You Should Have Been There…
The legal and financial challenges of a divorce only add to the emotional stress of the parties involved. Cheryl Rentz, Esq., a family law attorney practicing in Ardmore, took us inside her practice and some of the more common issues she deals with in divorce and custody proceedings. Using specific examples and dissecting some of the nuances of the law she outlined how assets and income are defined, the importance of obtaining property valuations and how opposite sides might argue for their respective clients. She often enlists the expertise of a forensic accountant to track down assets and argue complex valuations before the court. She also gets involved in custody cases. And there are situations where a divorce action can linger for a several years.
Joslyn Ewart, Med, CDFA, CFP, President of Entrust Financial, LLC in Wayne, is a financial planner and a certified divorce financial analyst. Many of her firm’s clients came to her during or after their divorce proceedings to put their financial lives back together again. Often she represents the dependent spouse who needs the assets and income awards to support his/her lifestyle. Often they do not know how to handle money, must learn how to budget and need the advice of a qualified investment manager. Prior to the final settlement she often counsels clients on the pros and cons of different settlement options.
Both Cheryl and Joslyn often go further in that their clients look to them for more than just representation. They also need emotional support and assurances that they can move on and they have the financial security to maintain a reasonable lifestyle.
The 70 attendees from the GP-SFSP and the PICPA came away with a new found respect for the work these specialists do, the team required to represent these clients competently, the expense involved in going through a divorce (apart from the settlement), and patience needed to work through all of the issues.
Thank you to our event sponsor: CBIZ
Our chapter welcomed Savoy Associates representatives Peter Gualtieri, Director of Business Development, and Joan Fusco, Director of Research and Education to the Villanova Conference Center to get an update of what is happening in healthcare as the implementation of the exchanges approaches in 2014. Signed on March 23, 2010, the Patient Protection and Affordable Care Act ushered in a new paradigm for all Americans.
Peter and Joan provide a unique perspective in that Peter is the President-elect of the Philadelphia Chapter of NAHU and Joan sits on industry advisory committee working with the carriers as they develop products to meet design requirements. For nearly 90 minutes they shared some of the new rules larger employers must follow to be compliant under the law. They also updated us on several guidance notices that have been issued in recent weeks that further clarify various provisions including eligibility, non-discrimination and how controlled groups and affiliated employers would be treated.
They discussed how small employers and individuals will be impacted and how they can participate in the newly created healthcare exchanges (now called marketplaces).
What was apparent from the many questions from the audience is that the law is huge (over 10,000 pages and counting), complex, the level of understanding among advisors is widely disparate, even among health insurance brokers, and due to the significant tax implications of the law on both employers and individuals, it is very important insurance advisors and accounting professionals work together to provide appropriate counsel.
Thank you to our event sponsor: Fox Rothschild, LLP
Greater Philadelphia Chapter of FSP Celebrates 80th Anniversary