When the Bipartisan Budget Act of 2015 was first signed into law, you might remember a mad scramble to determine how the legislation would affect the guidance you provided to your clients. To make it worse, the rule changes affected individuals differently, depending on how old they were at certain points in time. But now that some of those rules have been eliminated by since-passed deadlines, do you have a clear picture of the best way to advise clients? Have the new rules changed the recommendations you make about when to claim social security?

If you’re like many advisors, maybe you’ve avoided talking with your clients about estate planning since it’s a matter best handled by attorneys. But the truth of the matter is that while licensed attorneys are necessary to create legal documents, they often let tax avoidance drive the estate plan and don’t follow up to see that the plan is properly funded. What happens to your clients then?

It's human nature to reach out and help people who are suffering. But sometimes it's hard to know what to do or say. This can be especially true when advising the recently widowed on financial matters. How do you go about offering guidance to those experiencing this emotional and financial transition?

According to the U.S. Census Bureau, in 1970, the median age at first marriage was around 21 for women and 23 for men; in 2010, those ages were 26 and 28, respectively. These figures demonstrate a growing trend: many couples are either waiting to get married or deciding not to get married at all. As a result, financial advisors are facing various planning challenges for unmarried couples. What should you do for couples who have yet to sign a marriage certificate? In many cases, you might find that unmarried couples are conducting their financial lives in the same fashion as typical married couples—but without many of the same statutory protections and privileges.

It's common for spouses to name each other as executor of their wills. Considering the spouse is likely the person most familiar with the decedent's finances, this makes a lot of sense. But the surviving spouse then needs to name a new executor, and that responsibility often falls to an adult child.