For some older homeowners, a reverse mortgage can be a way to supplement retirement income, consolidate debts or cover expenses, like health care. For scam artists, they can be a lucrative tool to fleece people in their 60s and up out of large sums of money, or even their homes.
What Estate Planning Documents Should You Have?
A majority of retirees—53%—have a last will and testament. However, most lack six other crucial legal documents.
What are Options for Powers of Attorney?
Powers of attorney come in different forms, each suited for a specific purpose. They serve as useful tools in any estate-planning effort.
How Do You Keep Inheritance Money Separate?
Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.
Is an Irrevocable Trust a Good Idea?
Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
How Can a Blended Family Use Estate Planning to Protect All of the Siblings?
No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.
What You Should Never, Ever, Include in Your Will
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes. For example, if you want to leave…
Estate Planning Is Best When Personalized
When something is tailored to one’s needs, everything can go smoother.
How Can I Easily Pass My Home to My Only Child?
I am a single retired parent to an adult daughter, who is an only child. The home I currently reside for the last 26 years still has a mortgage and the deed is in my name only. I have a will that states everything is left to my daughter, and then to my grandson, if she proceeds me in death. Should my daughter be added to the deed?
Should I Consider a ‘Life Settlement’?
A growing number of seniors are facing challenges to achieving financial security in retirement. From rising healthcare costs to the economic turmoil caused by Covid-19, financial stressors are leading even those who thought they saved enough for retirement to look for ways to bolster their income and savings.