It's Ten O'Clock. Do You Know Where Your Money Is?

In the third step, think community, Lustig introduces the idea of establishing a charitable remainder trust. Simply put, couples can receive income from the trust while they are alive, and when they both die, the assets in the trust will go to the designated charity.

Step four advises readers to use unconventional wisdom and take action. Lustig examines how couples can be devastated by medical expenses. He discusses bankruptcy, selling out a life insurance plan, and returning to work after a long period of being disabled. He also discusses emergency planning when one partner becomes terminally ill.

In spite of the supportive, conversational style, this is not necessarily a fun book to read. It forces us to acknowledge and think about situations we'd much rather pretend couldn't happen to us: the death of a partner, the end of a relationship, and the selfishness of homophobic relatives to name a few. But, as Lustig points out, the momentary discomfort of considering these things is nothing compared to the anguish lack of preparation can cause.

A few years ago, I lost one of my dearest friends in the world to Adult Respiratory Distress Syndrome (ARDS). She was healthy one week. The next week she had a cold. Three weeks later, she was dead. She and her partner had no time for financial planning. She literally signed papers giving her partner medical power of attorney only hours before she was placed on a ventilator. They owned their house jointly, but had no "right of survivorship" clause.

Her partner went through a horrible few months thinking the hospital or the state would take the house to pay for my friend's medical bills. Luckily, in the end, the creditors did not try to claim the house. Furthermore, my friend's family respected the relationship and signed my friend's share of the house over to her partner. Not all tragic situations resolve so peacefully.

Finances certainly aren't my favorite subject. Nevertheless, I can't recommend this book strongly enough. Harold Lustig provides a thorough, intelligent introduction to a topic we all need to think about.

Book Title: 4 Steps to Financial Security for Lesbian and Gay Couples
Author: Harold L. Lustig
Publisher: Ballantine Books, Inc.
ISBN: 0449002497