Last week, Prudential released a video highlighting the wide-range of financial implications for the LGBT community since the Supreme Court on June 26, 2015, extended the rights of same-sex couples to marry in all fifty states.
“Financial and economic stability is a major focus of the work we’re doing at The Center,” said Glennda Testone, executive director of The Lesbian, Gay, Bisexual & Transgender Community Center and one of the luminaries featured in Prudential’s new video. “We’ve been very proud to partner with Prudential over the years in supporting the LGBT community by providing the tools and resources people need to be financially secure, and this work reflects their steadfast commitment to our shared objective.”
In 2012, Prudential launched the “LGBT Financial Experience,” part of Prudential’s signature research series that examines financial priorities and behaviors among America’s diverse communities. The next edition of the survey, which will measure how financial trends and attitudes in the LGBT community have evolved since 2012, is scheduled for release in 2016.
In July of this year, Prudential released “Financial Planning Considerations for LGBT Couples After U.S. v. Windsor and Obergefell v. Hodges.” The white paper was an update to the January 2015 “Financial Planning Considerations for Same-Sex Couples After Windsor,” which the firm originally launched in March of 2014.
“The marriage equality decision earlier this year has already had a huge impact on the LGBT community,” James Mahaney, author of both papers and vice president, Strategic Initiatives at Prudential, said. “But now is the time for LGBT couples to start taking action. This new video showcases LGBT households across America and how the decisions may personally impact them and what they need to do now.”
Mahaney says a number of financial planning opportunities have emerged with these historic decisions, including in the areas of:
- Social Security
- Workplace benefits
- Retirement preparation
- Estate and gift planning
- Tax filing status
On November 17, Prudential for the 13th consecutive year, earned the highest score of 100 percent on the Human Rights Campaign’s Corporate Equality Index for its programs and practices that support the inclusion of lesbian, gay, bisexual and transgender (LGBT) employees, consumers and investors.
