What Happens When a Reverse Mortgage Borrower Dies
A home equity conversion mortgage, commonly known as a reverse mortgage, allows seniors to tap into the equity in their home. Unlike a traditional mortgage, the borrower does not make ongoing monthly payments to pay off the loan. Repayment is not required until the home is sold,
Preparing for a Natural Disaster
With all the news stories about Hurricanes Harvey and Irma, the destruction caused to Texas, Florida and Caribbean islands, and their aftermath, one story caught my eye. The deaths of 8 nursing home residents in Hollywood, Florida highlights the especially vulnerable position that the elderly face in
What is a QLAC? (Part 2)
In last week’s post I told you about QLACs, qualified longevity annuity contracts. This week I’ll delve into the pros and cons. As I stated last week distributions under a QLAC begin at a specified starting date that you choose but no later than age 85. There
What is a QLAC?
Chances are a QLAC is not something you’ve heard of but over time that may change. It stands for Qualified Longevity Annuity Contract and it’s a relatively new investment option. The term “qualified” may be a tip off to some that it is a type of retirement account investment.
Anatomy of a Scam
As far as scams go, it is not one that will cause anyone to lose their life savings. Maybe calling it a scam is not entirely accurate. At the very least the letter Joan received was misleading and confusing. As part of an asset protection plan we placed Joan’s
Irrevocable vs. Revocable Trusts – Is One Better than the Other? (Part 2)
Last week I explained that the initial reaction to irrevocable trusts vs. revocable ones is generally negative. People perceive there to be a loss of control or really a loss of the use of the funds transferred to irrevocable trusts. But, is that really true? No, it isn’t because
Irrevocable vs. Revocable Trusts – Is One Better than the Other? (Part 1)
When I talk about trusts – and specifically irrevocable ones – many people quickly reply that they don’t like irrevocable trusts because they don’t like the idea that they are losing control of their assets. They much prefer a revocable trust. Each type of trust has its uses but
Solving Only One-Half of the Problem
Joe called me because the hospital social worker suggested it. His wife, Mary had been in the hospital but was now ready to be discharged. However, Joe was just now coming to the realization that Mary can’t go home. He just is not capable of caring for her any
What to Do When You Have No One to Help (Part 2)
Last week I presented to you the hypothetical, but very common case, of Jane who is in the hospital and has acute and chronic health issues. She has no family or she is estranged from her family. The immediate problem is that she has no designated person to act
What to Do When You Have No One to Help
I have written often about the need for everyone to have a support system in place in the event of a crisis. Think about whom you would turn to if you needed help. For most people it would be family, a spouse, child, grandchild, sibling, niece or nephew. But,