Three Financial Planning Tips for the LGBTQ+ Community From an LGBTQ+ Financial Adviser

In light of social and political uncertainties, it's crucial that LGBTQ+ individuals review their estate plans, manage cash flow and savings and plan ahead if they want to expand their family.

By Mindy Neira, CFP®, ChSNC®

published 3 June 2025

in Features

Two young women cuddle with their baby boy in their kitchen.

(Image credit: Getty Images)

Pride Month is a time to celebrate the LGBTQ+ community, but it is also a time to reflect. For most, financial planning is not just about the money; it is about ensuring their loved ones are provided for and their future is secure and stable.

As an LGBTQ+ financial adviser, I realize financial planning for my clients is nuanced, which drives my passion behind this work.

Over the last couple of years, the focus of this nuance has become heightened with the uncertainty around rights and protections of the broadly diverse queer community.

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While society has progressed substantially over the years, and 76% of Americans supported LGBTQ+ protections in 2024, this support declined from 80% in 2023. The slightly declining sentiment, combined with decisions coming from federal and state governments, has created concern within the queer community.

The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.

Now, more than ever, it is important to revisit and revamp your financial plan to ensure you and your loved ones are protected.

So, what should LGBTQ+ individuals and families focus on within their financial plans this Pride Month? I suggest reviewing three key areas.

1. Estate planning

Whether you are married, single or in an unmarried partnership, ensuring that your estate documents are up to date with your wishes and legal language is imperative.

This includes your financial power of attorney and health care directives, which appoint someone as your agent to make decisions on your behalf if you cannot.

It also includes your testamentary will, which outlines who will be distributing your estate (regardless of its size) and who will inherit your assets and money.

Your will may also include those who will not inherit your assets or money and may name a guardian or caregiver for your minor children or children with special needs.

A trust may be a consideration to provide additional legal protections, privacy of your estate and a simplified process if you are incapacitated or pass away.

Across all your documents, consider using gender-neutral language and update names for any legal changes that may have occurred since your documents were originally established. This includes changes to your own name or that of a beneficiary.

Regardless of how much or little you have, it’s critical to put these protections in place to ensure that your assets are going to your loved ones or to support causes that are important to you.

2. Cash flow and savings

Cash flow management includes knowing what income you have coming in and what expenses you have going out. Have an intentional focus on your income and spending habits, as your future savings and financial decisions depend on it.

While this is especially true given rising costs of goods in 2025, those in the queer community tend to already live in high-cost-of-living areas. This means we may be saving less and spending more.

Health insurance coverage limitations for those in the queer community can also increase expenses. This includes hormone therapy and transition-related expenses, fertility treatments for family planning and the unknown future of coverage for PrEP, HIV-preventive medication. These realities make intentional budgeting and saving even more crucial.

While marriage is a personal decision and not for everyone, there are cash flow considerations to be aware of here, particularly in retirement.

While married couples may be eligible to make spousal retirement contributions and take advantage of spousal retirement income benefits, unmarried partners do not have this benefit.

This may be cause for considering additional savings strategies. Should marriage equality be overturned, there are additional protections in place for the recognition of existing marriages across state lines and at the federal level, so that should provide some comfort for those who may be relying on spousal benefits now or in the future.

3. Family planning

Family planning is an exciting endeavor that can come with increased costs to plan for in advance. Whether you are going through fertility treatments, surrogacy or adoption, expenses can range from minimal out-of-pocket costs up to $50,000 or more. Properly planning and saving will support your ability to achieve your family goals.

Depending on your family structure, it is also important to ensure that legal parentage is fully established. This includes consideration of confirmatory adoption and stepparent and second-parent adoptions.

This process ensures that the law recognizes the child’s parent as a legal parent, regardless of whether they birthed them. It reduces the risk of anyone questioning a parent who is making health care decisions for their child or seeking custody arrangements in the event of a divorce.

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This is important for married and unmarried couples, as laws regarding parentage vary by state, and birth certificates can be altered by the court.

Taking time to clarify and secure your family’s legal standing is just as important as planning for the financial side of parenthood.

While the current environment can lead to stress and uncertainty, it also presents an opportunity for action. Being proactive about updating and managing your financial plan is key to your future success.

Building a team of professionals, including a CERTIFIED FINANCIAL PLANNER®, estate attorney, family law attorney and adoption attorney who are familiar with LGBTQ+ related needs, can make all the difference in achieving your goals and protecting yourself and your loved ones.

Your financial plan should reflect your values, your identity and your vision for the future, because celebrating Pride is not only about visibility, but also about preparation, protection and power.

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Mindy Neira, CFP®, ChSNC®, is a Wealth Manager and Principal at Modera Wealth Management, providing financial planning and wealth management services to clients looking to grow and safeguard their wealth for the future. As an LGBTQ+ financial planner, Mindy understands the special considerations involved in planning for the queer community and their families. She also advises clients who need help navigating decisions related to special needs, disabilities, chronic illness or other medical conditions.