A 501(c)(6) Not-For-Profit Professional Association

ADFP News - August 2012

10th Annual Conference: Unlock The Potential   Doral Arrowwood Resort and Conference Center   975 Anderson Hill Road, Rye Brook, NY 10573   September 20 - 22, 2012       ADFP Conference Specials     ADFP membership extension (5 months, new members only)        $93.75 value   Member Discount - ADFP University                Up to $75.00 ($25.00 per course)   Continuing Education Credits                                                   Up to 24 credits*   Member Discount - Conference                                                  $100.00 Help with Room and Transportation Sharing If you are having any issues or other problems that might impede your ability to participate, please let us know. * CPAs and CFPs, as well as CDFAs (NY-CLE also available at a small additional cost)    PLUS!   Enjoy and learn at the premier divorce financial planning event of the year - 4 AAML speakers   Internationally renowned mental health professional, Elana Katz, Pioneering Award Honoree and keynote speaker   Some of the most experienced divorce financial planners in the field, speaking and in attendance   Courses (basic and advanced, choose up to 5 out of 11 course offerings) and interactive workshops on hot topics in the divorce finance field   A retired judge   The world class Doral Arrowwood resort, nestled in the suburbs of New York City!    __________________________     Attention Conference Attendees Interested in Establishing Local Chapters   We are planning a meeting at the hotel to discuss logistics for establishing local chapters.  If you would like to participate in this meeting, please contact Pam at 888-838-7773 or ADFP@DivorceAndFinance.org.   Thanks, Mike Bean, VP Chapter Development     _________________________    Important Conference Information     Here is some important logistical information for the conference.  Please contact Pam at 888-838-7773 or ADFP@DivorceAndFinance.org if you have any questions:   1. The material presented at the conference will not be state or province specific.  Some of the content, for example tax presentations, will be U.S. specific, but the majority of the content should be issue- rather than geographically-oriented and should therefore be of value to practitioners from both Canada and the United States.  Anyone interested in starting a Canadian chapter should please contact Pam.  We are strongly committed to Canadian practitioners joining the ADFP family and helping mold the future of our profession.   2. If anyone is interested in room sharing, please let Pam know.  We will do our best to help you out.   3. Airport Transportation - The most cost-effective way to travel from John F. Kennedy or Laguardia airport to Rye Brook is to take the Red Dot Airport Shuttle to the Ryetown Hilton.  The cost is about $58 + gratuity each way.  To make reservations, call 1-800-673-3368.   The Ryetown Hilton is about 4 miles from the Doral Arrowwood.  To hire a taxi from the Ryetown Hilton to the Doral Arrowwood, call Rye Brook Cab and Airport Service (914-939-0007).  The cost is $10 + gratuity.  They need about a 10 minute lead time.    You may take the shuttle (and taxi) back to your airport at the same rates.  Alternatively, if some of you can  return in groups (you will be able to sign up for this at the registration desk), we may be able to arrange more convenient and comfortable door-to-door return service with Red Dot, using vans or limousines, at a reduced individual cost (best of both worlds).   Another alternative would be to rent a car at the airport.  The cost on Hotwire.com is about $55/day from either JFK or LGA (you should check to see if there are any additional charges).  If you wish, we will try to help you with identifying carpoolers in both directions.    If you are flying in and out of Westchester airport, the hotel maintains a free shuttle service back and forth to the airport.  You should check with the hotel for further details.   4. Continuing education for CFPs:  ADFP is an approved provider of continuing education programs for CFPs.  Participants who attend both the University and the Conference can earn up to 24 CFP CEU.   5. A few people have registered for ADFP University (September 20) and have made hotel reservations starting that same day.  ADFP University courses begin at 8:30 am September 20th.  A timed agenda will sent to you shortly.  To ensure that your travel arrangements do not conflict with your course preferences, it may be best to arrive at the hotel Wednesday, September 19th and settle in before University day.   6. Some courses have been added to the ADFP University lineup and some more detailed descriptions have been added.  If you would like to do so, you can send Pam changes to your preferences now.  Alternatively, you can decide the actual courses you will be taking on University day.  To get proper credit, please make sure to sign in and out of each course you attend.   