When a Loved One Dies
After a loved one dies, there are many issues which need to be addressed to wrap up the person’s legal and financial affairs. The following is a checklist of issues to consider: The funeral home should take care of providing…
Is It A Good Idea To Have My Son Or Daughter On My Bank Account?
I often meet with clients who want their adult children to be able to access their accounts to help out with writing checks or paying bills on their behalf. However, this good intention can create a very serious risk of…
Video on the Drawbacks of D-I-Y Estate Planning
[youtube http://www.youtube.com/watch?v=suxnQifqrU4]Do you have estate-planning documents that were drafted using an online service? In a 2013 Northwestern Mutual webcast, 30% of those watching reported they have—or know someone who has—estate planning documents that were hand written or created using an…
Scam Involving Property Deeds
For the past several months, we have received several phone calls from frantic clients who have received an official-looking letter from a company called “Property Transfer Services” which contained language that indicated that some transfer of their property had taken…
California Widow’s $27-Million Estate Goes to Alzheimer’s Group
Here's a really cool story from the West Coast: A childless widow who lived privately and modestly in a small Southern California city has left her entire $27-million estate to the Alzheimer’s Association of Orange County. The bequest from Helen…
10 Facts Funeral Directors Don’t Want You to Know
Funerals are among the most expensive purchases many consumers will ever make, ranking only behind the purchase of a home and an automobile. A traditional funeral, including a casket and vault, costs about $6,000, although “extras” like flowers, obituary notices,…
Year-End Tax Planning Tips for Seniors
With the holidays in full gear, it’s time to do some planning that can help reduce your tax bill this year. Recently, U.S. News & World Report published an article geared specifically to seniors. Always be mindful of both federal…
The Roth IRA “Back Door” Stategy
If your income is too high, you can’t contribute directly to a Roth individual retirement account, but you can get one in a "backdoor" way. Step 1: Open a traditional IRA (in your case, it’s nondeductible). Step 2: Convert it…
Social Security Super Secrets For Married Couples
Social Security may be broke and busted but it’s still writing checks; get all to which you are entitled before it changes. Here are three "super secrets" for married folks: 1. Pick which retirement you want; yours or your spouse’s.…
Inside Joe Paterno’s Estate Planning Ploy
Joe Paterno's transfer of home ownership to his wife in July most likely was not an attempt to shield assets before a sexual-abuse scandal hit Pennsylvania State University's football program. Instead, the move by the legendary coach more likely was…