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Financial Planning Seminar
Jan. 6, 1 p.m.
First Metropolitan Community Church
1379 Tullie Rd.
404-325-4143
www.firstmcc.com
• Register by Jan. 2
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HOME > NEWS > LOCAL
By: MATT SCHAFER
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In an attempt to help the gay singles and couples address unique financial and family planning issues, the First Metropolitan Community Church will host a financial planning seminar Sunday, Jan. 6.
Cerise Hall, director of compassionate ministries for First MCC, said watching friends lose life partners was hard enough, but watching personal tragedies magnify because no one thought to plan for disaster was almost worse.
“I’ve found through my experience that when disaster comes, often times we are not prepared,” Hall said. “I do know a couple of people where one of the partners was dying of AIDS, and it came down to continuing life support or not, and after a couple months the parents came in and totally took that decision away from the partner.”
When Dennis Scully, a financial consultant with 30 years experience, offered to help plan a gay financial seminar, Hall jumped at the chance. On Jan. 6, Scully and attorney Jane Morrison will address a number of issues including creating and dissolving joint ownership agreements, use of estate planning tools, and investing based on personal values.
“These are topics that typically don’t get brought up, especially in relationships where one partner is blessed with wealth and the other is not,” Scully said. “This is a conversation that needs to take place, and needs to place when one partner isn’t stressed by the loss of a job or something else.”
Scully works with Investors Capital Corporation and has offices in Atlanta and Chicago. He suggested the idea to the church after working with Cathedral of St. Philip’s AIDS ministry for the past two decades.
Morrison works with many gay and lesbian couples. She suggests couples begin financial planning when they start to co-mingle finances.
“I especially think it is important if people are living together. If they are buying property together, such as real property, or a vehicle, even if they are renting a property together,” Morrison said.
As plans are made to move in together, Morrison suggested couples visit an attorney to construct a joint ownership agreement.
“One of the benefits is, when you are thinking about these issues in advance, before a breakup, you can be rational and speak about what is fair from a very clear perspective,” she said.
Legal agreements can address parenting as well as property.
“You can agree in advance how each parent will participate, for example visiting time, even custody,” Morrison said. “That is not to say that a court can’t step in, and make determinations based upon the best interests of the child, and that would be the ultimate decision.”
Gays and lesbians without children can also affect the lives of nieces and nephews through financial planning. Scully suggested asking about contributing to the college funds of nieces and nephews, and putting together a strong portfolio.
Part of good investing is choosing companies that have corporate values close to your own, Scully said. A self-described environmentalist, Scully said he looks at more than just profit and loss statements when choosing investments.
“You can arrange your finances, so that they are aligned with your faith, your values, and your conscious,” he said.
Careful investment and estate planning are both parts of someone’s legacy, Scully said. Single and partnered gays and lesbians can draw up wills and make various plans to help their families in the case of their death.
“How you protect your loved ones in life is one thing, but in the event of either retirement or death, how you protect your partner or pass on your assets is your legacy,” Scully said.
Morrison suggested everyone regardless of relationship status consider will planning.
“It’s important because our relationships are not legally recognized,” she said. “Our partner, perhaps even of 10 or 20 years, may be recognized as a stranger. … So if you want your assets to go to someone other than a legally recognized spouse or blood relative, then you must have a will.”
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