Conference Agenda   2012 Conference Agenda   Thursday, September 20th, ADFP University, Pre-Conference Courses     Your choice of up to 5 of the following 9 courses (most expected to provide 2 CE)     Anatomy of a Tax Return - Peggy Tracy, CFE, CDFA™   Bankruptcy and Divorce - TBA   Build and Grow Your Divorce Practice - Rosemary Frank, CDFA™   Critical Divorce Strategies for Families with Special Needs - Mary Ann Ehlert, CFP®, Founder, Protected Tomorrows   Estate Planning and Divorce - TBA   Family Law Software Workshop - Dan Caine, President, Family Law Software, JD, MBA   Gray Divorce - Lili A. Vasileff, CFP®, CDFA™   Non-Qualified Plans and Divorce - TBA   Qualified Domestic Relations Orders (QDROs) - Robert Guarnera, MSPA, FCA, MAAA, EA, CPC, President, Pension Actuaries, Inc.       Friday, September 21st, Annual Conference, Day 1   8:00 - 9:00 State of the Profession Address, Lili Vasileff, CFP®, CDFA™, President of the ADFP   9:00 - 10:40   Lifestyle Analysis, Joan Lipton, CPA/ABV, CFF, Ph.D., Partner, and Jean Han, CPA/ABV, CFF, JD, ParenteBeard                                                                                                                                                    2.0 CEU*, 2.0 CPE*, 2.0 CDFA*   This presentation will deal with the challenges of performing a lifestyle analysis in the context of a divorce proceeding. It will include a discussion of the types of documents required, the factors affecting the time period to be analyzed, consideration of relevant adjustments, and other unusual features of more complex lifestyle analyses. Several hybrid cases will be discussed.   Our "hybrid" will include issues such as (a) how to deal with situations where spousal income is subject to large fluctuations, (b) problems and considerations when observing irregular lifestyle expenses and/or major expenditures in certain years - including how to assess whether certain of these major expenditures are non-recurring, (c) the considerations involved in setting the scope of the analysis with the client and counsel, (d) report preparation issues, (e) preparing for cross-examination, (f) other.   10:40 - 11:00 Break   11:00 - 12:00 Thorny Issues in Divorce and the Key Role of Neutral Financial Professionals, MaryEllen Linnehan, Esq., Partner, Day & Linnehan Center for Collaborative Law and Divorce Mediation, PLLC  1.0  CEU*, 1.0 CPE*, 1.0 CDFA*   Discussion of the key role financial professionals play in addressing difficult financial issues in divorce. The added value of neutrality, clarifying interests and needs, reality testing, education of financially unsophisticated spouses, working with the entire family, examining long-term needs and testing options against interests to the divorce process. Role in negotiations and the devolvement of financial positions. The financial professional as "glue" in the process.     12:00 - 1:30 Lunch/Presentation of Annual Pioneering Award to Elana Katz, LCSW, Senior Faculty, Ackerman Institute for the Family   Keynote Address, Elana Katz: Understanding the Dynamics behind Financial Conflicts in Divorce and Practical Suggestions for What to Do When Things Escalate 1.0  CEU*, 1.0 CPE*, 1.0 CDFA*   1:30 - 3:10 Same Sex Marriages and Divorce - Lee Rosenberg, Esq., Partner, Saltzman, Chetkof & Rosenberg, LLP; Gregory L. Matalon, Esq. and Robert S. Barnett, Esq., Partners, Capell Barnett Matalon & Schoenfeld, LLP                                                                                              2.0 CEU*, 2.0 CPE*, 2.0 CDFA*   Several states have recently enacted laws recognizing same sex marriage. It is likely others, but not all, will continue to do so in the near future. Accompanying to this wave of new legislation will be same sex divorce. Marriage and divorce are largely state-specific. This raises the obvious questions of recognition and portability. Even more problematic is that these laws are in direct conflict with the Defense of Marriage Act and Section 7 of Title 1 of the U.S. Code, which define marriage as between one man and one woman. Because of this, many spousal living and survivorship rights and benefits of married and divorced couples, e.g. COBRA, ERISA, Social Security, are not currently recognized to same sex spouses under Federal law. This makes divorce financial planning for same sex spouses much more complex difficult than for traditional spouses.   3:10- 3:25 Break   3:25 - 5:05 The Role of the Expert in a Divorce Case/Trial Tips for the Non-Lawyer,Frederic J. Siegel, Esq., Partner, Siegel, Reilly & Conlon, LLC                                                                                            2.0 CEU*, 2.0 CPE*, 2.0 CDFA*   Attorney Siegel will speak about the role of the expert in a divorce case. He will talk about how an expert needs to prepare for a deposition (and what the deposition involves), how the witness needs to prepare for testifying at trial, how to maintain a proper file and other essential information about the expert. He will also give trial tips that will assist the expert witness with their testimony and elevate their role during the divorce proceeding.   