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Unique financial planning challenges for trans community

Overcoming roadblocks in journey to living an authentic life

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Approximately 2.6 million Americans identify as transgender, according to the U.S. Census Bureau Household Pulse Survey in 2023. This community faces many financial, legal, and estate planning challenges, resulting in higher rates of financial instability compared to the general population. However, these challenges are not generally understood or even discussed. 

At JPMorgan Chase, weā€™re dedicated to providing awareness and education to help all communities ā€” including members of the LGBTQ+ community ā€” reach their financial goals. Our team at J.P. Morgan Wealth Management recently published a new white paper to offer actionable tips for transgender adults to help them overcome some of the specific obstacles they face with planning.

Here are some key takeaways:

Inaccurate identity documents create a foundational problem

Hundreds of thousands of transgender people in the U.S. do not have a single piece of identification that correctly identifies their gender or chosen name. Many people, including those in the broader LGBTQ+ population, have never thought about what their lives would be like if they lacked accurate identity documents. 

Having accurate identity documents is essential for so many aspects of everyday life ā€“ applying for school or a job, finding a place to live, exercising the right to vote and boarding a plane. Presenting inaccurate identification in these situations can subject transgender individuals to unfair discrimination and harassment. But correcting name and gender markers on identity documents can be complicated, expensive, time-consuming, and in some cases, impossible.

The U.S. State Department has adopted one of the most simple and progressive policies for correcting gender markers in the world. Since June 2021, medical certification is not required to change the gender marker in oneā€™s passport. Transgender people should consider updating their U.S. Passport book or card immediately and use that document as primary identification. Passport books and cards are valid for 10 years, even if policies change during that time.

Credit issues are common for trans community 

Transgender individuals who are able to successfully obtain new identity documents still frequently face credit issues. Unlike changes to oneā€™s last name after a marriage or divorce, informing banks or other creditors of a change to oneā€™s first name on accounts does not automatically cause credit reporting agencies to update that personā€™s credit file. The credit reporting system can often be problematic for transgender people after a name change, with many reporting that credit files are never updated or that their credit scores decline.

This can create a cascading effect in numerous areas of oneā€™s financial life, and it goes beyond borrowing. Credit files are frequently checked in employment decisions, pricing insurance, establishing utility and phone service and applying to rent a home. 

Until policies change, transgender individuals should directly contact each creditor and credit reporting agency and follow each organizationā€™s specific procedures and documentation requests. And they should carefully monitor that the changes are actually made and do not result in a credit score change.

Emergency and end-of-life documents should be carefully reviewed

Transgender people often have special health care needs and face unique forms of disparate treatment in accessing care, and cannot speak for themselves in these circumstances. End-of-life planning is often difficult to think about, but itā€™s especially critical that this community works with their attorneys and trusted advisors to create customized emergency and end-of-life legal documents. 

The people named in these documents who could become decision-makers ā€“ typically trusted friends or supportive family members ā€“ should be empowered to direct health care providers to meet the patientā€™s wishes and preserve their chosen name and gender identity, as well as service providers, such as funeral home employees, to honor the deceasedā€™s wishes about their appearance during memorial services.

The laws for these documents are complicated, and they vary depending on the state or territory. If possible, these documents should be prepared by experienced attorneys who routinely work with members of the LGBTQ+ community. 

The bottom line

Transgender individuals in the United States face unique financial, legal and estate planning challenges that create roadblocks in their journey to living an authentic life. Careful planning can help mitigate some, but not all, of these obstacles.

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction. J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC.

Joseph Hahn is executive director of Wealth Planning & Advice at J.P. Morgan Wealth Management.

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Fathers should speak to kids about drugs, alcohol

Highlight dangers of illicit substances, how to manage peer pressure

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What does it take to be a good father? While there are many answers, it generally involves showing up daily, playing an essential role in their life, being there for them, and loving them unconditionally. 

Fathers are there to provide abundant love and support. Most fathers know the sacrifice it takes to ensure their children are loved and cared for. A father is always there for their kids, offering guidance, support, and education. The greatest joy for any father is seeing their children thrive, do well in life, and be healthy. 

However, things can get derailed in life, and teens and young adults take risks, such as experimenting with drugs or alcohol. Fathers have a responsibility to speak to their kids about drugs and alcohol and help them understand the risks and consequences. 

