Financial advisors recommend couples thinking about same-sex financial planning have a discussion about how the Supreme Court decision will affect their finances and consider the ramifications of all possible outcomes. “One size is not for all, so one broad answer wouldn’t address the factors involved. The financial choices are driven by individual goals and emotions,” said Maura Griffin, founder and CEO of Blue Spark Capital Advisors.

High financial stakes for 2M in same-sex couples

The Supreme Court heard arguments Tuesday about whether all US states must issue marriage licenses to same-sex couples under the Constitution, and whether they must recognize same-sex marriages performed in other states where they are now legal.

A decision is not expected until June. But whatever the ruling, the financial implications could be huge for same-sex couples.

“The Supreme Court decision will affect where same-sex couples live, where they travel and where they die,” said Scott Squillace, an estate planning attorney in Boston and author of “Whether to Wed: A Legal and Tax Guide for Gay and Lesbian Couples. “It’s going to be a really big deal for everyone.”

For starters, individuals in a same-sex couple will be able to gift unlimited assets to their spouse, free from federal taxes, either during life or at death, said Tim Bresnahan, a vice president at Northern Trust’s wealth planning advisory services group with a focus on planning for LGBT individuals. (Under current law, you may have to pay tax on gifts of more than $14,000 in a year to any person other than your spouse.)

Changes to same-sex financial planning as a result of decision

A Supreme Court decision against same-sex marriage would also dramatically change the financial plans for same-sex couples who were married before the court ruling.

“There are estate-planning issues and parental rights to consider in terms of holistic financial planning. And there are work-arounds for those who commit to living together,” said Maura Griffin, a certified financial planner and CEO of Blue Spark Capital Advisors in New York City.

For example, same-sex couples—whether married or not—can use a trust to protect their assets in the event of illness or death, which allows the assets held in trust to pass to beneficiaries outside of the often lengthy probate process, Bresnahan said.

Financial advisors recommend same-sex couples have a discussion about how the Supreme Court decision will affect their finances and consider the ramifications of all possible outcomes. “One size is not for all, so one broad answer wouldn’t address the factors involved. The financial choices are driven by individual goals and emotions,” Griffin said.

Currently, 36 states and the District of Columbia allow same-sex couples to marry. The status of same-sex marriages in Alabama is in dispute by conflicting state and federal rulings. Any ruling for gay challengers in the four appeals before the Supreme Court consolidated under the title “Obergefell v. Hodges” would make same-sex marriage legal nationwide, adding 14 states to those that already permit it.

There are about 390,000 married same-sex couples in the country, according to the latest Gallup survey data. But an additional estimated 1.2 million adults are living in same-sex domestic partnerships.
“If the court rules in favor of marriage equality, the impact on those married LGBT couples living in states that do not recognize their marriage will be tremendous,” said Ryan Svatora, a financial advisor with Zinn-Ray-Svatora Wealth Management Group in New York City. “With their marriage finally recognized, the patchwork of federal and state benefits will end, full equality will be realized, and numerous financial benefits will finally be at the couples’ disposal.”

CNBC News: Blue Spark’s Maura Griffin on Same-Sex Financial Planning – READ THE ARTICLE

By Tom Anderson Personal Finance Writer, CNBC

Retirement Milestones to Look Forward To

by Emily Brandon

Mon, March 2, 2015 at 6:34 AM PST

Retirement is a transition into a new stage of life. Retirees get the freedom to choose how to spend their time, but they also walk away from the comfort of a steady paycheck and need to make important financial decisions. Here are some retirement rites of passage.

Reaching financial freedom. You have achieved financial freedom when you no longer need to work to pay your bills for the rest of your life. “Once you reach that inflection point, you can leave this job or negotiate part-time work, and you know things are going to be OK,” says Maura Griffin, CEO and principal for Blue Spark Capital Advisors in New York. Griffin recommends doing an analysis of your finances, using conservative investment returns and factoring in inflation and taxes, to reassure yourself that you have enough money to retire.

Having the retirement conversation with your boss. There’s a certain satisfaction that comes from being able to tell your boss that you’re simply not going to come into work anymore. “Some people just want to get away from a job that is killing them, and they want to get out of the rat race,” Griffin says. But other people find they miss some aspects of the job, especially the social life they had in the office. The transition is often easier if you have hobbies or travel plans to look forward to.

Shutting down your work computer. There will come a moment after your stuff is packed when you walk out of your office for the last time. You get to escape from boring meetings and tight deadlines, but you also won’t get another invite to a business lunch or holiday party.

The first time someone asks, “What do you do?” Most people answer this question with their profession, but retirees need to think of a new answer. You may want to talk about your volunteer position or an important hobby, or have a quip ready about how you finally get to do whatever you want every day.

Taking withdrawals from your retirement accounts. After decades of saving for retirement, retirees finally get to spend some of that money. But you also need to worry about making your savings last for the rest of your life. Once you turn 59½, there’s no longer a 10 percent early withdrawal penalty to take money out of your retirement accounts, but you will need to pay income tax on each withdrawal from traditional 401(k)s and individual retirement accounts. After you reach 70½, you will be required to take withdrawals from your retirement accounts each year. The penalty for missing a required minimum distribution is 50 percent of the amount that should have been withdrawn. “When you retire, you are going to be using up those savings, sometimes very rapidly,” says Stan Hinden, a retiree and author of “How to Retire Happy: The 12 Most Important Decisions You Must Make Before You Retire.” “My wife and I had not had the time to travel very much while we were working, and that was a lot of fun and we enjoyed it, but it made a big dent in our savings. Having fun costs money, and unless you have got a lot of money in retirement, you have to have some discipline.”

