Make Financial Checkups a Year-round Commitment

Many people get a full physical checkup from their physician once a year, but that timing is simply a rule of thumb. If you have certain conditions or pre-conditions, it may warrant more frequent checkups to stay on top of things. The same rationale applies to your financial plan.  

For many, a “financial checkup” brings to mind an annual review of overall finances, which may include a conversation about taxes, estate planning, investment performance, and perhaps a meeting with advisors. While all those moments matter, a true financial checkup should be more than a once-per-year exercise. 

Although proactive financial planning is valuable for anyone, the LGBTQ+ community often faces complex circumstances (see below) that make regular financial checkups even more critical. In honor of Pride Month, June may prompt deep reflection on values, visibility and inclusion, and then a questioning of whether society has made any significant progress. These are all worthy topics to consider, but another important question is: what happens after June, when everyone returns to their normal life?  

You may find that June is a time of renewed energy toward causes that are meaningful to the LGBTQ+ community, but don’t let money issues become less of a priority as a result. Financial planning is not about checking a box once a year. It’s about showing up with the same focus and commitment all year long. 

After all, a financial life is in constant motion. Markets shift. Tax laws evolve. Family dynamics change. Businesses transition. A plan that made sense a year ago may still be directionally right, but will typically need refinement to continue serving its intended purpose. 

Inflation, liquidity, access

The cost of maintaining your lifestyle may rise quietly over time, from homes and education to healthcare, insurance, household staff and philanthropy. Even a sizeable balance sheet can lose flexibility if the plan doesn’t account for the future purchasing power of today’s dollars.

For LGBTQ+ individuals and families, planning often includes additional considerations related to healthcare, family building, legal protections and support for chosen family. These expenses may be substantial and not always fully covered by insurance or traditional benefits.

The question is not simply, “Do we have enough?” The better question is, “Enough for what, for whom, over what time horizon, and under what assumptions?”

Liquidity is just as important. Wealth on paper is not always wealth in motion. Much of it sits in long-term or illiquid structures, which can limit flexibility and the availability of funds when it matters most.

A strong financial checkup should consider whether the family has sufficient liquidity for upcoming personal and financial needs. Liquidity planning is not about being overly conservative. It’s about making sure the family has access to the right resources at the right time, without disrupting the bigger picture.

Tax planning should be proactive, not reactive 

Tax planning is often associated with certain deadlines (e.g., for charitable contributions, tax-loss harvesting, 401(k) contributions), but the most effective tax planning happens well before year-end.  

For LGBTQ+ individuals and families, tax planning may intersect with philanthropy, family planning, estate planning, and multi-state or international considerations. Charitable giving may reflect deeply held values supporting LGBTQ+ organizations, expanding healthcare access, advancing civil rights, or funding education and broader impact initiatives. 

Estate planning is essential, but it’s not static 

Estate planning is often one of the first things people associate with getting their financial house in order, and for good reason. 

When it comes to the LGBTQ+ community, this work carries added importance because the law may not automatically reflect the relationships that play a central role in a person’s life. If a plan does not clearly identify partners, spouses, children, chosen family members, fiduciaries and intended beneficiaries, the outcome may not align with the individual’s wishes. 

Ensuring the desired alignment in an estate plan could include designating chosen family, or giving a partner authority over finances through the power of attorney. Even the most elegant financial plan can fall short if it doesn’t formally recognize the people who matter most. 

Family communication: The overlooked planning tool 

For many families, the most difficult planning issues are not technical in nature. They are personal. 

Who genuinely understands the family’s wealth? Who is prepared to inherit responsibility? Who understands the purpose of the trust or a business succession plan?  

These conversations can be delicate, but silence may create confusion and discord among loved ones. A thoughtful financial checkup should include not only assets and documents, but adequate communication, education and governance. 

Financial checkup: Some things to consider 

• Am I in control of my financial complexity? 
• Is the legacy of my family and other loved ones protected? 
• Does my plan reflect who I am and how I want to live? 
• Have we considered the impact of inflation as it pertains to education, healthcare, property maintenance, insurance, and household payroll?
• Are we coordinating my investment, estate, charitable, and tax strategies? 

At its best, financial planning is not only about preserving capital. It’s about creating strong alignment between resources and values. 

The best financial plans are not seasonal. They are intentional, ongoing and built to last. Pride Month may serve as a moment of heightened reflection, but the work of aligning your financial life with your values takes place long before June and continues well after.  

Contact a Corient Wealth Advisor today if you wish to build and maintain a personalized, dynamic financial plan that works well for your specific circumstances and objectives. 

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