Data has shown that more than half of LGBTQ youth used alcohol in the last year, and more than one in three LGBTQ youth used marijuana in the previous year. Approximately 11% of LGBTQ youth reported regular use (defined as daily or weekly use) of both alcohol and marijuana.

Illegal drugs today are more readily available than ever before. According to the DEA, drug traffickers have turned smartphones into a one-stop shop to market, sell, buy, and deliver deadly fake prescription pills and other drugs. Amid this ever-changing age of social media influence, kids, teens, and young adults are easily influenced. Ā 

Drug traffickers advertise on social media platforms like Instagram, Snapchat, TikTok, Twitter, YouTube, and Facebook. The posts are promptly posted and removed with code words and emojis used to market and sell illicit drugs. Unfortunately, digital media provides an increased opportunity for both marketing and social transmission of risk products and behaviors. 

Fathers are responsible for protecting and preparing our children for the world. Drug education is essential. Take the time to speak to your kids about the dangers of illicit substances, how to avoid and manage peer pressure, and what to look for. Be prepared to share personal experiences and help them understand that some choices have consequences. 

However, it can be challenging to see our kids struggle with things in life, and as fathers, we can also face our own difficulties, making it more difficult to help our children. The responsibility of raising children can be a lot; there are many challenges along the way, and the pressure of being a good influence can get the best of us. 

All of this makes it vital not to ignore our mental health; children, especially younger kids, mimic what they see. How we cope with frustration, anger, sadness, or isolation impacts our children in several ways. 

Our actions have consequences. Children see how we handle every situation, and while no father is perfect, we must be conscious of the fact they are impressionable when they are young. They look up to us, mimic our actions, and see when we are doing well in life mentally.   

The key for fathers caring for children is to take the time to care for themselves. However, if you are struggling, contact the 988 Suicide and Crisis Lifeline. Taking care of your mental health is the same as taking care of your physical health; it is an integral part of your well-being and contributes to you being the best father you can be.

Nickolaus Hayes is a healthcare professional in the field of substance use and addiction recovery and is part of the editorial team at DRS. His primary focus is spreading awareness by educating individuals on the topics surrounding substance use.

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In debate, Biden must stay on offense

President needs more lines like ā€˜I am running against a 6-year-oldā€™

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President Joe Biden (Washington Blade file photo by Michael Key)

On June 27, President Joe Biden will debate the man he has called a six-year-old. A great line, and he needs a few more like that. Unless there is a clear stumble by either candidate, we know what they will say. Trump will call Biden ā€˜sleepy Joe,ā€™ among other names. But the reality is, people are used to it. They are not as used to Biden returning the favor. And Biden, aside from referring to Trump as a convicted felon, needs some lines that will make headlines the next day. Something with a little humor in it, but still making a strong point. 

Trump is scary. The recent column in the Washington Post on how Russ Vought, the former presidentā€™s budget director, is laying the groundwork for a broad expansion of presidential powers, is truly frightening. Now if it were me, I would be able to use my usual litany of words when referring to Trump: racist, sexist, misogynist, homophobic pig, found liable for sexual assault, and convicted felon. I may even go as far as suggesting society replace the word felon with ā€œTrump.ā€ People at trials could be convicted of 34 ā€œTrumps.ā€ But Biden canā€™t really use that. Maybe Biden can do something like look him in the eye and say, ā€œYou canā€™t really believe all the BS you keep spouting!ā€ Then add, ā€œThe world is a complicated place, and even most six-year-olds seem to have a better understanding and grasp of it than you do.ā€ 

Then there is the focus on the very serious part of the debate. The discussion of issues including the economy, abortion, contraception, and foreign policy. Reminding people, it was Trump who killed the immigration bill in Congress, telling energy billionaires if they raise him a billion dollars, in essence bribe him, they can ā€œdrill baby drill.ā€ The president needs to speak to African Americans, Latinos, women, and the young. He needs to tell each of those groups what will happen if the six-year-old he is running against, were to become president again. 

Then he needs to look directly into the camera and say to the audience at home, ā€œIt isnā€™t only Trump you need to fear, it is the people he will surround himself with. His sycophants and cult, who will let him get revenge on anyone who says a word against him.ā€ You can count on the fact it will be much worse than the last time around when he tried to stage a coup, because no decent person will work for him.