Collecting Social Security payments. Workers pay into Social Security throughout their entire career, and many retirees are eager to collect. However, the age you sign up for benefits drastically changes the monthly payment you receive. Although you can begin collecting benefits as early as age 62, monthly payments are reduced if you claim benefits before your full retirement age, which is 66 for most baby boomers and 67 for people born in 1960 or later. Monthly payments will increase for each additional year you delay claiming payments up until age 70. “The decision about when to take Social Security is a bet on longevity,” Griffin says. “If you have longevity in your family, waiting until 70 gives you the most that you can have for your life, but if you have health issues, then maybe you want to go ahead and take it early.”

Signing up for Medicare. Beginning three months before you turn 65, you can sign up for Medicare. It’s important to sign up for benefits in the seven-month window around your 65 ^th birthday, because premiums are sometimes increased for beneficiaries who sign up later. Medicare is likely to have different coverage and cost-sharing requirements than your previous health insurance plan, so it’s a good idea to examine how your benefits and medical bills will change. “The expenses for our medical bills after we retried were considerably higher than before we retired. Those benefits paid for things like dental work, but Medicare doesn’t pay for those things,” Hinden says. “And even if you have a Medicare supplement, which you certainly need, you are going to wind up somewhat surprised by the expenses for health care after you retire.”

Realizing you don’t have to be anywhere. Retirees don’t have to get up early or report anywhere at a specific time. You’re free to linger over a second cup of coffee and take your time running errands. But you may find that you want to make an effort to get out of the house and be with other people. “There are three needs that a job provides to most people: structure, purpose and sense of community,” says Ernie Zelinski, a life coach and author of “How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won’t Get from Your Financial Advisor.” “Retirees have to put those three things back in their life.”

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 [New York, N.Y. Oct 25, 2013] – As the leading advocate for female consumers, WomenCertified^®, Inc. is pleased to announce that Maura Griffin, CEO and founder of Blue Spark Capital Advisors, has received the Women’s Choice Award for Financial Advisors based on rigorous research, with 17 objective criteria including a client survey to obtain feedback regarding service and practices.

The Women’s Choice Award is the only recognition program for well-qualified advisors who are committed to the women’s market and serving their female clients. Achieving this award reaffirms the commitment Maura Griffin has to extraordinary service in addressing the financial needs of women and their families. Working with women WomenCertified^®, originator of the Women’s Choice Award, was created by Delia Passi, the leading advocate for female consumers and former group publisher of Working Woman and Working Mother magazines. In partnership with WIFE.org (Women’s Institute for Financial Education) co-founders Ginita Wall and Candace Bahr, Delia has created the Women’s Choice Award for Financial Advisors in an effort to help women identify those advisors who are committed to providing quality service. The award allows this elite group of advisors to showcase their commitment to the women’s market, while giving potential clients a starting point for entrusting their finances to an advisor.

Women currently control 51% of all wealth in the United States, and, according to the Federal Reserve, this number is projected to reach 66% by 2020.* As the financial industry wakes up to the fact that a great majority of the female population are seeking advisors they can trust, Passi, Bahr and Wall have already created the solution.  This powerful, national initiative distinguishes advisors who support female consumers in their quest for financial education.

About Women’s Choice Award

The Women’s Choice Award Financial Advisor Program is based on 17 objective criteria associated with providing quality service to women clients such as credentials, experience and a favorable regulatory history, among other factors. Financial advisors do not pay a fee to be considered or placed on the final list of Women’s Choice Award® Financial Advisors, though they may have paid a basic program fee to cover the cost of comprehensive review and client survey.

WomenCertified^®, home to the Women’s Choice Awards, awards businesses, brands and services based on high recommendation ratings by female consumers. WomenCertified represents the collective voice of women so they can help each other identify businesses that deserve their loyalty and referrals. To learn more, visit www.womenschoiceaward.com or go to: www.wife.org/womens-choice-award/finding-a-financial-advisor/

About Wife.org

The Women’s Institute for Financial Education (WIFE.org) is the oldest non-profit organization dedicated to providing financial education to women in their quest for financial independence. It was founded in 1988 by wealth management experts and KPBS Heroes Candace Bahr and Ginita Wall, who have a lifelong mission of helping women connect with resources that help them prosper and grow financially. Visit www.wife.org

*https://www.forbes.com/sites/sashagalbraith/2011/03/18/financial-services-the-industry-women-love-to-hate/

Maura Griffin was interviewed by Consuelo Mack on her program Wealthtrack, which aired on PBS stations nationwide in June. She spoke about the unique difficulties women face in achieving long-term financial security. She helps explain what every woman needs to know to build a financial plan to last a lifetime. Many of Ms. Griffin’s clients are women, including widows, women adjusting to life post-divorce,  single women who are sometimes raising children on their own, and others in transition. Why do most women fear becoming a “bag lady”? Will you outlive your assets? Is a prenup necessary? Do women ask enough questions?

 Financial Planning magazine called on Blue Spark Capital’s Maura Griffin during the early days of Hurricane Sandy to see how her practice was faring in the dark at the office and at home in the article “After Hurricane Sandy, Trapped Manhattan Planner Hunts for Power“
 

Blue Spark’s Matt Carey was interviewed by Bankrate on what to expect in 2015 regarding taxes. He says this year’s tax changes rank among the most significant in recent memory. This year, high-earning Americans will pay the highest rate in nearly two decades and will also hand over more of their pay in Medicare taxes. We saw in  2013 saw the first categorical income tax increases in two decades. Income tax rates for the highest wage earners increased, while rates for most others held steady.

[READ THE FULL ARTICLE]