Synopsis
This brief details the unequal treatment and additional tax penalties LGBT older adults face when inheriting or when they are designated as the beneficiary for a tax-qualified retirement plan.
Inheriting a tax-qualified retirement plan from a loved one can cost an LGBT person thousands of dollars per year in retirement income because of different treatment under the law. This inequity is especially significant given that LGBT elders are poorer and less financially secure than Americans as a whole. One of eleven issue briefs based on the SAGE/MAP report Improving the Lives of LGBT Older Adults.