The first debate will take place 18 weeks before the Nov. 5 election. So much can change between then and the election. Remember when we talked about an October surprise? In todayā€™s world there could be July, August, and September surprises as well. Between now and election day we will be treated to an overload of polling, most of it wrong. We will read hundreds of headlines, many of them clickbait. If you watch TV you will get to listen to hundreds of talking heads, many knowing no more than you. The difference being, they are being paid to spout off on the election, giving not facts, but their opinions. 

It seems every four years we hear this could be the most important, the most crucial, election of our lifetime. Well, this time those who say it just may be telling the truth. One candidate, convicted of 34 ā€œTrumps,ā€ is telling you he will be a dictator, and using Hitlerā€™s words. He has the likes of Russ Voight advising him, and openly says he will seek revenge. Nothing could be more frightening. He is telling the young he doesnā€™t care about climate change, and telling the poor their programs will be cut because he will cut taxes for the rich.  

He calls our soldiers, those who sacrificed their lives and died in wars, ā€œsuckers and losers.ā€ He called John McCain ā€œa war hero because he was captured,ā€ saying, ā€œI like people who werenā€™t captured.ā€ This frightening, sick man, with the world view of a warped six-year-old, will lead the United States if we arenā€™t willing to stand up to him, and his MAGA cult. Yes, I am afraid! And you should be too! If you are a woman, a minority, a member of the LGBTQ community, or just poor, be scared, be very afraid! If Trump and his cult win, you will lose what little you think you now have.

Peter Rosenstein is a longtime LGBTQ rights and Democratic Party activist. He writes regularly for the Blade.

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Why you should celebrate pride with a musical about GenderCannibalism?

Rose: You Are What You Eat, through June 23 at Woolly Mammoth.

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Photo courtesy of Woolly Mammoth.

Because when I came out as trans my aunt told me it was because I ate my twin in the wombā€¦and thatā€™s what the show is about

Becauseā€¦remember that time when you decided to dress like exactly like your older sister; or you stole your mothersā€™ makeup or your brotherā€™s tie; or you decided to dress up like Katherine Hepburn for halloween when you were (i dunno) 10; or you started to look eerily like your loverā€¦..thatā€™s all gender cannibalism

ā€œBecause because because because becauseā€¦.ā€ because if you know that song this was made for youā€¦and if you donā€™tā€¦itā€™s okay, weā€™ll work on it

Because you can probably find a cute date at the show irl instead of just swiping in your phoneā€¦think of theater as an in person dating app without as much drunkenness as the bar

Because maybe that cute date is me

Because you can sing along to music written by a bunch of queers from Philly and D.C. 

Because we are all so hungry and so so thirsty 

Because I guarantee you will leave feeling fed

Because cannibalism puns are tasty

Because itā€™s a comedy

Because there are pay-what-you-can tickets

Because it plays all of June

Because we are consuming gender all the time but rarely watching what and how we eat it 

Because itā€™s an anti-assimilationist endeavor: the corporations canā€™t co-opt ā€œgender cannibalismā€ for pride month (but there is merchandise available at the showā€¦)

Because itā€™s only 75 minutes

Because I dance around in tighty whities with socks on my hands

Because there is a free clothing swap and treats in the gallery next to the show

Because why not?

Because you will be cast as my Mother, and thatā€™s the role of a lifetime (or at least my lifetime)

Because you wonā€™t know what will happen; you canā€™t pause or rewind the show; you will be taking a risk; you will find itā€™s more than just entertainment; you will feel me talking right to you

Because Iā€™ve been writing this show for 34 years and am finally ready to share it with you

Because Iā€™ll be in the lobby afterwards to say hi, and receive hugs, stories, and phone numbers 

Because I made this piece for you, my dear deviants, trans folx, genderful ones and for the people that care for us. It is a good laugh and a good cry and meant as a gift, a way to end your day feeling loved, nourished and worthy

Because donā€™t you want to be nourished and reminded that you are loved and worthy? 

And frankly because art needs you to survive and you need art to thrive

Because I took the time to write this letter to you and you took the time to read it, and neither you nor I want to waste that investment

Because you wonā€™t want to miss it

Get tickets to Rose: You Are What You Eat, playing through June 23rd.

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