Business

Gay couples find more financial planning options

Financial PlanningBank of America Corp.CNN (tv network)

This week, financial information website NerdWallet launched a tool to help LGBT partners work through the tangled financial, legal and tax complications implicit in their relationships.

The Same Sex Couples Planning Tool lays out necessary documents, tax issues and tips on how to navigate housing, insurance and retirement decisions as well as the patchwork of regulations across various states.

Gay couples often spend between $1,500 and $10,000 to reap the same legal and economic benefits that heterosexual couples automatically get when they pay $40 for a marriage license, according to NerdWallet.

LGBT families are increasingly finding financial planning options that seem tailor-made for their unique situation. One website lists members of a network of financial advisors who are gay, lesbian or willing to work on LBGT issues. Business Insider has a financial checklist for same-sex couples that deals with snarls involving property, estates and more.

Major firms, including Wells Fargo, Bank of America Merrill Lynch and UBS, are opening divisions focusing solely on gay clients, according to CNN. Many of the same institutions are founding sponsors of the National Gay & Lesbian Chamber of Commerce.

Other resources include PridePlanners and Lambda Legal.

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