LGBTQ+ couples face specific challenges when it comes to planning for a family.
Parenting is expensive regardless of your situation. For LGBTQ+ couples, the cost can skyrocket due to the additional costs of bringing a child into their family. These costs can include adoption, foster care, or assisted reproductive technology. Regardless of the method used, the initial cost of becoming a parent can be significant.
At Johansen and Yau, we are uniquely qualified to assist LGBTQ+ couples in planning for and financially supporting their families. We believe the most important piece of advice we can give you is to plan before you spend.
Here are some things we will help you consider when developing your family planning strategy.
- Consider the expenses you may incur for treatments, bureaucratic issues, expected and unexpected fees, failed attempts and navigating discrimination.
- You may not have the money to do what you plan, and a saving plan may need to be developed to help you achieve your family goals.
- Consider the ongoing costs of creating and sustaining a family and the need for a savings plan and sustainable cash flow.
- Remember that using all your savings to bring a child into your family will put the family you are building at risk for lack of financial stability.