Last week, we discussed financial powers of attorney and how they are increasingly being dishonored. You may think that you have the answer to the problem by using joint ownership. You may have been told by the teller that with …
Articles
Protect Yourself From Insurance Loss
You had a fire and the home is a total loss. Over the years, you have spent tens of thousands of dollars on furniture, furnishings and other household items. You have spent similar amounts on clothing, jewelry, toys and other …
Now What Do We Do With the House
Mom and Dad are no longer with us, but they left the house to the kids. What is going to happen? What do you do? The answer is: “It depends.” But on what? It depends upon how the property is …
Buyer Beware When Purchasing Vacation Jewelry
When you go on a trip, you always seem to see lots of jewelry stores at your vacation destinations, especially in the Caribbean. Why is that? Think about it. There are multitudes of new potential customers every day. Because they …
Keeping Home in Family Easier
Starting January 1, 2015, keeping the home in the family has become easier. Many family transfers will no longer result in the uncapping of the property taxes, making the property more affordable for the family. Since Michigan adopted Proposal A …
Taxation of Tax-Advantaged Accounts
My daughter Elizabeth recently graduated from college and in a couple of weeks will begin her first “real” non-temporary job. For the first time in her life, Elizabeth will be able to sign up to participate in an employer retirement …
Funding Real Estate into Your Trust Not as Simple as a Quit Claim Deed
You have your trust. You felt pretty good having it done. But then you were told that your trust will not work the way you want it and avoid probate unless you fund it. But what is this funding and …
Protect Yourself From Medicare Fraud
There has been a lot a talk lately in the news about Medicare fraud. But how do you protect yourself? Before we can talk Medicare fraud, we have to discuss Medicare. Medicare is federal major medical insurance program principally for …
Is Your Home an Asset or Liability
Home ownership, the American dream, or is it? Last month, we discussed how many seniors are simplifying their lives and downsizing their homes, oftentimes foregoing home ownership altogether to become renters. The Federal Reserve recently reported that the increasing real …
Savvy Saving for Yourself
You have worked hard all your life. You scrimped and saved. You sacrificed to provide for your family. The kids are out of the house and on their own. You have saved a tidy sum. You do not seem to …