securing a will and a power of attorney. A power of attorney allows a partner to make decisions and act in the event the other partner becomes mentally incapacitated. A will ensures that the deceased partner's wishes are carried out. Beyond these two important components of financial planning, Schuldt says gay and lesbian couples need to carefully think about a number of other issues, such as beneficiary designations, joint property ownership, tax planning, and record keeping. They may be just as in the dark as you.
Teamwork is the key.
You both must take an active role in understanding financial planning issues so you can make educated decisions. Many couples have difficulty talking about money, adds Schuldt. That's where a financial planner can come in handy. A financial planner can serve as a neutral moderator, who can help both partners come to an agreement on financial issues that are too difficult to discuss at home. Not all financial planners are alike.