Opinions
Unique financial planning challenges for trans community
Overcoming roadblocks in journey to living an authentic life
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, we’re dedicated to providing awareness and education to help all communities — including members of the LGBTQ+ community — 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 – 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 one’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 one’s last name after a marriage or divorce, informing banks or other creditors of a change to one’s first name on accounts does not automatically cause credit reporting agencies to update that person’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 one’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 organization’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 it’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 – typically trusted friends or supportive family members – should be empowered to direct health care providers to meet the patient’s wishes and preserve their chosen name and gender identity, as well as service providers, such as funeral home employees, to honor the deceased’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.
Tensions between the U.S. and Cuba are rising again. This is not new, but the current moment feels different. Recent measures from Washington aim to further restrict the Cuban government’s financial channels, limit its sources of revenue, and apply pressure to key sectors of the economy. This is not symbolic. It is a deliberate policy.
From the U.S. perspective, the message is clear. The goal is to force change that has not happened in more than six decades. There is also a domestic political dimension, shaped by sectors of the Cuban exile community that have long demanded a tougher stance. All of this is part of the landscape.
But that is only one side.
On the Cuban side, the response follows a familiar script. The government speaks of external aggression, economic warfare, and a tightening embargo. Each new measure becomes an opportunity to reinforce that narrative and close ranks. There is no room for public self-criticism. The blame always points outward.
Meanwhile, life on the island follows a different logic.
The energy crisis Cuba is facing today did not begin with these recent measures. It has been building for years. The electrical system is deteriorated, poorly maintained, and increasingly unreliable. Blackouts are not new. What has changed is how severe and how constant they have become.
For years, oil entered Cuba, especially from Venezuela. There were supply agreements. There were resources. And yet, the daily life of ordinary Cubans did not improve. Electricity remained unstable. Fuel was rationed. Transportation was still a daily struggle.
So the question is not new.
If the oil was there, why didn’t anything change?
Where did those resources go?
Where is the money that was generated?
Today, restrictions on oil are often presented as the main cause of the current crisis. They are not. They make an already fragile situation worse, but they do not fully explain it.
There is a deeper, longer story that cannot be ignored.
The same applies to Cuba’s international medical missions.
For years, they were presented as acts of solidarity. And in many cases, they were. Cuban doctors worked in difficult conditions, saving lives and supporting health systems abroad. That is real.
But they also functioned as one of the Cuban state’s main sources of income.
Many of these professionals did not receive the full salary for their work. A significant portion was retained by the government. In some cases, they had little or no control over the money they generated.
And there is a harsher reality.
If a doctor chose not to return to Cuba, that income often did not reach their family. It was withheld.
Today, several countries are reevaluating or canceling these agreements. Once again, the official response is to point outward. But the same question remains.
Is this the loss of international cooperation, or the collapse of a system built on control over its own professionals?
Inside Cuba, the conversation sounds very different.
People are not speaking in geopolitical terms. They are talking about survival. About getting through the day. About blackouts, food shortages, transportation problems, and a life that keeps getting harder.
Some see the new U.S. measures as a form of pressure that could lead to change. Not because they want more hardship, but because they feel the system does not change on its own. There is a deep sense of stagnation.
But that sense of expectation exists alongside a harsh reality.
Sanctions do not hit decision-makers first. They hit ordinary people. The ones standing in line. The ones losing food during power outages. The ones who cannot move because there is no fuel.
That is the contradiction.
The Cuban government calls for international solidarity. And it receives it. Countries send aid. Organizations mobilize. Public voices defend the island.
But another question is also present.
Does that aid actually reach the people?
The lack of transparency in how resources are distributed is part of the problem. Because this is not only about what enters the country, but about what actually reaches those who need it.
Reducing Cuba’s reality to a dispute between two governments avoids the core issue.
There are shared responsibilities, but they are not equal.
The U.S. exerts external pressure with real economic consequences. That cannot be denied. But inside Cuba, there is a system that has had decades to reform, to respond, to open, and it has not done so.
That part cannot continue to be ignored.
I write this as a Cuban. From what I lived. From what I know. From the people who are still there trying to make it through each day.
Because at the end of the day, beyond what governments say or decide, the reality is something else.
Cuba today is under more pressure, yes. But it has also spent years carrying problems that no one has seriously confronted.
And as long as that remains the case, it does not matter what comes from outside. The problem is still inside.
