Assets and asset distribution are the foundation of any estate plan. You want to make sure that your financial goals after death are met. You also want to ensure that your heirs are taken care of according to your wishes. Deciding what will be done with your assets by creating an estate plan ensures your [...]
Senior homeowners who need cash can use their home equity to take out a reverse mortgage. Reverse mortgages can create problems for borrowers' spouses, especially those younger than 62. When the borrower sells the home or dies, the surviving spouse is then responsible for paying the loan in full or face eviction. Many seniors were [...]
If you are divorced, you may collect Social Security benefits on your ex-spouse's record provided you meet certain qualifications. You are at least 62 You are unmarried You were married to your ex-spouse for at least 10 years Your ex-spouse qualifies for Social Security retirement or disability benefits. You do not have to meet the [...]
If you are unhappy with what was bequeathed to you in your loved one's will, you can contest it. Contesting a will, however, is not a simple matter of vehemently disagreeing with your deceased loved one's wishes. You must have a vested interest, meaning you will inherit whether or not there is a will or [...]
To avoid conflicts or bitter feelings that may arise when your will is read after your death, you could include a “no-contest” clause in your will. When a will contains a no-contest clause, any heirs who challenge the will and loses may get a lot less than what was left to them, if anything at [...]
Reverse mortgages are a good way for cash-strapped homeowners over 62 to use the equity in their homes to get a loan. The loan does not need to be repaid until the home is sold or the borrower dies. For heirs, however, reverse mortgages can pose problems they may not be prepared to deal with. [...]
Your life insurance policy may be taxed after you die, unless you take steps now to keep that from happening. Policies that name a spouse as the beneficiary are safe from being taxed. The policies that can be taxed are those that name someone other than the spouse as the beneficiary. What You Need to [...]
People love their pets. For most people, pets are considered family members. We care for them like they are our children, and we mourn for them when they are no longer with us. You would think folks who love their pets so much would not even consider leaving them out of their estate plan, but [...]
There are variable annuities on the market that offer “living benefits”, which are being marketed to seniors. They may sound appealing, but are these types of annuities really worth looking into? According to the AARP, living benefit annuities are primarily peddled by insurance agents, financial planners and stockbrokers. Living benefit annuities are a combination package [...]
Annuities are contracts between yourself and an insurance company, to whom you agree to make periodic payments or a lump sum payment. In return, you receive period payments from the insurance company starting either immediately or at a specified date. Annuities are either fixed, variable and indexed. With fixed annuities, the insurance agrees to pay [...]