Whitney Houston's estate just got a bit more complicated
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Whitney Houston's estate is in limbo (Wealth Management)
The death of Whitney Houston's only child, Bobbi Kristina Brown, has left her estate in limbo. Wealth Management reports, Houston's estate was supposed to be paid out to Bobbi Kristina in three installments, but Bobbi Kristina's passing without a will of her own means the assets are likely to be divided by Whitney's living relatives (her mother and brothers). However, Bobbi Kristina's father, Bobby Brown, who Houston divorced in 2007, is her next of kin, and could lay claim to those assets. Also, according to Wealth Management, "Complicating matters is Nick Gordon, Bobbi Kristina's boyfriend, who she claimed was her husband on various social media outlets." But Gordon allegedly was found transferring money from Bobbi Kristina's account and contributed to her death by engaging in domestic violence, which would disqualify him, if proven.
The Fed keeps policy on hold (Business Insider)
The Federal Reserve kept its benchmark interest rate pegged between zero and 0.25% at Wednesday's meeting and said any hike remains "data dependent." Specifically, the Janet Yellen-led Fed would like to see "some further improvement in the labor market" before raising rates for the first time since July 2006. The vote to keep the Fed Funds Rate unchanged was unanimous.
When it makes sense to collect Social Security before full retirement (Financial Planning)
Most advisors say you should wait until you reach full retirement at the age of 66 before dipping into Social Security, but sometimes it makes sense to withdraw money early. Mary Voll Miller, a financial advisor at Per Stirling Capital Management, shared with Financial Planning one such instance where it makes sense to withdraw early. "I have a client who is a widow and earns about $30,000 per year. Her husband was the major breadwinner. Her own benefit will never be more than the survivor benefit, even if she delays until age 70," she said. Miller continued, she will "at least be getting something to help stretch her income until she can take the survivor benefit at full retirement age."
How to become a techno-advisor (Think Advisor)
There is a new breed of advisors coming, and SEI Advisor Network refers to them as 'techno-advisors.' SEI told Think Advisor, a techno-advisor is someone who "uses technology intelligently to deepen client relationships." Traits of a techno-advisor include the use of video conferencing to interact with clients, online scheduling and digital estate planning.
Morgan Stanley fined over former broker's trades (Investment News)
A Finra arbitration panel has ordered Morgan Stanley to pay at least $2.4 million to a group of physicians and their family members for a series of trades that occurred during and after the 2008 financial crisis. Broker Steven Mark Wyatt has been accused of making unauthorized client transactions in thinly-traded securities that he himself also owned. According to Investment News, Wyatt has seen several other rulings go against him, and two others are still pending. He has not worked as a registered broker since 2012.
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