If you set up the proper will or trust, you have the basics of a very strong estate plan. But without one or both of these tools, you are really courting financial disaster. Having said that, it’s important to understand that not every asset is controlled by your will and/or trust. In fact, most are […]
Does an Optimist or Pessimist Invest Better?
Are you an optimist or pessimist? With the market reeling and rocking these days, it’s a good question to ask yourself. And it’s a crucial issue if you want to make smarter investments. Either way, there are real repercussions. If you are a pessimist you’ll always be on the lookout for risk. That’s good generally […]
Is Investing The Same As Gambling?
Have you ever felt that investing is like gambling? You put your money down and you take your chances. Right? Well…….it can feel like that. And it can actually be like that. But it does not have to actually be that way. Like gambling, investing entails risk. This is true whether you invest passively or […]
IRA Rollover Rule Changes – What You Need To Know
The U.S. Tax Court recently changed the rules with respect to IRA rollovers big time. Once those changes take effect, it will be much harder to use your retirement assets to cover a short term need unless you are willing to pay taxes and penalties The Background Up until now, taxpayers were allowed to withdraw […]
How to Avoid Family Probate
Unless you are gluten for punishment, do everything you can to avoid probate. Jim’s parents didn’t and it cost him over $200,000. Before I tell you Jim’s story, let me give you some background. What Is Probate? When you die, there needs to be a mechanism to pass whatever you own (your estate) to someone else. […]
Newly Married With Debt – What to Do
Debt is so common today, especially among young people. There are student loans, credit cards and car loans and everyone seems to have them. For that reason, it’s easy to underestimate the significance of debt when getting married. We tend to see debt as very personal, as if it’s our space. But once you get […]