Opinions
D.C. is the place for the Democratic Socialists of America
Our endorsed candidates hold their affiliation as a badge of honor
D.C. is the place for the Democratic Socialists of America (DSA). We believe in a District where everyone can live a happy and dignified life. That means housing, healthcare, transit, education, and safety are treated as guarantees rather than privileges reserved for the wealthy and well-connected.
Our endorsed candidates do not hide what they believe. They engage in the democratic process openly, explain their politics clearly, and ask their fellow members to spend long nights and weekends doing the hard work of campaigning. And as the last six years of local elections have shown, including three successful D.C. Council campaigns and the overwhelming passage of Initiative 82, D.C. voters are often a great deal more interested in the endorsement of Metro DC DSA than in the handwringing of the Washington Post editorial board.
That is what makes Peter Rosenstein’s April 2 op-ed in the Blade so revealing. His piece was not just wrong. It was smug, unserious, and politically disconnected from the actual lives of queer people in this city. Worse, he used the platform of our local LGBTQ outlet to disregard Palestinian humanity while scolding democratic socialists for refusing to join him in that moral failure. Put plainly, Rosenstein has been publishing crank op-eds for years, and this one was no exception.
My name is Hayden Gise. I am a transgender, lesbian, Jewish, Democratic Socialist, and I am a union organizer. I do not speak on behalf of the national DSA organization, the local chapter, or any campaign. But I will not sit quietly while Rosenstein wraps himself in the mantle of queer Jewishness to sell the lie that anti-Zionism is antisemitism.
He packages that lie in the same kind of pinkwashing rhetoric used by Benjamin Netanyahu, who mocked solidarity with Palestinians by saying, “Some of these protesters hold up signs proclaiming ‘Gays for Gaza.’ They might as well hold up signs saying ‘Chickens for KFC.’” Rosenstein’s liberal Zionism is not thoughtful, brave, or nuanced. It is just a more polished way of telling Palestinians their lives matter less and telling queer people we should be grateful for the empire so long as it flies a rainbow flag. Which, by the way, is showing itself to be a losing strategy.
The ongoing genocide in Gaza is not some tragic deviation from the history of an otherwise peaceful Israel. The Nakba was the mass expulsion and displacement of Palestinians during Israel’s establishment in 1947–49, when hundreds of thousands were driven from their homes. My Jewish values tell me that is wrong. Rosenstein’s politics treat anti-Zionist Jews like me as illegible. No serious person should treat that accusation as an argument.
But the deeper problem with Rosenstein’s piece is that he has no real understanding of why Democratic Socialism resonates here. For queer people in D.C., Democratic Socialism is not an abstract theory. It is rent that does not consume half your paycheck, a union on your job, childcare you can actually afford, public transit that works, and a city where working-class Black and brown queer people are not displaced so developers and donors can cash in. Queer politics is not only about recognition. It is also about whether ordinary people can afford to survive.
That is why D.C. is fertile ground for Democratic Socialism. In the race for mayor, one of the leading candidates is Kenyan McDuffie, whose campaign already looks like a focus-grouped merger of Andrew Cuomo’s slogan and Donald Trump’s graphic design instincts, backed by big business interests and the super PAC money that follows them. The other has the endorsement of the major labor unions in the District. Who has a cohesive vision to make D.C. more affordable and childcare universal. Who puts people over profit and human rights over political expediency. Our next mayor, and our first Democratic Socialist Mayor: Janeese Lewis George.
D.C. is exactly the kind of city where Democratic Socialism should grow: working-class, queer, tenant-heavy, union-minded, and tired of being told that dignity is too expensive. Which side are you on? I know what side the queer people of the District of Columbia will be on.
Hayden Gise is a union organizer in Washington, D.C.
Peter Rosenstein responds:
I am responding to a column by Hayden Gise who says in her column she is a transgender, lesbian, Jewish, Democratic Socialist, and supports having the Democratic Socialists of America (DSA) in Washington, D.C. She is definitely as entitled to her view on this, as I am to mine. However, I was surprised she clearly felt it important in her column to attack me personally, without even knowing me.
What she didn’t do is respond to the issues in the DSA platform I have a problem with and I asked candidates endorsed by the DSA to respond to. Are they for the abolition of the State of Israel? What is their definition of a Zionist? What is their definition of antisemitism? Will they meet with Zionist organizations? Do they support BDS? The DSA is also clear no person can be a member of a local DSA without being a member of the national organization.
