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.
Opinions
Tammy Bruce, Trump’s lesbian nominee for deputy UN ambassador. Just say no!
Senate Foreign Affairs Committee advanced former State Department spokesperson’s nomination this week
One evening In the late 1990’s, I drove over to the home of my late friend, Jim Hormel, to review a number of countries to which he was being considered by the Clinton administration to serve as our country’s first openly gay ambassador. It was a very big deal. Secretary Madeleine Albright would eventually swear him in during a teary-eyed ceremony, but only after a recess appointment in order to avoid an ugly, partisan fight in the Senate over Jim’s sexuality.
Fast-forward to today, and our country has had over 30 openly gay male ambassadors — both career diplomats and political appointees — and one, single lesbian at an ambassador-ranked position at the Asian Development Bank, Chantale Wong. (Ambassador Wong is also one of only two people of color among the openly gay or lesbian ambassadors.) I am very proud to have helped convince Amb. Wong to come out of retirement to take on that important role, because the time was right for someone with her passion, experience, and commitment to push for inclusive development policies at a major international financial institution. In fact, she had occupied the position once before as acting executive director of the ADB under the George W. Bush administration, and used that expertise to successfully champion an inclusive development policy that explicitly names sexual orientation and gender identity as a non-discrimination category, as well as other programs that benefit community members. But getting through the Senate confirmation process was not an easy task before this second Trump administration, especially for those without the resources or connections to deploy their own personal lobbyists, even when the candidate was superbly qualified.
So, a few months ago, when I read that Tammy Bruce was nominated by President Trump to be one of our ambassadors to the United Nations, I choked on my coffee. I couldn’t believe that our second ever openly lesbian ambassador would be a far-right, anti-trans, anti-Muslim, Trump loyalist. But, maybe the choice was not so surprising after all, which then says a lot about the Biden administration’s priorities. Trump was also the president who made good on the Human Rights Campaign’s longtime push for an openly gay G7 ambassador, with the appointment of another far right, anti-Muslim, gay ambassador, Richard Grenell to Germany. These two people alone should convince any sane human why identity-politics alone has severe limits.
After 16 years of submitting short lists of qualified lesbian-identified and trans-identified candidates to the White House Office of Personnel Management to be considered for appointed ambassador positions, and also simultaneously trying to support senior, career diplomats who are lesbian or trans to advance in their careers, I was particularly frustrated and enraged. While I believe it’s time to move beyond identity politics, I also deeply believe that diverse representation matters. Not tokenization (and not donor-purchased ambassadorships) but exceptionally well-qualified, diverse American people, who represent the actual plurality of our nation, which makes us stronger. The foreign affairs arena, in particular, is overly white and male dominated. Think what you may about “DEI,” but a diplomatic corps that doesn’t reflect the diversity of our nation doesn’t make our country stronger — it actually makes us less globally relevant and decreases our understanding of this rapidly changing, multi-polar world.
The 34:1 ratio of gay men to lesbians among our nation’s openly queer ambassadors that exists today is infuriating to me as a woman, a feminist, a lesbian, and as a human rights leader. And yet, the nomination of Tammy Bruce, infuriates me even more. She is an extremist ideologue who uses her platform for hate.
Bruce’s hate centers on her anti-Muslim extremism. According to CNN’s Andrew Kaczynski and Em Steck, “Trump’s pick for deputy UN job questioned [the] loyalty of American Muslims … (Bruce) for years promoted inflammatory, anti-Muslim and conspiratorial claims, including suggesting that former President Barack Obama was a secret Muslim bent on harming America. A CNN KFile review of Bruce’s blog posts, social media posts, columns and radio commentaries starting in the early 2000s shows a pattern of demeaning language about Muslims, including suggesting that American Muslims needed to prove their loyalty after the Sept. 11, 2001, terrorist attacks … Bruce didn’t respond for comment.”
When nominating Bruce, Trump said, “after being a liberal activist in the 1990s, (Bruce) saw the lies and fraud of the Radical Left, and quickly became one of the strongest Conservative voices on Radio and Television.” Bruce wrote the book “The New Thought Police,” aiming to “expose the dangerous rise of left-wing McCarthyism.” In addition to poking fun at feminists, anti-racists, and progressives, she has particularly promoted misguided anti-trans ideology, such as championing the cause of Chloe Cole, a “detransitioner” who had top surgery at age 17. Bruce uses this outlier case to justify legislation to ban trans health care in the United States.
