This article originally appeared in Dallas Voice.
Personal wealth management can be complicated even in the simplest of circumstances. But for people in the LGBTQ community, the complexities are often multiplied.
For the trust lawyers and CPAs and other professionals who make up the Wealth Planning and Advice Team at J.P. Morgan Wealth Management, the whole purpose is to make those complex topics more accessible, said Shelby Anderson, a member of that team.
Toward that end, she said, “We write a lot around financial issues and some legal issues, things like estate planning and taxes. And as we were going through that process, we were struck by the lack of information that is out there for LGBTQ+ individuals.
“Wealth management issues are unique to each person. There is no one-size-fits-all plan or solution,” Anderson continued. “And when you are talking about transgender issues, that’s even more true.”
With that in mind, Anderson said, the team set out to write about some of those issues facing, especially, transgender individuals. Thus was born the J.P. Morgan Wealth Management white paper, “Transgender adults face daunting challenges in financial, legal and estate planning.”
Dallas-based Joseph T. Hahn, executive director of Wealth Planning and Advice for J.P. Morgan, is the primary author of the paper, available online at J.P. Morgan.com in the wealth management documents section. Anderson and others participated in the ideation and as reviewers and contributors.
“Because most of the members of the team were former practicing attorneys, we have represented individuals across the gamut,” Anderson said. “So it was an issue we were all attuned to to some degree, and in the breadth of J.P. Morgan, we have clients and advisors who are touched by this issue specifically.”
Anderson acknowledged that the white paper is “really not saying anything that members of the transgender community don’t already know. They live and breathe these issues daily.”
The idea, she continued, is “really to educate transgender people’s loved ones, their families and friends, on the challenges that transgender people face every day.”
“They live and breathe these issues daily.”
Shelby Anderson
Take, for example, Anderson said, the issue of identity documents — driver’s licenses, official government-issued IDs, birth certificates.
These are all “a foundational issue” of wealth management, she said. “ID documents are essential to so many aspects of everyday life — from applying to school and jobs to finding a place to live or to work. You can’t board an airplane without a valid ID.”
Now imagine going through life with ID documents that do not reflect your identity and appearance.
“What would our lives be like if we lacked those basic documents?” Anderson asked. “And correcting these documents is time-consuming, difficult and expensive.”
On top of that, she said, it can be difficult for even the experts to offer specific advice for trans people on obtaining updated and accurate ID, because the laws governing such things are a confusing patchwork that varies not just from state-to-state but can also vary even at different levels of local government — from city to county to state and then the federal level, even from one courtroom to the next within the same jurisdiction, sometimes.
“But,” Anderson said, “as we were working on this paper and looking at that patchwork framework, what stood out to us is that U.S. passports can be the most efficient form of ID you can use. It is one of the easiest forms of ID to update, and a passport is valid for 10 years.
“That adds some level of protection against potential changes in policy from one administration to the next.”
There are different agencies and organizations that have put out state surveys talking about the different processes in different states required to legally change one’s ID documents. The J.P. Morgan team cited Lambda Legal as one such organization, and Anderson noted that even though the name-change process happens through the state court system, “organization’s like Lambda Legal can give a holistic view of ‘where does my state lie’” on the spectrum of changing ID documents.”
“What would our lives be like if we lacked those basic documents?
Shelby Anderson
Credit can be an even more complex. “Unlike changes to one’s last name, just telling a credit agency about a new first name doesn’t automatically update their files.
“We have a framework in our country where updated last names are par for the course,” she continued, pointing to how easily a last name can be changed when one marries.
“So if I notify one agency of an update to my last name, that will trickle down to all the other agencies. But first names are not automatically updated, and that can cause problems with credit reports, which are frequently checked in areas outside of just applying for a loan or a credit card. Credit checks are used for employment purposes, getting utility services, renting a home. And usage of a different name can lead to problems.”
Again, Anderson said, the patchwork of laws and policies and processes can throw up major road blocks. So, “We have to go to each individual credit agency and check their policies and follow their rules. Then you have to make sure to follow up with them, make sure the changes were made and that they didn’t affect your credit score.”
Anderson pointed to the National Center for Transgender Equality as another valuable resource on changing one’s name and ID documents.
In the end, Anderson said, “Knowing that there are these issues and getting the proper documents in place is crucial. Each state has the ability to create its own laws and its own policies just through declarations. Each one has its own nuances and its own framework. Every method for changing ID documents may not be suitable for every person. So find the method that works best for you.”
