Houston Wealth Management Firm Must Pay $3.8 Million To Retirees

    Reuters news by Suzanne Barlyn

    A Houston-based wealth management firm must pay more than $3.8 million to a group of 19 ExxonMobil retirees who said the company mismanaged their investments and misled them about its trading strategy, according to a securities arbitration ruling.

    The ruling by a panel of three Financial Industry Regulatory Authority arbitrators found USCA Capital Advisors LLC … Read More

    Estate Tax Provisions For Married Couples in Recent Wills, Trusts May Be Obsolete

    The Woodlands Villager article by Kirk R. Wilson, J.D., LL.M.

    As the result of recent major tax law changes, the tax planning provisions incorporated into wills and trusts created for married couples only a few years ago are now, in many cases, obsolete.

    The first big change was a dramatic increase in the estate tax exemption. The federal government … Read More

    How I Started My Own Wealth Management Firm

    Cosmopolitan article by Heather Wood Rudulph

    Elle Kaplan learned the importance of understanding money after a tragedy left her mother overwhelmed by the family’s finances.

    Elle Kaplan grew up dreaming of becoming a doctor, or maybe a writer. But when a family tragedy left her mother consumed by her new financial responsibilities, it opened Kaplan’s eyes to the importance of … Read More

    Why Aren’t Millennials [Under 35] Saving Money?

    The Atlantic article by Bourree Lmnov

    For one thing, the recession made them hate banks.

    I remember one thing very clearly about the times I applied for an apartment with my friends, and eventually with my boyfriend—we always submitted our tax returns and bank statements individually to our broker to avoid addressing a sensitive issue: how much was in our … Read More

    Finding, and Battling, Hidden Costs of 401(k) Plans

    NYT article by John F. Wasik

    Like millions of retirees who assumed their companies had taken care of them, Ronald Tussey never thought that his retirement plan might be flawed. He trusted his company so much he kept his money in his 401(k) long after he left.

    Having worked as an engineer for 37 years, ultimately at ABB Inc., where … Read More

    Never Give Up Control When You Create Your Estate Plan

    Forbes article by Mark Eghrari 

    In a previous post I noted three things all our clients seek when we ask them to describe their estate planning goals.

    One is maintaining family unity. Another is getting the best health care they can afford.

    The third is control.

    Why is maintaining control such an important consideration?

    As people grow older they often … Read More

    Robin Williams Leaves Behind $50 Million Estate

    Wills, Trusts & Estates Prof Blog post by Gerry W. Beyer

    The late Robin Williams left behind an estate valued at $50 million to his three children, with his wife Susan Schneider cared for under the terms of a prenuptial agreement.

    According to Williams’ legal documents, a financial trust was established for his children.  The full extent of that trust’s … Read More

    FolioDynamix Helps Wealth Management Firms Streamline End-of-Year Tax Management Across Client Portfolios

    Globe Newswire

    FolioDynamix, a leading provider of wealth management technology and advisory services, announced that its platform delivers the foundation wealth management firms need to effectively manage end-of-year tax considerations across client portfolios.

    FolioDynamix provides a full tax optimization toolset as part of its trading and rebalancing solution, giving investment advisors access to the same tools used by institutional investors. … Read More

    Financial Planning: Digital Assets and Estate Planning

    The Norwich Bulletin article by Jeffrey V. Manderscheid

    When a newly minted attorney steps into a courtroom for the first time they may encounter something that their tech centric law school experience never prepared them for – carbon paper.  

    For a generation of attorneys who grew up using computers, iPads, and smartphones, the thought of having to stick a piece … Read More

    A Janus Bond Fund’s Assets More Than Quintupled After Bill Gross Took The Reins

    Business Insider story by Myles Udland         

    After Bill Gross joined Janus Capital, more than $1 billion in client money flowed to the firm.

    According to a report from Bloomberg’s Mary Childs, investors poured about $364 million of that money specifically into Janus’ Global Unconstrained Bond Fund, which is managed by Gross, in October.

