Windy City Media Group Frontpage News

THE VOICE OF CHICAGO'S GAY, LESBIAN, BI, TRANS AND QUEER COMMUNITY SINCE 1985

home search facebook twitter join
Gay News Sponsor Windy City Times 2023-12-13
DOWNLOAD ISSUE
Donate

Sponsor
Sponsor
Sponsor

  WINDY CITY TIMES

Citywide Pride: Speakers lend financial-planning tips
by Amy Wooten
2008-06-25

This article shared 2789 times since Wed Jun 25, 2008
facebook twitter google +1 reddit email


Many lesbian and gay people are in the dark when it comes to their finances.

At a recent Citywide Pride event hosted by Merrill Lynch and the law offices of McDermott, Will & Emery, 227 W. Monroe, 'Out in the Workplace, but in the Dark About Your Financial Future? Ten Things You Need to Know about Employee Benefits and Financial Planning,' speakers gave useful tips for the benefit of both employer and employee.

During the first portion of the presentation, McDermott, Will & Emery's Todd Solomon provided helpful hints for employers about domestic partner benefits. Although many big companies now offer such benefits, Solomon warned that they need to make sure they are doing all they can be doing for their LGBT employees.

For instance, employers need to make sure that the cost of domestic partner benefits aren't higher than the cost for spouses. They also need to make sure they don't require too much proof of domestic partnership, considering most companies don't even ask for a marriage license for their straight employees. Companies who provide domestic partner benefits also need to check that they are applying the best policies and being fair and equal, such as equalizing parental leave policies and ensuring drug plans don't have transgender exclusions.

In addition to making sure benefits are friendly to all employees­, companies should also apply best practices by creating LGBT networks, partnering with other employee resource groups and supporting the LGBT community, Solomon added.

Until the federal government recognizes same-sex relationships, companies need to make sure they are treating their employees and their employee's partners equally, Solomon said. He is looking forward to possibly having civil unions in Illinois. Although it won't have an impact on federal benefits, it will clue more local companies into the needs of their LGBT employees. 'It will do a lot for bringing this higher up on the radar screen for Illinois companies,' Solomon said. 'It will continue to bring attention to the issue.'

For the second portion of the afternoon presentation, Merrill Lynch discussed financial planning for lesbians and gays.

Merrill Lynch's senior financial advisor Nora Winsberg called LGBT financial needs 'special needs' due to their complexity. 'We don't have equal rights a simple marriage contract would convey,' Winsberg said.

According to Winsberg, financial matters for LGBT people are very complex. She advises that lesbians and gay men work with an expert, such as a financial advisor or attorney, for lifetime planning such as financial planning, wills and trusts, child care and adoption agreements and more.

Until same-sex marriage is recognized at the federal level, unfortunately life planning can be incredibly confusing and difficult for gays and lesbians, she said. Among some tips she had to offer: double check the titling of your assets ( is your ex-boyfriend on there? ) ; continually update your beneficiary designations; consider rolling over your 401 ( k ) assets into a traditional IRA; make sure you have all the necessay documents for estate planning ( sich as a living trust and will, HIPPA releases, a domestic partnership registration, etc. ) .


This article shared 2789 times since Wed Jun 25, 2008
facebook twitter google +1 reddit email

Out and Aging
Presented By

  ARTICLES YOU MIGHT LIKE

Gay News

Pride 365 event emphasizes year-round support for LGBTQ+ employees 2024-03-07
- Queer employees are queer all year-round. The need for employers to accordingly support and uplift them year-round was the core message at Howard Brown Health and Citywide Pride's Pride 365 "Out of Office to Out in ...


Gay News

Center on Halsted to host trans youth & family summit 2024-02-19
- Center on Halsted, 3656 N. Halsted St., has announced that its Trans Youth & Family Summit 2024 will take place March 16. This year marks the sixth annual event, which partners between Youth Services' Pride Youth ...


Gay News

Lakeside Pride Wilde Cabaret Valentine's Day Feb. 17 2024-02-16
--From a press release - Lakeside Pride Wilde Cabaret puts their own spin on Valentine's Day with a show celebrating things done and sacrificed for love - not just romantic love, but love for pets, friends, family and art. Join the ...


Gay News

GLAAD, NFL host third annual pre-Super Bowl event 'A Night of Pride' 2024-02-08
- On Feb. 7, LGBTQ+ media-advocacy organization GLAAD, along with The National Football League (NFL), hosted the third annual "A Night of Pride" at Caesar's Palace in Super Bowl LVIII's host city of Las Vegas, a press ...


Gay News

Chicago Fire FC announces 2024 theme nights; Pride Night will be June 1 2024-01-19
--From a press release - CHICAGO (Jan. 18, 2024) — Chicago Fire FC announced the club's theme nights for select home matches during the 2024 regular season, driven by Carvana. The Club's 2024 calendar features 11 theme nights, including the return ...


