We understand the unique needs of LGBT individuals or same-sex couples and have the knowledge and experience to help you focus on achieving your life’s goals. Our financial experts have years of dealing with the special considerations of LGBT individuals and nontraditional families, from co-owned or commingled assets in civil unions, domestic partnerships or marriages to relationship dissolutions, death of a partner, and complex family dynamics.
While success can bring added financial complexity – especially when certain tax advantages and legal rights afforded to others are simply unavailable to you – Northern Trust can help you clearly navigate a path to achieving your financial goals.
United States v. Windsor
The June 26, 2013 Supreme Court ruling in United States v. Windsor means the U.S. Government must now recognize married same-sex couples for the purposes of federal laws and programs.
Meeting with Northern Trust financial professionals helped our client clarify both his immediate and long-term goals. Financial security for his partner was the priority, but he also wanted to make his partner’s daughter his successor in the business, support his favorite charities during his lifetime and minimize his wealth transfer taxes. Our team of experts devised an integrated wealth management strategy driven by the clients’ objectives. We assisted by:
John McGowan, Senior Vice President, is the National Practice Leader for the LGBT & Non-Traditional Family Practice. John ensures appropriate financial planning expertise and solutions are brought to Northern Trust's relationships with LGBT individuals, same-sex couples and LGBT-based not-for-profit organizations. He is also responsible for seeing that Northern Trust's services remain effective as the legal and tax landscape for the LGBT community evolves at state and national levels.
Prior to his current role, John was a member of the Wealth Management Group, where he saw the delivery of investment advisory, investment management, custody, private banking, fiduciary and tax services to U.S. and international families of substantial wealth. John has been with Northern Trust for 12 years.
John holds his B.S. in Mathematics from Loyola University of Chicago, and his M.B.A. in Finance from the University of Chicago. He is a Certified Financial Planner™ (CFP®).
John is on the board of the Lookingglass Theatre in Chicago. He is also affiliated with The Nature Conservancy, Lambda Legal, Center on Halsted, Howard Brown Health Center, and Financial Planning Association.