    As of September 30, data from Janus … Read More


Nevada Trust: The Tiffany of Trust Firms Offering Advisors Unique High-End Solutions

Given its unconventional approach to providing a more comprehensive type of service to clients, Nevada Trust, with a mere 20 years under its belt, has positioned itself to continue its rapid growth in Nevada and beyond.

How many trust companies do you know that will provide an end-to-end solution for a client who wants to import thoroughbred horses into the … Read More

$5 Billion Hedge Fund Divorce Fight Highlights Best and Worst Prenup Practices

Griffin split has had Chicago buzzing for months but the core lessons to learn here are universal. Even the hint of duress is disaster for a marital contract.

Wealthy singles everywhere need to follow the way hedge fund wunderkind Ken Griffin is now fighting to keep the fortune he built as an example of how even a divorce plan that … Read More

What You Need to Know About “Selling Away”

A spate of recent high-profile incidents of “selling away” client assets – moving money off the broker-dealer custody and records platform — should have financial advisors and others who manage money on the alert. Even if you don’t fully know the rules, you could find yourself violating federal securities law.

Independent powerhouse LPL Financial terminated its relationship with top broker … Read More

Brad Pitt and Angelina Jolie in Tax Soup Over Extravagant Pre-Wedding Gifts

After almost a decade together, the couple finally made it legal a few months ago. Recent reports of extravagant gifting raise questions of how much gift tax they burned on each other.

When Brad and Angelina vowed not to take their marriage vows until their gay and lesbian friends had the same right, accountants on both sides must have screamed.… Read More

Richard Branson to Lose Millions in Fatal Space Tourist Test Flight

Exploding experimental spacecraft puts all-star waiting list at risk. Will Leonardo DiCaprio, Justin Bieber, Ashton Kutcher and the rest gamble with their lives or line up for 5- to 6-figure refunds?

The tragic high-orbit disintegration of Richard Branson’s SpaceShipTwo may set the future of commercial space tourism back another year or two, but the celebrities who paid in advance for … Read More

Oscar de la Renta Leaves Big Hole in $300 Million Family Empire

The designer was an institution but it might be time for his heirs to make the hard choice about whether the family business can continue in its current form. An eleventh-hour succession plan may not be enough to perpetuate his legacy.

When legendary glamour merchant Oscar de la Renta vowed never to retire, it became inevitable that his death would … Read More

Nevada Joins South Dakota at the Top of the Dynasty Trust State Rankings

Once again, we’ve ranked the dynasty trust jurisdictions in order of the protection they provide wealthy families looking for a place to shield money for more than a few generations. This year the bulge bracket is shifting – and we even see change near the top.

The 3rd Annual Dynasty Trust State Rankings Chart has been released and can … Read More

Bill Gross Continues To Cost Pimco Billions In Lost AUM

Love or hate the Bond King, any firm that lives by the star manager can only suffer once Gross turns into Grossgate. Institutions were already sick of the gossip, now the fast money has no reason to stay.

Three weeks after Bill Gross bailed on the fund complex he built, the flow of pension fund money out of Pimco keeps … Read More

Nate Silver Builds Democrats a Statistical Coffin and Markets a Lifeboat

Nervous investors of every political persuasion can take comfort knowing that the pollster Monte Carlo now strongly favors a Republican upset next month.

If the typical advisor had a crystal ball anywhere near as accurate as Nate Silver’s, everyone would have sold and gone away back in September. Instead, it’s been a volatile four weeks and it’s probably going to … Read More

George Clooney Takes $220 Million Plunge With No Prenup In Sight

His people vehemently deny all rumors of a pre-wedding division of marital property but choice of venue and residence may have left the notoriously divorce-leery star with few other options.

Once George Clooney announced he was actually getting married again, even the gossip channels naturally assumed it took an ironclad premarital contract to seal the deal.

But after a few … Read More

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