The extremist right loves to scapegoat trans people and their right to appropriate, life-saving health care. Confirming Ms. Bruce for this role as a U.S. representative at the United Nations, with all of her whacky and fringe ideology, is incredibly dangerous for U.S. citizens and for others throughout the world. The person who represents the United States at the United Nations must be able to talk to every other country representative, in order to be effective. Ms. Bruce will be viewed with suspicion and avoided because of her past statements and views. Again, such extremism has no place in our government or representing our country. In her confirmation hearing, Ms. Bruce called President Trump’s leadership at the United Nations “inspirational.” She refused to call the massacre in Sudan a genocide. She didn’t seem to understand what leverage the U.S. might have with the UAE to stop arming this genocide. She deferred multiple times to serving this President in whatever foreign policy aims he has. In this era of increasing authoritarianism, we do not need more obsequious servants to King Trump. Now that Ms. Bruce has been voted out of committee, this proud lesbian, respectfully requests all U.S. Senators to not confirm Ms. Bruce for U.S. Deputy Ambassador to the United Nations.
Julie Dorf is co-chair of the Council for Global Equality.
Opinions
Victory Fund continues to shun me and my place in LGBTQ history
Before Buttigieg, my presidential campaign made headlines
I am honored to be speaking this weekend at the National Council for the Social Studies Annual Conference (NCSS), made up of 5,000 teachers from across the county. I will be talking about my history-making campaign for president back in 2012, when I ran as the first openly gay major party candidate to do so.
I will be joining many other prominent featured speakers, including Supreme Court Justice Ketanji Brown Jackson, Washington, D.C. Episcopal Bishop Mariann Edgar Budde, Dr. Richard Haas, and House Minority Leader Hakeem Jeffries. This engagement was arranged by the prestigious History UnErased, and I will talk about my roller coaster run for president
It was a hard-fought, two-and-a-half year, full-time campaign in the Republican primaries. I appeared on six state ballots, gave hundreds of speeches, did thousands of media interviews and attracted thousands of volunteers, donors, and voters. In fact, when the primaries ended, I had received more votes than two former governors, Jon Huntsman, Jr. (Utah) and Gary Johnson (New Mexico).
My constant message to the LGBTQ community was, you can do anything you want to do in life, even run for president of the United States. I heard from so many people young and old that I was giving them newfound hope.
Eight years later, when openly gay Mayor Pete Buttigieg ran for president, I endorsed him in February 2019, served on his National Finance Committee, and did a lot of surrogate work on his behalf. We developed a strong bond, being the only two openly gay candidates to ever run for president. He told me, “You’re a trailblazer who made it a little easier for those who follow your path.”
I applied pressure on many of the nation’s largest LGBTQ organizations to endorse Pete early, when it would make a difference. I wrote op-eds in Newsweek and the Advocate urging the LGBTQ Victory Fund, HRC, The Task Force and many others to support Pete. Eventually the reluctant Victory Fund came around and endorsed Pete at a big splashy campaign event in Brooklyn on June 28, 2019 during WorldPride.
That early support from the nation’s sole organization to help propel openly LGBTQ candidates to victory, made a huge difference in Pete’s success.
I was not as fortunate. One of the first meetings I had was with Chuck Wolfe, the then head of the Victory Fund in January 2010. He blurted out, “we’re not going to help you!” And true to his word, they actually worked to hinder my historic run. They made me submit a number of applications including a 56-page campaign plan and budget. Several months after delivering it, Chuck told me they would not even put my endorsement to a vote. “You don’t want to know,” he told me. “Yes, I do,” I replied.
I have met with or spoken to all of his successors at the Victory Fund, offering my help and asking for some sort of recognition of my historic campaign. Finally in 2018, after a lot of negotiations, then-President Annise Parker gave me one sentence in their Under Our History section on their website.
I have been an LGBTQ activist and major donor since I worked closely with David Mixner to defeat the Briggs Initiative in 1978, which would have outlawed gay teachers in California. I spent 30 years as a political consultant. Since 2008, I became the only one, through my organization Californians Against Hate, to fight back against the mega donors to California’s Proposition 8 and other anti-same-sex marriage campaigns.
