Here's The Tea: When Life Doesn't Follow Your Plan
An excerpt from my book, Take Pride In Your Money: LGBTQ+ Financial Empowerment Stories & Strategies
A same-sex couple had been together for over 20 years. There was a noticeable age difference between them, and they assumed that the older gentleman would pass away first. With this expectation, they planned for that scenario.
However, life took an unexpected turn when the younger man passed away suddenly. Unfortunately, their estate and property plans had not been properly set up to handle this unforeseen event.
The couple owned their home through a limited liability company (LLC), and they had named the deceased partner’s nephew as the managing member—essentially making him the legal owner of the property upon his uncle’s death. As a result, the surviving partner no longer had any legal claim to the home he had shared with his partner for decades.
Things quickly spiraled from bad to worse. A cousin of the deceased partner got involved and had the water service to the house disconnected, leaving the surviving partner without basic utilities. The situation grew dire, and the older gentleman faced the possibility of losing his home entirely.
The surviving partner sought legal help and consulted with an attorney who specialized in LGBTQ+ estate planning. Upon reviewing the case, the attorney delivered devastating news: the older gentleman had no legal right to stay in his own home. It wasn’t even a matter of being evicted; he was facing an "ejection," a more severe legal action that would force him to leave immediately.
The realization of what had happened was overwhelming. The older man had always believed that after so many years together, his rights as a partner were secure. The look on his face when the attorney explained his position was heartbreaking—he never imagined that he could lose his home, especially under these circumstances. He shared that he never thought he would end up in such a vulnerable position, and it was a sobering moment for him.
Bottom Line:
In a relationship where one spouse or partner is much older than the other–particularly if it is a man, there is an assumption that the older person will pass away first. While this is likely true, don’t let your whole future depend on it. It could be the opposite outcome, and what then? What does the older surviving spouse do? You MUST plan for any scenario because we cannot predict or control the future.
More Resources:
Take Pride in Your Money: Buy Book | View Video Lessons