In a landmark ruling on June 26, the U.S. Supreme Court struck down the 1996 Defense of Marriage Act (DOMA) provision that defined marriage as between one man and one woman and left same-sex couples unable to received federal marriage
Whether a client has a complex or simple estate plan, failure to properly address a retirement plan (IRA) beneficiary designation may cause havoc. Regardless of what a client’s estate plan may say, the beneficiary designation under the client’s IRA governs.
It is not illegal to have foreign financial accounts. However, clients associated with foreign financial accounts are cautioned to remain vigilant in following foreign compliance reporting requirements. On April 12, 2012, the U.S. government entered into a reciprocal agreement with