Tag: Estate Planning
Why Marriage Matters! Advanced Estate Planning for Those With Unique Circumstances Ft. Scott Squillace (Ep. 16)

Why Marriage Matters! Advanced Estate Planning for Those With Unique Circumstances Ft. Scott Squillace (Ep. 16)

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Marriage seems like a great motivator to get your affairs in order, beginning with an estate plan. But marriage can come with its own unique issues.

Today, Tim Volk welcomes back Scott Squillace, estate planning attorney, founder of Squillace & Associates, and fellow member of the LGBTQ+ community, to take a look at some situations that may not fall into any cookie-cutter approach. Tim and Scott talk about the unique financial and legal challenges faced by the LGBTQ+ community, particularly regarding estate planning. They delve into the complexities of same-sex marriage, tax implications, and the importance of personalized financial planning, and share their personal experiences and anecdotes illustrating the issues.

Scott Squillace also touches on the history of same-sex marriage legalization, the costs of surrogacy, and the challenges of aging within the LGBTQ+ community. Together, they emphasize the importance of open communication, understanding individual needs, and the necessity of a comprehensive estate plan.

Episode Highlights:

  • Some of the history of the legalization of same-sex marriage
  • Why he wrote his book, Whether to Wed: A Legal and Tax Guide for Gay and Lesbian Couples
  • Tax implications of same-sex marriage from a legal and financial standpoint
  • Some estate planning considerations for LGBTQ+ couples with children and the need for trusts
  • Challenges faced by LGBTQ individuals in assisted care or nursing homes
  • The importance of open communication when it comes to comprehensive estate planning
  • And more

 

Resources:

Connect with Tim Volk: 

Connect with Scott Squillace: 

About our Guest: 

Scott E. Squillace is a business, tax, and estate planning attorney with over 35 years of experience practicing law. He is admitted to practice law in Massachusetts, New York, Washington D.C., and New Hampshire, and has been admitted to the Bar in Paris, France as an Avocat. He holds his bachelor’s degree from Fordham University in New York; has studied at the Sorbonne University in Paris and earned his J.D. from the Columbus School of Law at the Catholic University of America in Washington, D.C. He is married and lives in Boston and Palm Springs, CA, with his husband and two silver labs.

As the founder of Squillace & Associates, P.C. – a boutique law firm in Boston’s historic Back Bay – Scott now specializes in estate and business planning matters including tax and philanthropic planning for high-net-worth individuals and families. His practice includes estate planning needs for international clientele, corporate executives, small business owners, physicians, attorneys, and other professionals. He has a focus on helping same-sex couples and members of the LGBTQ community with their unique planning needs and authored Whether to Wed: A Legal and Tax Guide for Gay and Lesbian Couples. Scott was appointed by Governor Deval Patrick in 2014 to serve on a Commission to study the needs of the LGBTQ elder community. Scott served as Founder and Co-Chair of the Equality Fund, an endowment for the LGBTQ Community established at The Boston Foundation. He has been a columnist for Practical Estate Planning and lectures and writes frequently on estate and business planning as well as charitable giving strategies and planning for the LGBTQ community.

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The Critical Importance of Estate Planning With Scott Squillace (Ep. 15)

The Critical Importance of Estate Planning With Scott Squillace (Ep. 15)

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Sometimes it seems like life is all about planning – your work day, gym time, visits to the vet, what to have for dinner. But have you planned what will happen to your assets when you’re gone? Estate planning may arguably be more important than anything else on your calendar.

In this episode, Tim Volk introduces Scott Squillace, estate planning attorney, founder of Squillace & Associates, and fellow member of the LGBTQ+ community, to talk about the importance of estate planning related to the five capitals of a flourishing family: human, intellectual, social, spiritual, and financial. Scott shares his experience in estate planning, highlighting its holistic approach. He discusses the benefits of setting up a revocable living trust, the importance of a health care proxy, power of attorney, and keeping estate planning documents updated. They also touch on the topic of estate planning for same-sex and unmarried couples.

