Event Recap: Financial Seminar for Gay Men and Lesbians

Hello all,

After having the financial seminar, I had a while to contemplate on some of the information and issues addressed in regard to the financial health of the LGBT community.

One of the foremost issues was "what happens when my loved one..." You can fill-in the blank on this one.

Many couples have the mentality of "Well, I only have to take care of myself financially and maybe help support my spouse, but that's really it." But what happens when someone is no longer mentally capable of making decisions for themselves? What happens to the property that is shared? Who inherits and/or handles the house, car, bank accounts?

Unfortunately, many LGBT couples fail to realize the harsh facts behind inheritance. Many wait until a devastating catastrophe (earthquakes, hurricanes, violent attacks, etc.), then try to rush to obtain the best lawyer/accountant they can find to help them "fight" for the house, car(s), and money that was shared. One thing that all of the speaker wanted to share was how important it is to have even a simple will drawn up to direct where money and remaining assets go.

To help in the effort to financially educate, I've inserted some info about the event's speakers (but it sure doesn't replace being there and asking TONS of questions):

Kevin McCormack, MetLife
Kevin is the Regional Manager of MetLife for the MO, MN, KS, NE, IA, OK, AR, and TX states. He enlighted us on the benefits and advantages of the new MetLife online bank (started in 2000). The money market account works very similar to standard checking ones, except for one difference: A limit of 6 transactions per month. Another ascetically pleasing benefit to the MetLife Money Market account: reimbursements of up to $5 per month for ATM transactions fees.

Also, I've attached some of Kevin's handouts (apologies for the scanner's poor quality):

Interest rates for Money Market
and High Yield Savings Account
(including IRA Money Market)
(click image to view larger version)

Interest rates for
Certificates of Deposit
(click image to view larger version)

Home Equity Line of Credit
(click image to view larger version)

To find out more about the MetLife online bank, contact Kevin J. McCormick at (636)736-3314.


Terry Crow, Attorney (Legal & Financial Services)
Terry is a licensed and practicing lawyer with the firm Crow, Takacs & Texier, LLC. He delved into the aspects of proactive planning - focusing on the various elements one needs to consider (both financially and legally) to protect their rights and the rights of their partner:

• Transfer of Death (TOD) enables transferal of certain accounts (securites) to your partner or a designated party WITHOUT having to go through probate court.
  
• Payable on Death (POD) or a "Totten Trust" allows one to pass on a bank account (trust) to another upon death.
• Beneficiary Deeds are used to pass on titles upon death without much involvement from the courts.
• Springing Power of Attorney (POA) is much like our standard vision of POA, but takes over when one is incapacitated either mentally or physically and cannot make decisions for themselves. Usually this comes on when a doctor has deemed that the individual is unable to make medical decisions for themselves. But careful... these are good for about 5 years. You'll want to keep them renewed!
  

Make sure to check with your legal representative to see which of these elements are available for you and your family. Certain states may not recognize them.

To find out more about legal and financial protection, contact Terry Crow at (314)918-0045.


Connie Bober, MetLife
Connie is an Investment Adviser for MetLife and also a coordinator with the LGBT business association, the Gateway Business Guild. She touched on the investment opportunities available for LGBT individuals and why using these vehicles are important to building financial freedom. The slideshow presentation started off by asking 5 simple questions to consider:

1. Where do you want to be?
2. Where are you now?
3. What might change?
4. What can get in the way?
5. How can your money work for you?

Throughout, we learned how goal-setting, knowing your net worth (including insurance, benefits, and risk tolerance), calculating the cost of change (such as relocation, getting a new home, providing for a sick/aging/disabled loved one, changing/loosing a job, or death/incapacitation), and paying yourself first through investments, tax minimization/deferral, and understanding your retirement costs all contribute to lifelong financial stability. She stressed the importance of having a financial professional to help with these needs.

To find out more about MetLife's financial professional services, contact Connie Bober at (636)736-3339.


Special thank you to Jon Shigemura for putting together this wonderful event and the speakers for donating their time to inform the LGBT community on what they should be considering for their financial future. Also thanks to Financial Planner and Investment Advisor, Mary Alice Davidson, for contributing commentary to the discussion. As well as another "thank you" to Kevin for providing dinner as well as contributing to Dining Out For Life. Both Blue & I learned A LOT during this free seminar, as well as the others who attended.


Shän

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The Lesbian Gay Bi Transgender
Community Center of
Metropolitan St. Louis
P.O. Box 19071
St. Louis, MO 63118-9071
http://www.findmycenter.com
info@findmycenter.com