TOOLS - Financial planning for same sex couples

Abstract

In New Zealand, civil unions between same-sex couples became legal in 2005, and same-sex marriages since 2013.  As a result, same-sex couples have exactly the same rights as married couples. The situation of same-sex couples in the United States is outlined and although somewhat different to New Zealand, the unique circumstances of same sex couples when it comes to financial planning are not.   An adviser’s success with same-sex clients depends not just on technical factors, but also on assessment of family dynamics, complexity factors, and communication patterns. For same-sex couples there are at least three other areas an adviser should discuss: the couple’s legal family status; how the couple has designed their roles as partners and, if relevant, as parents; and the security of their position within their families of origin. Some tips on addressing these areas are provided.

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