Archive for March 2017
What is a Life Estate Deed?
There are pros and cons to the use of a life estate deed when it comes to the family home. Life estate deeds can be used to transfer real property to heirs and maintain the right to use or live on the property, as long as you are alive. This is a popular way to…
Read MoreBe Really Smart About Reverse Mortgages
Reverse mortgages are not as complex as they used to be, but you still have to be careful and do your homework. Reverse mortgages are very different from regular mortgages, but they can offer some solutions to senior homeowners, according to an article in TC Palm, “Myths vs. realities surrounding reverse mortgages.” Talk with your…
Read MoreIn Your 30s? Time to Get Smart About Money
Once you turn 30, if you haven’t already gotten focused on saving for retirement and managing your money, it’s time to grow up! One of the hallmarks of being an adult is having a job, an emergency fund with about six months’ worth of living expenses (in cash) and starting to save for retirement, whether…
Read MoreMore Reasons Not to Delay Estate Planning
Once your estate plan is in place, there are several issues you don’t have to worry about. That is a good enough reason to move forward with your estate plan. Death and dying are nowhere near as fun to think about planning a vacation, redecorating the house or taking the dog for a walk. In…
Read MoreIowa Judges Say Just Being 60+ Is Enough to Warrant Elder Abuse Protection
Despite disagreement, the Iowa Supreme Court has upheld a state law that once a person has reached age 60, they may be considered vulnerable adults in need of special production from elder abuse. Judith Chapman, a 69 year resident of Grimes, Iowa obtained an elder abuse protection order against her adult son. At issue was…
Read MoreHow IRAs are Inherited
Leaving assets to your heirs is a great thing, but leaving an IRA to heirs requires knowledge and prior planning, as mistakes can be costly. If you pass away without using up all of the funds in your IRA, it’s very important that your heirs work with an experienced estate planning attorney so that there…
Read MoreAnother Thing to Worry About For Aging Parents and Seniors
With telephone and online scams growing, protecting seniors from strangers is an ongoing concern. But that’s not the only thing to worry about, when it comes to financial scams. Lucky is the senior who has more money than they need and can enjoy their later years in the company of family and friends without concern…
Read MoreThe Poster Child for Inherited IRA Disasters
IRAs are great for saving for retirement. However, when it comes to inheritance, the rules are complex and advice is often flawed. Here’s the hard truth: the rules concerning distribution of IRAs as part of inheritance are complex and inflexible. When heirs get the wrong advice, the results are disastrous. Few financial professionals, from bankers…
Read MoreTrusts and Tigers are Good Together
Savvy, sophisticated trusts have protected the Detroit Tigers and their family owners. While members of the Ilitch family are known as the owners of the Detroit Tigers, the Detroit Red Wings and MotorCity Casino Hotel, they don’t actually own the Tigers. That’s why they have a family trust. Mike Ilitch purchased the team in 1992…
Read MoreThe Unexpected and Often, Unplanned Cost of Retirement Healthcare
There’s no way to know if the years will be kind to you and your spouse. Taking good care of your health now, while adding healthcare costs to retirement planning, is a wise move. Sometimes we are so focused on issues like relocation and caring for aging parents that we forget to plan for the…
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