5:15 - 6:15 "Get the Real Deal," Amy L. Whitlatch, CFP®, CDFA™, Robert Bordett, CFP, CDFA™, Ginita Wall, CPA, CFP, CDFA™ and Daniel Caine, JD, MBA, President, Family Law Software   Practitioners discuss case issues, methodologies, obstacles, challenges while working with actual software to prepare the reports. Discuss and review approaches to analyzing data and nuanced conversations, presenting alternative outcomes to clients and professionals, deciding when to share or withhold analysis and projections.   Saturday, September 22nd, Annual Conference, Day 2     8:30 - 10:10 Trends in Alimony, Nancy D. Kellman, Esq.                                                                                              2.0 CEU*, 2.0 CPE*, 2.0 CDFA*   Whatever name you call it, determining the appropriate amount of alimony, spousal support or maintenance impacts lawyers, financial experts, judges and clients. What are the various approaches to calculating alimony? Do guidelines (or formulaic approaches) make it easier to resolve matters? How have the changing attitudes and laws regarding alimony affected the role of the financial planner? Do the historical underpinnings of the payment of alimony have any relevance to us as practitioners today? In this presentation, you will learn about the latest trends in alimony and its relevance in financial planning for our clients.   10:10 - 10:30 Break   10:30 - 12:10 Advanced Case Studies in Divorce Taxation, William Donaldson, CFP®, EA, CDFA™   Discussion of actual divorce cases with instructive tax issues. Sequel to last year's extremely well-received presentation, with new scenarios designed to help you identify and avoid potential mistakes and provide added value to the process.                                                                                              2.0 CEU*, 2.0 CPE*, 2.0 CDFA*   12:10 - 1:10 Lunch in the Atrium   1:15 - 2:55 College Planning and Divorce, Amy Whitlatch, CFP®, CDFA™ and Kevin Worthley, CFP®, CDFA™                                                                                              2.0 CEU*, 2.0 CPE*, 2.0 CDFA*   College financing and financial aid is a complex subject for families and becomes even more so in a divorce situation. Our sessionprovides value by advising how the divorce may affect college financing or eligibility for financial aid. The workshop will cover the details of the financial aid calculations, how aid is awarded, what changes occur during divorce, planning tips to assist aid eligibility or avoid eligibility mistakes that reduce aid, tax aspects (including tax credit/deductions), and how to incorporate college financing considerations into divorce planning to meet your clients' goals. This session will provide you with skills that can be useful to all your financial planning clients.   3:00 - 4:00 Marketing Yourself to Legal Professionals, the Honorable Elaine Gordon, Esq., Connecticut Superior Court (Retired)   Why do some practitioners always seem to get the engagements and referrals from divorce litigators in domestic relations and family law matters? How can divorce financial planners compete with other better recognized financial experts? What do we need to know about how lawyers find experts and what keeps them coming back to the same ones? How can we break into that select group of experts who are always used in the community? What is the bottom line we need to know, commit to, and achieve in terms of our skills and our time, so we can become rated among the select experts sought after by attorneys and the court?   4:00 Conference Wrap Up   Conference Education Credits   Once again, continuing education credits will be offered for CFP, CPA/EA and CDFA designees who attend our Annual Conference in September (see the Association website for details).   The specific number of credits for each designation is still to be determined, but ample credits should be available to all attendees, not only for the two-day conference, but also for ADFP University Day. As before, those requesting and earning CFP CE credits will have their credits automatically reported to the CFP Board of Standards after the conference is completed.   CPA's and EA's will be happy to know that they may receive their CPE certificates immediately at the conference upon completion of the attendance sheets and evaluation forms. Those looking to earn CDFA CE credits will have their credits reported directly to the IDFA by ADFP, instead of the designee having to report the earned credits themselves.   Conference attendees should be aware they will need to complete attendance sign-in/out sheets in order to earn their credits.   This year, a "CE Headquarters" table will be available for workshop attendees to complete this requirement. We hope these enhancements will make the CE credit process much smoother and more convenient for all attendees.
