Retirement is supposed to be the golden years. However, today the issue of how much money you need in retirement is becoming a much more complex issue. Although it is important to save for retirement, you shouldn't scrimp and deprive yourself for a retirement that may never happen. The big problem is running out of money while you are retired. … [Read more...]
President Obama Orders the Creation of New Retirement Accounts
On Wednesday, January 29, 2014, President Obama gave his State of the Union address. During the course of his address, he ordered that a new type of employer sponsored saving account be created for the purpose of helping people save for retirement. The President suggested creating this new class of retirement saving account would help middle class … [Read more...]
Foreclosure Action Stopped by Death
Nettie Francis had executed a mortgage. The holder of the mortgage brought a foreclosure lawsuit against her. In May of 2010, the court had declined to sign a proposed judgement of foreclosure and sale. The court took this action because there had not been a submission of an order showing the mandatory residential foreclosure court conference had … [Read more...]
Reverse Mortgages
A reverse mortgage is a means by which seniors utilize the equity in their homes. The equity is turned into cash. It can be used to supplement social security, pension payments, and 401K plan withdrawals. In most situations, the proceeds of a reverse mortgage are taken out in a lump sum. Arrangements can be made to have periodic payments over … [Read more...]
Retirement Financial Pitfalls
Planning for retirement is difficult. Today, nest eggs are much smaller than they have been in the past. Many individuals and families plan for retirement at the last minute. This can cause problems. Save And Invest Americans need to save today, not tomorrow. It takes a lot of will power to forego today’s pleasures and have money for the long … [Read more...]
Guardian Allowed To Help His Ward Prepare A Will
Justice Alexander W. Hunter sitting in the Supreme Court, Bronx County recently had an unusual case presented to him. A daughter brought a proceeding in a guardianship. She requested the court take action to prevent a court appointed guardian from retaining an attorney to draft and execute a new Last Will and Testament for her father. She took … [Read more...]
Estate Planning Problems: Computer Codes
Computers codes are the new frontier concerning Estate Planning issues. Should a senior become disabled, uncommunicative or die, access to his or her online accounts are creating major estate planning problems. Without the password to an online account it is virtually impossible to get into the account. Yahoo and Google will only provide passwords … [Read more...]
Why You Need A Living Will
End of life issues are difficult to face. Everyone that lives will eventually die. If you want to make your own choices as to how you're cared for, should you become gravely ill, it is important that you have a Living Will. A Living Will is an advance directive that explains to your loved ones and your physicians what type of life prolonging … [Read more...]
Why Create An Irrevocable Trust?
Irrevocable trusts cannot be changed. They are permanent trusts. Asset Protection: When you place your assets in irrevocable trust, you remove ownership and control of those assets from the creator of the trust. These types of trusts are used for Medicaid planning purposes. It should be noted that there is a five year look-back period for … [Read more...]
Trustees: Who are They and What do They do?
A trustee is the person who administers a trust. A trust can have one trustee, two trustees, or multiple trustees. In theory the trustee is the owner of the trust assets. Trustees supervise the disposition of the trusts assets. They handle investments and, in some types of trusts, they make periodic payments to beneficiaries. Trustees must … [Read more...]