I shamed millionaires and billionaires and even the all-powerful Mormon Church, who funded and ran all these hateful campaigns. The New York Times published a full page column three years ago on all I did to help gay marriage become the law of the land, “Cancel Culture Works. We Wouldn’t Have Marriage Equality Without It.”
So, I’ve earned my stripes. That is why I find it ironic that while I am speaking to the 5,000-member NCSS gathering in Washington, the same weekend that the LGBTQ Victory Fund is holding its annual Victory Institute gathering a few blocks away, while they continue to shun me and my rightful place in history.
Fred Karger is the first openly gay major party candidate to run for president.
Thank you, Mayor Muriel Bowser, for all you have done for our beautiful city. I am proud to say I have been a supporter of yours since you first announced your run for City Council in Ward 4, when you took some of my suggestions for your first speech. I have known since then what an amazing woman, politician, leader, and now mother, you are. You have moved our city forward in so many ways no one could have anticipated when you were first elected.
You have always proven your mettle, and your ability to rise above the chaos, and done the right thing for all the people of the District. Whether it was during economic uncertainty created by others, the pandemic, the backlash against police after the murder of George Floyd, during the first Trump administration, or the ongoing crisis, continuing today after the felon was elected for a second time. This time, contrary to his first term, he has even more venal people around him. They are acting out their fascist beliefs, and directing him, as he threatens the very basis of home rule. You have stood your ground, and done it with grace and smarts. You managed to work through the budget crisis, and Congress’s attempt to derail all the progress you have made, by not letting us spend a billion dollars of our own money. You have been walking a tightrope, and managing to keep our city from falling into his hands. Not everyone has understood how difficult that has been.
Then you managed to get James Comer (R-Ken.), chair of the House Oversight Committee, to support your efforts to have 180 acres of valuable land, the RFK site, turned over to the District for redevelopment. After that, you achieved your goal of getting the Commanders to agree to move back to D.C.; in the process securing the largest private investment ever for the District, the $3.7 billion the team’s owners agreed to pay to build a new domed stadium. That being only the catalyst for an entire new community with 6,000 units of housing, including affordable housing, a supermarket, hotel, sports complex for students in D.C., parks, nature trails, and more.
While balancing budgets and fighting crime, you have had to deal with the felon in the White House every day. Some accused you of acquiescing to the felon when what you were actually doing was saving our city from the even worse disasters he could visit upon us.
You understood to rebuild the economy Trump and the pandemic worked to destroy, you needed to look at other options. You rightly determined part of what D.C. needed to grow was a sports economy. When Monumental Sports owner Ted Leonsis was trying to move the Capitals and his business out of the District for pure greed; you worked behind the scenes and successfully kept them here. Prior to that you engineered a public/private partnership between the city, and DC United, to get Audi field built.
Then besides sports you have worked with the private sector to begin the work of converting empty office buildings in the downtown area, into apartments, which will generate new needed taxes for the District. You oversaw the reconstruction of the Frederick Douglass Memorial Bridge, and the redevelopment of the South Capitol Street corridor. Along with all this you have overseen the rebuilding of schools, sports fields, recreation centers, and libraries across the city. In the past five years you have added nearly 10,000 affordable housing units in the District, built new shelters for the homeless, and a new hospital in Southeast D.C.
You have fought for fairness and equality for the LGBTQ community. You didn’t just walk in our parades, but worked to make them successful. You added budget money to build a new LGBTQ community center, and money to support WorldPride, while the felon’s policies threatened it in every way. After years of many of us trying to get the city to take responsibility, and fund, the annual High Heel Race, you were the mayor who finally agreed to do it. You have always stood proudly with the LGBTQ community that I am a part of, in large and small ways, both in public and privately.
You now have one more year to serve as mayor, and I can’t wait to see what you will yet accomplish. It will not be an easy time, as we saw the day after you announced you would not run again. You, and we, faced the tragic shooting of the two National Guard members from West Virginia, who walked our streets at the felon’s orders. But I am confident your energy and drive, your smarts, and understanding of people, will allow you to deal with this and won’t let you stop working for us until the minute the next mayor of the District of Columbia is sworn in at noon, Jan. 1, 2027.
It is clear to all of us, that person, he, or she, will have very large shoes to fill. Mayor Bowser, we all owe you a debt of gratitude for all you have done for D.C. I for one look forward to all you will do in the future; in whatever area you choose to work. I know your work is far from done.
Peter Rosenstein is a longtime LGBTQ rights and Democratic Party activist.
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