Location, Location, Location – 10 Worst States for Retirement Living

Where does one spend their golden years?  A recent USA Today article identifies the 10 worst states for retirement living – at least according to a recent MoneyRates survey. The list was developed using data from 5 major categories, including: senior population; economic conditions [including taxes, cost of living, and unemployment (more seniors are working […]

Never Assume – Here’s Another Reason Why.

People can be surprisingly nonchalant when it comes to beneficiary designations on retirement accounts and life insurance policies. They assume even if they have missed a beneficiary designation or it is out-of-date, the remaining account balance will automatically go to their surviving spouse or children upon death. However, a recent survey done by the National […]

December 31 Deadline Approaches For Mandatory Distributions From IRAs.

The December 31 deadline for taking required minimum distributions (RMDs) from individual retirement accounts is approaching.  One either takes the mandatory RMD from their IRA by year end or suffers the 50% excess accumulations penalty (plus interest!) on any required withdrawals that aren’t taken. Generally, an IRA owner who is at least age 70½ must take […]

Short Sales and Straw Men

A prospective client contacted me regarding the purchase of a house being sold at “short sale.” The prospect explained that the property owner is a relative, and the money to buy the property would be coming to the prospect through other relatives. The family desires to keep the property owner in the house after the […]

“I Don’t Want To Include My House In My Bankruptcy!”

And so began my conversation with a caller who wanted information regarding bankruptcy. He explained that he and his wife are afraid they will lose their house if their lender discovers they filed for bankruptcy. What bankruptcy filers sometimes don’t understand is that under the bankruptcy code, all of their assets and debts must be […]