Scott and Tim talk about: 

  • Scott’s practice and how he became an estate planning attorney
  • Why everyone should have an estate plan
  • The key parts of a good estate plan
  • The differences between a will and a trust
  • Why estate documents need to be updated regularly
  • The benefits of a living trust
  • The different parts of estate planning that are especially important to LGBTQ+ members
  • What post-death processes we should be aware of
  • What’s coming up next on The Rainbow Bull with Scott Squillance
  • And more

 

Resources:

Connect with Tim Volk: 

Connect with Scott Squillace: 

About our Guest: 

Scott E. Squillace is a business, tax, and estate planning attorney with over 35 years of experience practicing law. He is admitted to practice law in Massachusetts, New York, Washington D.C., and New Hampshire, and has been admitted to the Bar in Paris, France as an Avocat. He holds his bachelor’s degree from Fordham University in New York; has studied at the Sorbonne University in Paris and earned his J.D. from the Columbus School of Law at the Catholic University of America in Washington, D.C. He is married and lives in Boston and Palm Springs, CA, with his husband and two silver labs.

As the founder of Squillace & Associates, P.C. – a boutique law firm in Boston’s historic Back Bay – Scott now specializes in estate and business planning matters including tax and philanthropic planning for high-net-worth individuals and families. His practice includes estate planning needs for international clientele, corporate executives, small business owners, physicians, attorneys, and other professionals. He has a focus on helping same-sex couples and members of the LGBTQ community with their unique planning needs and authored Whether to Wed: A Legal and Tax Guide for Gay and Lesbian Couples. Scott was appointed by Governor Deval Patrick in 2014 to serve on a Commission to study the needs of the LGBTQ elder community. Scott served as Founder and Co-Chair of the Equality Fund, an endowment for the LGBTQ Community established at The Boston Foundation. He has been a columnist for Practical Estate Planning and lectures and writes frequently on estate and business planning as well as charitable giving strategies and planning for the LGBTQ community.

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How Financial Planning Can Benefit The LGBTQ+ Community With Ben Galloway (Ep. 11)

How Financial Planning Can Benefit The LGBTQ+ Community With Ben Galloway (Ep. 11)

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A large portion of the LGBTQ community is reluctant to go to an advisor because they’re afraid of having to talk about their lifestyle. How can the LGBTQ+ community benefit from financial planning?

In this episode, Tim Volk introduces Ben Galloway, CFP®, a Senior Financial Advisor in Greenspring Advisors’ Private Client Group. They talk about the importance of financial planning for same-sex couples and the LGBTQ+  community. Ben shares his career journey and how he found his passion for providing support and guidance in financial decisions. They also talk about the challenges faced by the LGBTQ+ community in terms of financial planning and the need for peace of mind, starting a family, and retirement and caregiving. They emphasize the importance of estate planning and the need for professionals who understand the unique challenges faced by LGBTQ+ individuals. They also touch on the importance of asking the right questions and seeking advice from trusted advisors.

Tim and Ben converse about: 

  • What they love most about being financial advisors and part of the LGBTQ+ community
  • Ben’s personal story that has led him to the work he’s doing
  • Why financial planning is important for the LGBTQ+ community
  • Why members of the LGBTQ+ community are less likely to use financial planning tools and are reluctant to go to an advisor
  • How working with financial professionals can help protect you from the unexpected
  • The key “aha” moments Ben has had in his work
  • The advice Ben wishes to share with anxious clients as they walk through the door
  • What’s up next: EQ vs. IQ,  and the new technical aspects of financial planning
  • And more

 

Resources:

References:

Connect with Tim Volk: 

Connect with Ben Galloway: 

About our Guest: 

Ben is a Senior Financial Advisor and CFP® in Greenspring Advisors’ Private Client Group.  Ben’s practice focuses on serving the financial planning needs of business owners and executives, especially related to sudden wealth and intergenerational wealth transfers.  His work includes a special emphasis on the unique needs of same-sex couples and other members of the LGBTQ+ community.  Ben works with clients to develop financial, tax, and estate planning strategies specific to complex wealth needs, including concentrated stock, real estate, buy-sell agreements, and charitable giving.  An enhanced and remarkable client experience through exceptional service is pivotal to Ben’s practice.  Whether it is helping clients sell a business, plan for retirement, save for college, or start a family, Ben prioritizes an educational and evidence-driven investment and planning approach.

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