Just so Gisa has a better idea of who I am she should know: I was a teacher and a union member. I worked for the most progressive member of Congress at the time, Bella S. Abzug (D-N.Y.), and supported her when she introduced the Equality Act in 1974, to protect the rights of the LGBTQ community, and have fought for its passage ever since. I have spent a lifetime fighting for civil rights, women’s rights, disability rights, and LGBTQ rights. I have no idea what Hayden Gise’s background is, or what her history of working for the causes she espouses is. But I would be happy to meet with her to find out. She should know, I take a backseat to no one in the work I have done over my life fighting for equality, including economic equality, for all. So, I will not attack her, as I don’t know her, and contrary to her, don’t personally attack people I don’t know much about.
I have, and will continue to attack, what the government of Israel is doing to the Palestinian people, and now to those in Lebanon and Iran. I will also attack the government of my own country, and the felon in the White House, and his sycophants in Congress, for what they are doing to our own people, and people around the world, and will continue to work hard to change things.
However, I will also continue to stand for a two-state solution with the continued existence of the State of Israel, calling for a different government in Israel. I also strongly support the Palestinian people and believe they must have the right to their own free state.
For half a century, the arc of LGBTQ progress in America has bent—slowly, imperfectly—toward justice. We fought for visibility, for legal protections, for the right to marry, serve openly, and live with dignity. Each generation built on the courage of the last.
And yet today, that progress is in peril. Across the country, lawmakers are rolling back protections, demonizing LGBTQ people for political gain, and trying to erase us from public life.
Opponents of our equality are working to erase us from the Constitution, and indeed, public life. In moments like this, based on my personal involvement working with one of the most effective leaders for LGBTQ rights I find myself asking a simple question: What would Jeffrey do?
Jeffrey Montgomery—the focus of a new documentary “America You Kill Me” and a long time Michigan activist and founder of the Triangle Foundation—was never content with quiet advocacy or compromise. He was a rabble-rouser, a strategist, and a relentless thorn in the side of powerful bigots. When politicians tried to marginalize LGBTQ people, Jeffrey didn’t politely ask for scraps. He forced the issue.
Jeffrey Montgomery started with his own determined voice and turned it into a movement. His story is living proof that personal courage can spark national conversations about justice and inclusion.
At a moment when the LGBTQ movement again faces hostility and regression, Jeffrey’s playbook offers lessons we would be wise to remember.
First, Jeffrey understood the importance of punching above our weight. In the early days of LGBTQ organizing, our movement was small, underfunded, and politically marginalized. But Jeffrey refused to let opponents see us that way. Through visibility, media savvy, and relentless organizing, he made LGBTQ advocates appear larger, stronger, and more unified than our numbers alone might suggest.
That perception mattered. Political opponents think twice before attacking a movement that looks organized, energized, and capable of mobilizing public pressure. Jeffrey knew that power is partly about reality—but also about what your opponent believes your power to be.
Second, Jeffrey never compromised on the value of our lives. Movements make compromises all the time. Politics often requires it. But Jeffrey understood that some things are not negotiable. The basic humanity of LGBTQ people is one of them. You can’t put our basic rights on the ballot. You don’t tell people to wait their turn. There are no turns. It’s now. It’s always now.
Too often, our opponents frame equality as something to be bargained over—as if the dignity and safety of queer people were a policy preference rather than a fundamental right. Jeffrey rejected that premise entirely.
You can negotiate strategy. You can negotiate timelines. But you cannot negotiate the worth of human lives.
And finally, Jeffrey understood the power of coalition. Today, one of the most effective tactics used against marginalized communities is division. If LGBTQ people can be fractured—by identity, ideology, generation, or strategy—our collective strength weakens.
Jeffrey instinctively resisted that trap. He worked with civil rights groups, labor leaders, faith communities, civic leaders and allies across movements. He understood that the fight for LGBTQ equality was never isolated from the broader fight for justice.
When opponents try to divide us, the answer is not retreat into smaller camps. The answer is to build broader ones.
If Jeffrey Montgomery were here today, he would not be discouraged by the backlash we are seeing. He would recognize it for what it is: the predictable response of those who feel their power slipping away.
And he would remind us that progress has never been linear. It has always required courage, persistence, and a willingness to challenge power directly.
So, when the moment feels uncertain, when the political winds shift against us, and when our opponents try to make us feel small, the question remains a useful one: What would Jeffrey do?
If history is any guide, the answer would be simple. He would make some noise. And making noise, today, means refusing to let fear, fatigue, or false unity quiet us when our lives are on the line.
Sean Kosofsky was director of policy at the Triangle Foundation.
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