EP.90 ADVISING LGBTQ+ CLIENTS with BRIAN BALDUZZI

Published on: August 9, 2021

Filled Under: Blog, Financial Essentials, Podcasts, Politics & Policy, Psychology

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The LGBTQ+ community has always been an important part of American fabric.

But it’s only in last two decades that society, the law and the financial services industry have started to catch up to the community’s unique planning needs.  To help us put context around these features and the evolution of the law, I spoke with estate planning attorney, Brian Balduzzi

Brian is a lawyer in Philadelphia at the international law firm FAEGRE DRINKER.  Among many other activities, Brian serves as the Vice President of the Cornell Pride Alumni Association, where he holds his MBA.

I’m thrilled to have him on to discuss this important topic.

BACKGROUND

We start off talking about Brian’s background and a little bit about his practice. Then we dive into some specifics.

LGBTQ+ TRENDS

– Demographic Shift – more need, more complexity

– Court decisions in review – Windsor/Obergefell planning and post-planning, and (perhaps) re-planning

– Planning Needs: Concepts around DINK (Double Income No Kids) lifestyles, urban lifestyles, “chosen family”, estranged from biological family, dignity under the law/hospitals/banks

SPECIFICS

– Documents: Extra durable, trust planning (privacy, avoid/minimize probate), ILITs (insurance to cover unexpected costs or taxes?), Power of Appointments, no contest clauses, guardians

– Holistic Advisor: gender-neutral terms, no assumptions re: marriage, family tree dynamics, privacy/confidentiality/outing

– Some Must Review/Updates for all LGBTQ+ families: Pre-2015 planning, beneficiary designations, decisions to marry/adopt, prenups, separation/divorce planning

OUTRO

You can find Brian here:

BRIAN BALDUZZI LINKEDIN

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