Articles   Split Decisions When clients divorce, planners must tread lightly to avoid taking sides.   By Donald Jay Korn   Financial-Planning.com August 1, 2012   A fundamental fact of divorce is that it realigns relationships. When their clients divorce, financial planners must make sure they promptly and clearly redefine their own relationships with those clients.   "This is an area of practice fraught with conflict-of-interest issues," says Stewart Koesten, chief executive of KHC Wealth Management in Overland Park, Kan. Financial planners "have to face the fact that married couples and partnerships split up," he says. Indeed, the CFP Board's Standards of Professional Conduct contain a few provisions that would apply indirectly to clients' divorces. One provision requires a written financial planning agreement that defines who the client is.   Frequently, agreements include termination provisions that deal with a divorce. Other rules require disclosure of conflicts of interest. When a CFP professional is notified of a divorce, a board spokesman says, there may be a conflict of interest in continuing to represent both parties because they now have adverse interests.   "We hate it when clients get divorced," Koesten says, "but it is a reality that has to be dealt with. At the beginning of each client relationship, we tell both parties that we will keep nothing said by one person secret from the other. Both are clients, so they will have equal loyalty and respect from us. Therefore, if a divorce occurs, we have already explained that nothing is private between them, as far as we're concerned, until our agreement with them ends."   Typically, KHC Wealth Management will terminate the relationship with both parties when clients divorce. "Of course, any information we have prior to the termination of the client agreement is available to each party's attorney," Koesten says. The firm asks divorcing clients to direct their attorneys to hire planners to represent them. In most cases, KHC is retained by one of the spouses.  Click here to read the full article.   ____________________________     What Does a Divorce Financial Planner Bring to the Table?   By Stacy Francis,  CFP, CDFA   Journal of Financial Planning   Stacy Francis, CFP®, CDFA™, is co-chair of the Association of Divorce Financial Planners New York Chapter. Her firm, Francis Financial Inc., is an independent, fee-only firm that provides comprehensive financial planning and investment management services. Francis is also the founder of Savvy Ladies, a nonprofit organization dedicated to empowering women through financial education, which has worked with over 10,000 men and women on a pro bono basis.    You entered this profession to make a difference, be challenged, and have a fantastic career. While you have been trundling along day to day doing your normal work with clients, you may have missed an amazing opportunity to expand your career and make an even bigger impact helping clients. You have heard the statistics many times over. Divorce happens to approximately 2.2 million people each year, and 100 percent of divorces involve financial settlements. Over 50 percent of first marriages and 70 percent of second marriages end, creating devastating financial consequence for far too many couples. We agree that the divorce rate is alarming. The biggest concern that we should have however, is that it might not be high enough, and that the people who really should be splitting are not.  I have spoken to individuals who will not get a divorce because they fear the financial consequences. They find it more appealing to stay in an, at best, unhealthy or, at worst, abusive relationship rather than become a "bag lady" or "bag man." The recent drawn-out recession is only making things worse as two households struggle to survive on the same dollars that used to support just one.  In comes the divorce financial planner. A divorce financial planner is trained and knowledgeable about your state's divorce laws as well as personal financial planning. They are fee-only planners who work within the context of the legal divorce process. The most prevalent designation for training is the Certified Divorce Financial Analyst™ (CDFA™). Working with a financial divorce expert can help preserve a family's finances-which is crucial today more than ever. So if you've ever considered partnering with, or maybe even becoming, a divorce financial planner, here's some insight into what we do.   