Category Archives: Asset Protection
Special-Purpose Trust Can Help Parents Of Troubled Adult Children
Parents who find themselves at their wit’s end in trying to help troubled adult children, whether it’s due to mental illness or substance abuse, can at least take some definite actions to reduce the sorrow – their children’s and their own. According to a recent article in The New York Times, what are called… Read More »
Leaving Assets To a Minor Can Be Tricky
Samuel Johnson once said, “Hell is paved with good intentions.” He might have been talking about what can sometimes happen when people seek to leave assets to minor children, as was pointed out on the website estateplanning.com. “Every parent wants to make sure their children are provided for in the event something happens to… Read More »
Tax Law Revisions Allow Couples To Say ‘I Love You’ In Estates
Time was, one from Column A and one from Column B and a couple’s estate planning was pretty much a done deal. Times change. According to a recent article on the investment website Morningstar.com, changes in tax laws may have rendered an estate planning approach made famous by actor Humphrey Bogart obsolete. “For decades,… Read More »
Joint Accounts Can Offer More Pitfalls Than Practicality
While having joint bank accounts with family members or business associates offers some convenience, a recent article on the website Bankrate.com points out that there are a variety of risks to the practice. “Most consumers sock away cash into bank accounts, checking, savings, certificates of deposit, to maintain liquidity,” according to the item. “But… Read More »
Members Of Military Particularly Vulnerable To Identity Theft
Navy ID card (Photo credit: Lee Bennett)More and more states as well as the federal government are taking steps to protect military personnel and their family members from identity theft. That’s because it’s becoming more and more of a problem. “When your day job is protecting our country, you shouldn’t have to worry about… Read More »
Problem Of ‘Pension Predators’ Is Growing
The American Association of Retired Persons is warning older Americans to be wary of what the organization is labeling “pension predators.” (Photo credit: North Charleston) A recent item in the AARP Bulletin focused on the case of a disabled Navy retiree from Laurel, MD, named Darryl Henry, who served his country honorably for two… Read More »
Reverse Mortgages May Lead To Problems For Heirs
While reverse mortgages may seem like a panacea for people in their golden years, caution should be exercised to ensure that not only is something of the estate preserved for heirs but also that debt isn’t passed along, too. Reverse Mortgage (Photo credit: aag_photos) A recent story in The New York Times referred to… Read More »
Case Illustrates Hidden Danger Of Fund Transfers
It’s a cautionary tale, and proof that it’s rarely possible to have your cake and eat it, too. A recent court ruling taught a Virginia woman a harsh lesson about trying, basically, to scam the system. The woman sought to be able to qualify for Medicaid by transferring a large sum of money to… Read More »
Unmarried Couples Face Estate Planning Hurdles
People who choose to live together rather than get married, whatever their reasons, don’t love each other any less. But the law tends to think they do. “Unmarried couples do not have legal protections enjoyed by married couples, such as automatic inheritance rights and the ability to make decisions should a spouse become incapacitated,”… Read More »
How to Protect Your Partner Even if You Choose Not to Marry
According to the U.S. Census Bureau the number of senior couples choosing to cohabitate instead of marry (or remarry) has risen significantly. Although this may seem like a shocking choice that goes against tradition, the truth is that there are quite a few reasons why senior couples might choose not to tie the knot:… Read More »