professional services Stories
Understand the Challenges of Being an Executor
It's not unheard of that clients ask advisors to be an executor of their will.
"It means you've established a pretty good relationship," says Bill Conway, principal at WealthCounsel.
However, as flattering as it may be, advisors should pause before simply saying yes.
Although serving as a client's executor is not against FINRA policies, it may be forbidden to do so at your firm.
"The best thing to do is probably to call ahead," Conway explains. "It's the kind of question you can ask a compliance officer."
For advisors barred from serving as an executor, Conway says they can try referring the client to someone else or a trust company if they need those kinds of services. "I think, from a practical matter, saying, 'Thank you, but no thank you,' is a viable option," he says.Source: Understand the Challenges of Being an Executor Go to article »
Money Advice For Same-Sex Couples After Supreme Court Ruling
By Matthew T. McClintock
Today’s Supreme Court ruling making same-sex marriages legal in all 50 states — Obergefell v. Hodges — has major financial implications for LGBT couples. The Court held that same-sex married couples are entitled to equal protection under the laws and that their marriages must be recognized nationwide.
Here are the most significant impacts for same-sex married couples.
Since state laws banning same-sex marriage are effectively invalidated, same-sex spouses will now enjoy all state tax benefits and other spousal benefits that other couples enjoy.Source: Money Advice For Same-Sex Couples After Supreme Court Ruling Go to article »
Same-sex marriage ruling levels financial playing field
The Supreme Court today delivered a historic victory for gay rights, ruling 5 to 4 that the Constitution requires that same-sex couples be allowed to marry no matter where they live and that states may no longer reserve the right only for heterosexual couples.
With that Supreme Court decision extending the right to marry to gay and lesbian couples in all 50 states, same-sex couples in 14 states where there were bans have many financial issues to consider.
"What this does is it levels state law with federal law," said Matthew McClintock, an estate lawyer and vice president of education for WealthCounsel.
Same-sex couples will now enjoy the same benefits—and sometimes downsides—of marriage that all other couples get, McClintock said.Source: Same-sex marriage ruling levels financial playing field Go to article »
Gay Marriage Ruling: 5 Estate Planning Steps for Clients
By Matthew McClintock
The Supreme Court's decision to overturn state bans on same-sex marriage will have major estate planning impacts for your clients. The result in Obergefell v. Hodges invalidates state laws banning same-sex marriage, and same-sex spouses will now enjoy all of the state-level tax and other spousal benefits that couples enjoy.
Here are some key changes advisors should understand about this landmark decision ...Source: Gay Marriage Ruling: 5 Estate Planning Steps for Clients Go to article »
With Supreme Court ruling on same-sex marriage, time to change financial plans
Previously, a homosexual couple married in a state such as Massachusetts with marriage equality, who moved to one without, such as Texas, could not be granted a divorce because that state didn't recognize the marriage, said Matthew McClintock, a trust and estates attorney for WealthCounsel.
"Now all marriages are created equal, so if you need to dissolve your marriage you can," he said. "This provides a lot of clarity that we didn't have after Windsor."
States also must grant same-sex couples equal rights when it comes to adopting children, Mr. McClintock said. Obviously, parenthood brings with it a whole new set of financial planning considerations.Source: With Supreme Court ruling on same-sex marriage, time to change financial plans Go to article »