Click here to read the full article   News   ADFP News:  Just a reminder- the ADFP Newsletter is only a short briefing.  Please visit www.DivorceAndFinance.org for more information!     ADFP Tennessee Chapter Meeting   The ADFP Tennessee Chapter will be holding a meeting on August 11th from 9am - 12pm at the office or Rosemary Frank.  The office is located at 515 Maryland Way, Suite 123, Brentwood, TN 37027.  This month promises good peer discussion of divorce finance issues and recent case law.  Please contact Rosemary Frank at 615-595-6850 or rosemary@rosemaryfrank.com with any questions.   _________________________     ADFP Members to Participate in International Academy of Collaborative Professionals Annual Forum Amy L. Whitlatch, CFP®, CDFA will be co-presenting a workshop at the International Academy of Collaborative Professionals Annual Forum 10/19-10/21 at the Palmer Hilton in Chicago ILL.  The idea of "Grand Round for Collaborative Practitioners" is to present a session that models the grand rounds of a hospital, where experienced professionals discuss the issues of a difficult case and brainstorm on appropriate solutions.  Topics will include the challenges of "fairness," uneven advocacy, team challenges and how they sow the seeds of impasse.   Attendees will receive a questionnaire requesting challenges. Amy has provided several Interdisciplinary Trainings in Cincinnati with her co-presenters Sherri Goren Slovin, Esq. and Barbara Hummel, LPC.  All are Trustees of the Cincinnati Academy of Collaborative Professionals and veterans of some challenging collaborative cases.  Amy will also be part of a team that also includes Bob Bordett, Ginita Wall and Dan Caine, presenting "The Real Deal" at the ADFP's Annual Conference on 9/22 where we will dig into the challenges that particularly affect us as Divorce Financial Planners. Rosemary Frank, MBA, CDFA, CFDP, CFDS served on the IACP Workshop Proposal Review Committee to help evaluate proposals from prospective presenters. Each of over hundred proposals was evaluated on a number of factors for content, interest, practice level, and creative approach to the topic. The qualifications of the proposed presenters were also part of the evaluation for each session as proposed. Collectively, members of the committee were able to assemble a dynamic lineup of workshops for the annual educational forum in October.    _____________________    Continuing Education News ADFP Approved as a CPE-Sponsor for Webinars   ADFP is pleased to announce that the National Association of State Boards of Accountancy (NASBA) has approved ADFP as a CPE-Sponsor for Group Internet-Based workshops (webinars). This means that, in addition to the Association's ability to offer CPE credits for live workshops (such as those at our Annual Conference and chapter meetings), we are also able to award CPE credits to CPA's, EA's and other accounting professionals for webinar presentations by ADFP as well.   Look for further webinar announcements in forthcoming newsletters and on the Association website.    _______________________       New ADFP Chapter Development Drive   Are you looking for additional support from your peers in the industry but just aren't sure where to turn?   Are you looking for a network of professionals to share practice management and marketing ideas with along with improving your technical expertise?  Are you motivated to see your practice grow in conjunction with the continued success and growth of the ADFP?  The Association of Divorce Financial Planners is looking to expand into your city through the introduction of new chapters.  If you are passionate about what we do as professional practitioners and motivated to increase our industry's presence in your geographical area, come help us grow.  Organizing a chapter may be just the thing for you.  If you are interested please contact Mike Bean CPA, CDFA, VP of Chapter Development at mike@divorce-sense.com or Pam Humbert at ADFP@DivorceAndFinance.org; 888-838-7773 to learn more.    _______________________     Request for Case Studies At last year's annual conference, the final session focused on various challenges with actual divorce cases. The entire audience participated in problem solving the cases and some exceptional solutions were shared that we all learned a great deal from. Due to the popularity of this session, the ADFP is once again offering it for the 2012 conference. We are requesting all practitioners to think of some of the more challenging cases they have had that would provide an excellent opportunity to learn from.   Please forward your fact pattern and your solution to the problem (if you have one) to Bill Donaldson who will once again facilitate this session. His email is bill@thevistacompanies.com. Thank you in advance for helping us put together an exceptional program.     __________________________     ADFP to Co-Sponsor National Meeting of Academy of Professional Family Mediators   Following on the heels of our Annual Conference (September 20-22) the newly formed Academy of Professional Family Mediators (APFM) will be having its Founding Conference in North Falmouth on Cape Cod from September 27-30. As a Co-sponsoring organization our members get a substantial discount. For a complete Conference description and registration details go to: www.apfmnet.org/pg10.cfm   Mediators and Divorce Financial Planners enjoy an inherent synergy in the support they provide divorcing couples. The APFM Conference is an exceptional opportunity to form alliances with the members of this newly formed organization (APFM). As APFM grows there will be future opportunities for collaboration between the two organizations to promote the benefits of Divorce Financial Planners and APFM Mediators working together with couples going through divorce. APFM welcomes our members to become Associate Members of the APFM (check the website at www.apfmnet.org). If you have any questions about APFM or the upcoming Conference feel free to contact Ken Neumann (KenNeumann@TeamMediation.org) or Rod Wells (roddywells@gmail.com).     Other Divorce News:      Ways to Avoid Financial Ruin in a Divorce   How to Divide Up Assets and Debt in a Divorce   Taxing Issues: Division of Assets, Divorce Have Tax Implications    Separation or Divorce? What Each Means for Your Finances   Event Calendar       Save the Date!   10th Annual ADFP Conference   Sepetember 20-22, 2012  Doral Arrowood Rye Brook, NY        August-September 2012 Event Calendar: Organization August 1-15 August 16-31  September 1-15 September 16-30    Association of Divorce Financial Planners (ADFP)     August 11 TN Chapter Meeting Brentwood, TN    August 8 GNY Metro Chapter Meeting New York, NY   August 3 Ohio Chapter Meeting Columbus, OH        Sept 20-22  ADFP ANNUAL CONFERENCE Rye Brook, NY      National Association of Personal Financial Advisors (NAPFA)   August 1-2 NAPFA Forbes 2012 iConference   August 15 Genesis Webinar: Delivering Quality Financial Advice...   Sept 9-12 2012 NAPFA West Conference Portland, OR     Financial Industry Regulatory Authority(FINRA)     August 9 Half-Day Compliance Boot Camp Woodbridge, NJ   August 9-10 2012 South Region Compliance Seminar New Orleans, LA       Sept 13 District Compliance Meeting Seattle, WA Sept 25 District Compliance Meeting Ft. Lauderdale, FL   Sept 27 District Compliance Meeting Austin, TX   Society of Financial Service Professionals      August 16-17 Clinic for Advanced Service Professionals        Sept 19 Business &  Compensation Planning Webinar   American Bar Association (ABA)   August 8 Get a Clue: The Ethical Use of Private Investigators in Family Law Webinar   August 15 Making More Money by Being More Ethical Webinar               National Association of Estate Planners & Councils (NAEPC)           August 30 CEPC 2012 Annual Outing Chicago, IL            Other             Any questions?  Comments?  Please feel free to contact our Editor-In-Chief Andrew Samalin, CFP® Andrew.Samalin@SICounsel.com.
Association of Divorce Financial Planners   C/O Pam Humbert 514 Fourth Street East Northport, New York 11731   888-838-7773  www.divorceandfinance.org