Gay News

WORLD Austria proposal, conferences, Pride marches, tennis player, Gay Games 2023-11-03
- In Austria, a historic proposal by the country's Ministry of Justice sees 33 million euros (approximately $35 million U.S.) set aside to compensate those who were persecuted or convicted of consensual same-sex acts—although critics say th ...


Gay News

NHL reverses decision to ban Pride Tape, allowing players to show support for LGBTQ+s 2023-10-24
--From a press release - (New York, NY - October 24, 2023) Today the National Hockey League (NHL) reversed its decision to ban Pride Tape and other displays of support for LGBTQ people on the ice, stating: "After consultation with the ...


Gay News

THEATER Company of 'Wolves': Redtwist's Dusty Brown on gay Riding Hood retelling, Grindr, gender identity 2023-10-16
- It's all about Pride in 2023-24 at Redtwist Theatre. The 19th season for this North Side black-box theater includes three very different productions, starting with Wolves, called a "gory, gay reimagining of 'Little Red Riding Hood.'" ...


Gay News

NHL bans Pride Tape from hockey games and practices 2023-10-11
- The National Hockey League (NHL) has designated that athletes will no longer be able to show support to the LGBTQ+ community while playing, according to Out, which cited Outsports. The league has issued a ban of ...


Gay News

GAY HISTORY MONTH George Harris reflects on his late husband and Dallas activism 2023-10-10
- Special to Windy City Times. To mark Gay History Month, this article appears courtesy of Dallas Voice and the LGBT History Project. When George Harris and Jack Evans became the first couple to legally marry in ...


Gay News

Illinois colleges make list of most unsafe places for LGBTQ+ youth 2023-10-05
- Campus Pride has released its list of the worst places for LGBTQ+ youth—and several Illinois colleges and universities are on it. According to a press release, "the Worst List identifies the 'absolute worst, most unsafe campuses ...


Gay News

GAY HISTORY MONTH Putting an end to the myths of Stonewall 2023-10-02
- Special to Windy City Times. In recognition of Gay History Month, this article appears courtesy of the LGBT History Project and Philadelphia Gay News. For years, people have debated what actually happened that night in June ...


Gay News

SHOWBIZ 'Sex Education' star, Rotten Tomatoes, Jessica Lange, Queer/Art 2023-09-08
Video below - Sex Education star Ncuti Gatwa officially came out during an interview with Elle UK, according to Out. "I remember being at Manchester Pride, going through the streets with all my boys, shaking my cha-chas, living it ...


Gay News

Brave Space Alliance holds Post Pride Mixer 2023-08-30
- On Aug. 27, Brave Space Alliance held its Post Pride Mixer at popular lesbian-owned bar Nobody's Darling. The social gathering celebrated past accomplishments while looking forward to new horizons for both the service organization and the ...


Gay News

UIC among nation's top 30 campuses for LGBTQ+ students 2023-08-25
--From a press release - The University of Illinois Chicago has been named one of the top 30 colleges and universities for LGBTQ+ students, according to Campus Pride, a national organization serving LGBTQ+ and ally student leaders and campus organizations in ...


 


Copyright © 2024 Windy City Media Group. All rights reserved.
Reprint by permission only. PDFs for back issues are downloadable from
our online archives.

Return postage must accompany all manuscripts, drawings, and
photographs submitted if they are to be returned, and no
responsibility may be assumed for unsolicited materials.

All rights to letters, art and photos sent to Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago
Gay and Lesbian News and Feature Publication) will be treated
as unconditionally assigned for publication purposes and as such,
subject to editing and comment. The opinions expressed by the
columnists, cartoonists, letter writers, and commentators are
their own and do not necessarily reflect the position of Nightspots
(Chicago GLBT Nightlife News) and Windy City Times (a Chicago Gay,
Lesbian, Bisexual and Transgender News and Feature Publication).

The appearance of a name, image or photo of a person or group in
Nightspots (Chicago GLBT Nightlife News) and Windy City Times
(a Chicago Gay, Lesbian, Bisexual and Transgender News and Feature
Publication) does not indicate the sexual orientation of such
individuals or groups. While we encourage readers to support the
advertisers who make this newspaper possible, Nightspots (Chicago
GLBT Nightlife News) and Windy City Times (a Chicago Gay, Lesbian
News and Feature Publication) cannot accept responsibility for
any advertising claims or promotions.

 
 

TRENDINGBREAKINGPHOTOS







Sponsor


 



Donate


About WCMG      Contact Us      Online Front  Page      Windy City  Times      Nightspots
Identity      BLACKlines      En La Vida      Archives      Advanced Search     
Windy City Queercast      Queercast Archives     
Press  Releases      Join WCMG  Email List      Email Blast      Blogs     
Upcoming Events      Todays Events      Ongoing Events      Bar Guide      Community Groups      In Memoriam     
Privacy Policy     

Windy City Media Group publishes Windy City Times,
The Bi-Weekly Voice of the Gay, Lesbian, Bisexual and Trans Community.
5315 N. Clark St. #192, Chicago, IL 60640-2113 • PH (773) 871-7610 • FAX (773) 871-7609.