During Times of Uncertainty, is a Reverse Mortgage Right for You? The Answer is “Maybe” – but Make Sure to Do Your Homework

Ever since the coronavirus pandemic triggered upheaval in the financial markets, we’ve seen a growing number of articles promoting Home Equity Conversion Mortgages – better known as reverse mortgages. Most of them ask, “Is now the right time for you to consider an HECM?”  In this recent NerdWallet article, financial reporter Liz Weston attempts to…

Will Each of Your Kids Get an Equal Inheritance? How You Handle That Question Can Cause Family Strife – or Prevent It

As you plan ahead for the end of your life, one of the decisions you’ll want to think carefully about is the eventual disposition of your estate. If you plan to leave your assets and possessions to your children – and if you have more than one heir – you’ll have a potentially tough choice…

When You Pass Away, What Happens to Your Debt? You and Your Loved Ones Deserve to Know the Answer

When it comes to estate planning, most of the issues are straightforward. The biggest questions often involves figuring out who gets what – in other words, what will happen to your wealth and material goods when you shake off this mortal coil. Unfortunately, however, there’s something else many seniors are leaving behind which no one…

Focus on Estate Planning: Review Your Plan Regularly to Steer Clear of These Planning Pitfalls

The term “estate planning” means different things to different people at different stages of life. Estate planning encompasses – or should encompass – an entire adult lifetime of saving, planning, preparing, and insuring, all with the goal of finishing life well and passing your legacy along to the next generation. Once in a while, then,…

Family Finance Update: A Spendthrift Trust Can Help You Keep Your Heirs from Blowing Their Inheritance

Just a few weeks ago here on the AgingOptions blog, we shared some helpful advice about the right approach to giving money to your family members. The gist of the article (you’ll find it here) is that there’s a right way – and a wrong way – to give resources away, and if you want…

Best of Intentions: If You Want Your Estate to be Distributed Properly, Remember to Update Your Beneficiaries

Here’s a question: if you’ve made it clear in your will which of your heirs should inherit money from your estate, how it is possible that those funds will end up going to someone else? The answer is simple: if you’ve forgotten to update the beneficiary information on a life insurance policy, retirement plan, or…

Syndicated Columnist Chuck Jaffe Advises Readers to Have “The Financial Talk” Now to Avoid Pain Later

If something were to happen to your spouse, would you know how to find all the important information about your financial accounts? Would all your beneficiary designations be up to date? Do you even agree on who your beneficiaries should be? If your answer is no, you’re not alone. The sad reality is that many…

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AARP: Do You Want to Give Your Money to Your Family? Do it the Right Way and Keep the Peace

Generosity is a wonderful thing. If you’re at a stage in your life where you feel you have plenty of resources, and you’re motivated by a desire to give some of your money or possessions to those you love, that’s an admirable impulse – but beware. Your generous spirit can end up causing more trouble…

Elder Financial Abuse: Too Often, It’s All in the Family

The problem of elder financial abuse has been widely reported – in fact, we’ve published several articles about this tragic topic right here on our AgingOptions blog.  Often the articles that warn about those who take advantage of seniors seem to concentrate on strangers – the scam artists on the phone or the bogus general…

Heirs Wonder: “When My Parents Die in Debt, Am I On the Hook?”

The statistics are sobering: more and more seniors are entering retirement burdened with debt.  As a result, many of these aging Americans are literally dying broke, with little of their financial lives remaining but unpaid bills. That means a growing number of adult children are suddenly becoming heirs to an estate ladened with debt, and…