Q. My IRA is a significant part of my assets, and I wonder if there are any special considerations when planning my affairs? A. Yes. Consider the following: Name Beneficiaries: Remember to name both primary and contingent beneficiaries. If you are married, the primary beneficiary would typically be your spouse, but name back-up beneficiaries as… Read More »
Posts Categorized: Retirement Planning
New Protections For Widowed Homeowners Facing Foreclosure
Q. I hear there is a new law which protects widows from losing their homes in foreclosure when a spouse dies. Do you know anything about that? A. Yes. I believe you refer to the new California law referred to as the “Survivor Bill Of Rights” (SB 1150), effective January 1, 2017. SB 1150 now… Read More »
Property Tax Loan Program Helps Seniors and Disabled Remain In Their Homes
Q. Our property taxes are due soon and we worry that we may not be able to pay them, as my wife and I had large care expenses this year. Are there any programs that we might turn to for help? A. Yes. California lawmakers have reinstated a program called the “Senior Citizens and Disabled Citizens… Read More »
IRS Now Endorses Annuity Inside Traditional IRA
Q. I just heard about a new IRS rule that gives favored treatment to the purchase of an annuity inside an IRA. Do you know anything about that? A. Yes. You refer to the new IRS rule that allows an owner of a Traditional IRA to use a portion of his or her IRA or 401K… Read More »
Alert: Reverse Mortgage Rules About to Tighten
Q. I hear that qualifying for a reverse mortgage will soon become more difficult. Do you know anything about this? A. Yes, beginning March 2, 2015, all persons applying for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) program will need to pass a Financial Assessment. This is new! No longer will reverse… Read More »
New Reverse Mortgage Rule Protects Younger Surviving Spouses From Foreclosure
Q. I hear that there is a new reverse mortgage rule that protects younger surviving spouses from being forced out of their home when the older spouse dies. Do you know anything about this? A. Yes, a new HUD reverse mortgage rule went into effect on August 04, 2014, and seeks to protect certain surviving… Read More »
Dealing with the Home When Your Spouse Can’t Sign
Q. My husband has dementia and I wonder about my ability to refinance or even sell the home, as he cannot sign. The home is held in a Living Trust. Can you advise? A. The short answer is that it may be easier for you to sell the home than it would be to refinance…. Read More »
Helping Parents With A Private Reverse Mortgage
Q. My parents are in their 80’s and could use some financial help to remain in their home. Fortunately, I am in a position to help, but my parents are reluctant to accept gifts. I heard something about a family loan that works like a reverse mortgage. Do you know anything about this? A. Yes…. Read More »
How To Reduce The Premium Cost for Long Term Care Insurance
Q. My wife and I are looking into purchasing long-term care insurance policies for the future, but we are concerned about the premium cost. Are there any ways to reduce the cost? A. Yes. While long-term care insurance is a good way to plan for the future, the premiums are not inexpensive as you have… Read More »
Low Interest Rates Good for Borrowers, Bad for Retired Seniors
If you’re nearing retirement and looking forward to living off the interest of your retirement savings you may have to consider staying in the job market for another year or so. Interest rates have hit record lows recently; a turn of events which is good for homeowners and borrowers, but very bad for seniors hoping… Read More »