Category Archives: Financial

New reverse mortgage rules begin next month

The Wall Street Journal reported this month that the number of reverse mortgages has increased.  In the first quarter of this year, banks processed 9 percent more reverse mortgage loans over last year.  The average credit line was also up, 4 percent over last year and the highest since 2008.  The most common reason borrowers…

Choosing a financial advisor

Do you find yourself saying things like, “My son/ daughter/uncle/ dad/etc thinks that I should buy a home/ sell my home/buy stock in xyz company?”  Very few of us have the level of financial acumen we believe we need to make the best financial decisions.  This leaves us prone to listening to people that we believe have…

What you don’t know about Social Security could hurt you

If you’re thinking that the friendly guy working at the Social Security office is your financial advisor…stop thinking that way.   It’s not that he doesn’t want to help you, it’s that he can’t.  Even as about 10,000 Americans reach retirement age each day, the Social Security office has seen massive cuts to its offices in…

Fighting back against identity theft

People 65 and over are more likely to have a “nest egg,” own a home and have excellent credit from a lifetime of working, saving and investing.  These sterling qualities attract con artists in droves, which is why consumers 60 and over accounted for 20 percent of identity theft complaints in 2013 according to credit-reporting…

Scam alert

You would think that we would just run out of things lazy people can use to scam the rest of us but it just isn’t so.  A client walked into our office this week with a notice from the National Record Service.  The business claimed that they should get a Certified Copy of their Deed…

Your debts don’t expire just because you have

Who ends up being responsible for paying your debts depends on the type of debts you leave behind. Creditors receive payment from the part of the estate that goes through probate.   Here’s an AgingOptions article to explain probate.   Items that go through probate are any items that pass through the Will.  The job of the executor…

Ask a Lawyer: Qualifying for Aid & Attendance

Dear Rajiv, My mother is the spouse of a deceased WWII veteran. She qualifies for Veteran’s Benefits under Aid & Attendance except that she has too much money at this time. I believe that there is a type of trust that will allow her to qualify for A & A before her funds are drawn…

Bringing up baby (to understand the family business)

Have you noticed that limited liability company (LLC) pops up more and more often?  You can’t cross the street without running across a business touting they are an LLC.  This was largely unheard of when I was growing up but by the 1990s, LLCs suddenly gained traction and by 2007, LLCs were formed at the…

Your decision about pension survivor benefits may harm your spouse’s future

If you retire with a pension…congratulations.  Less than 22 percent of Americans in the private workplace still get pensions but many government employees still get them.  If you’re married when you or your spouse retires and one of you is eligible for a pension, you’ll have to make some decisions. There are two types of…

Do retirement calculators have a place in your retirement plans?

How much money do you need to save for retirement?  That’s one of those questions that cause people to jump online to find the answer.  The reality is that there is no right answer or perhaps there are many right answers.  During a Preferred Partner meeting, one of the financial experts stood up and said…