David Helverson, Vice President Investment Officer, who holds the Accredited Domestic Partnership Advisor Designation, with Wells Fargo Advisors, LLC in Chicago, seeks to address the unique financial challenges faced by domestic partners. You can reach David at david.helverson@wfadvisors.com and https://home.wellsfargoadvisors.com/david.a.helverson1.
Prior to the Supreme Court’s ruling in United States v. Windsor that the federal Defense of Marriage Act was unconstitutional, many same-gender couples employed financial strategies and estate plans to address higher tax rates and lower exemption levels. Life insurance was often used as a means to replace pension income or provide additional funds or liquidity to pay estate taxes at the insured’s death. With more retirement and tax benefits available to same-gender couples today, the original need for these contracts may no longer be as important or even present. However, before couples abandon their life insurance as obsolete, closer consideration may reveal new or different needs and benefits of life insurance in a same-gender couple’s overall financial plan.
Basics About Life Insurance
