That's not a good thing, especially for a lesbian. Same sex couples in the United States do not enjoy some of the automatic protections given to married heterosexual couples, so it is doubly important that LBGT people be on top of our financial condition at all times.
I've tried reading several books about personal finance written for the LBGT market, and most of them put me to sleep by the end of the first chapter.
Harold Lustig's book, 4 Steps to Financial Security for Lesbian and Gay Couples was different. I actually stayed awake to finish the whole thing. Moreover, I think I understood most of it.
Lustig discusses finances in a simple, conversational style, and takes time to explain any and all terms that may be unfamiliar to his readers. (This was perfect for me, but it may be annoying to readers who already have a fair amount of financial sophistication.) Lustig begins each chapter with a brief sketch of a couple facing a financial dilemma, like Roni and Penny who want to send their children to college, or Gordon and Pat who are facing a terminal illness. He then goes through a step by step explanation of how each situation can best be handled to protect the couple's resources. He also cautions, however, that his suggestions should be implemented with the assistance of a financial advisor and/or legal expert experienced in the laws of your state and in working with the LBGT community. These are not "do it yourself" projects!
As the title suggests, the book is divided into four steps. The first is planning. Lustig examines twenty-one common financial myths and provides the hard-and often ugly-facts about gay couples and money. He then advises couples to take a long, honest look at their financial situation, and discusses such issues as estate planning, planning for education expenses, and working together as a unit to maximize income and minimize taxes.
The second step is protecting what's yours. Lustig looks at disability and life insurance, as well as paying for health care. There is also a chapter on the documents gay and lesbian couples need to protect themselves, such as power of attorney papers.
