Kyle D. Young, CFP, Accredited Domestic Partnership Advisor and Vice President Investment Officer, Wells Fargo Advisors, addresses the unique financial challenges faced by same-gender partners. This is the first article in a continuing series.Watch his presentation from Fair360, formerly DiversityInc’s Innovation Fest! below.
In recent years, 20 states across the country have passed legislation granting relationship recognition to same-sex couples. Depending on the state of residence, the terminology varies from marriages to civil unions to domestic partnerships. Regardless of the name, one thing remains the same: The rights, benefits and privileges extended with any of these same-sex unions ends at the respective state border.
This patchwork approach to marriage equality for LGBT couples creates a host of complications. For instance, the benefits received from a marriage in Iowa are not recognized when a couple travels or moves to another state that lacks any type of recognition of their union. Honoring a marriage and reciprocating the benefits that come along with that marriage have long been the norm for opposite-sex spouses in all 50 states.
