A trust by definition is a stand alone instrument which is a legal entity. The details of the trust are devised by you in conjunction with consultation from accounting and legal professionals. State and federal laws must always be considered when doing any type of estate planning. Trusts have gained favor in recent years. An estate planning professional who knows your wishes along with accurate financial details of your estate can assist in determining if a revocable or irrevocable trust … [Read more...] about Revocable And Irrevocable trusts
For many years, it was the American dream to own a home. In later years it was the American dream to own the home debt free. Burning the mortgage papers was a celebratory passage. However for those approaching retirement paying off a mortgage has its' positive and negatives. Many factors both financial and emotional should be taken into consideration when deciding if or when a mortgage should be paid off in full? Financial And Emotional Considerations Debt Free Retirement Is it a primary … [Read more...] about Pay Off A Mortgage For Retirement?
Estate planning is not limited by age. All individuals should have an updated and accurate estate plan in place. This guarantees your wishes will be followed during your life should you become incapacitated and after your passing. It is always recommended that a professional be consulted and the document be drafted by a professional. What is the Difference Between a Power of Attorney and a Durable Power of Attorney? A power of attorney is a document in which a trusted person is named to … [Read more...] about Estate Planning Basics
The United States is seeing an increase in seniors or the elderly taking out reverse mortgages on their paid off homes. It may appear to be an attractive option but proceed with caution when considering obtaining a reverse mortgage. What Is A Reverse Mortgage ? In simple terms a reverse mortgage is a lump sum of money borrowed against your paid off house. The reverse mortgage is only to be repaid once the home is sold after death or relocation. Implications Of A Reverse Mortgage … [Read more...] about Should An Aging Parent Consider A Reverse Mortgage ?