KYW's Salil Gutt
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Who Gets Inherited Money in a Divorce?
Here are some things parents can do to keep money in the immediate family and not have it go to errant children in law.
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To Buy or Not to Buy Long Term Care Insurance
There is a tussle going on among financial planners. Is it worth recommending clients buy long term care insurance.
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Splitting Retirement Accounts in a Divorce
For many families retirement accounts are where the bulk of family wealth lies. So financial planning and attention to detail in the event of divorce becomes important.
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Hanging Tough in Turbulent Markets
The past few months has been a rough ride for investors in real estate and the stock market. It's when the market plunges that we understand our true tolerance for risk.
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Managing Risk in Retirement
Most of the information on retirement focuses on investments or how to draw down your savings smart. One aspect tends to be overlooked: recognizing and managing risk.
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Planning for the Federal Estate Tax
Many of us have put off planning for the federal estate tax due to the uncertainty of the economy in this election year. However, there is movement in this area and here's what the pros expect to have happen.
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Many Americans Delaying Retirement
Many of us are delaying retirement. The decline in family wealth in these trying times is the main reason. Here are some safeguards for would-be retirees.
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Lessons Learned in These Hard Times
The first quarter of 2008 is one investors would sooner forget but history has shown this storm too will pass. In the meantime, there are lessons to be learned for all investors.
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Going Roth in 2010
There is a financial decision that is creating a lot of buzz - to convert or not to convert to a Roth IRA in 2010.
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A Huge Pitfall with Reverse Mortgages
Reverse mortgages are a complicated financial product and many seniors are getting snared by aggressive sales people interested more in the commission then their clients.
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Health Insurance for Grads
Graduation is still a couple of months away but not too early for health insurance for newly minted college grads.
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Solo Defined Benefit Pension Plans
Here's a tax filing tip that can save a bundle though, admittedly, its audience is small.
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Beware: States Pushing Long Term Care Insurance
As a means to cut Medicaid bills which provides free health care to the poor, states are establishing partnerships with long term care insurance companies, often to the detriment of buyers.
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Bi-Weekly Mortgage Programs Not Worth It
Mortgage companies often offer bi-weekly programs, for a fee. Don't bother signing on the dotted line. You can do it for free!
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401K Plan Lawsuits May Increase
The US Supreme Court recently ruled that individual participants can now sue 401k plan administrators for breach of fiduciary responsibility.
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Setting Priorities for Personal Financial Goals
Here are my recommendations for a short list as to how a family should ideally prioritize their money goals.
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Free Tax Return Prep for Low Income People
Tempted by ads for 'instant refunds' or 'refund anticipation loans' on your taxes? The IRS offers a better alternative, and it's free!
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Do Income Annuities Make Sense for Retirees?
As you near retirement, there are a few things you can do to minimize risk which might make consideration of annuities irrelevant.
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A Sweet Spot for Income Investors
The window may not remain open for long but it is possible to get a yield of around 7 to 7.5% on preferred stocks of the giant financial service firms.
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An Investment Loss Vs. a Tax Loss
Personal finance articles are urging investors to dump their losers to harvest tax losses as savvy year-end tax planning. A good strategy but with one problem.
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Powers of Attorney May Be Imperfect
A power of attorney is a key component of every estate plan. However, some powers of attorney may be imperfect. Here's why.
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Creating a Stretch IRA
In my last report, I outlined a couple of strategies for distributions from inherited Individual Retirement Accounts. There is another twist on this to create what is known as a stretch IRA. Here's how it works.
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What is a Vesting Schedule?
Misunderstanding of a very simple financial concept is costing individuals a lot of money. The concept of a vesting schedule is little understood.
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The Fine Print With High Deductible Health Insurance
The rising cost of health care has pushed employers and self employeds into the hands of high deductible health insurance policies also called HSA compatible policies. Beware.
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How To Get Started in Stocks
Many of us are reluctant to invest in the stock market because of a perception that several thousand dollars is needed to get started. Not true.
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Teaching Kids About Money
The majority of young people today are woefully ignorant about personal financial matters. Many parents are simply not talking to their kids about the specifics of money.
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A Sure Fire Way to Prevent Identity Theft
There is one sure fire way to stop identity theft dead in its tracks. Freeze your personal credit reports.
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Proving State Residency for Tax Purposes
For those with two homes, shifting your residency for tax benefit is not a simple matter of just declaring your residency to be in a certain state.
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Transition to Retirement Can Test a Marriage
Many couples are discovering that the transition to retirement is one of the toughest tests for a marriage, financially and socially.
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Medical Identity Theft on the Increase
There is a new form of identity theft we should be aware of - stolen health care or pharmacy ID cards.
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Tuning Up Your Estate Plan
A new year is always a good time to tune up your estate plan. Even if your wills are in order it is important to check on a few things to ensure some items have not fallen through the cracks.
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How to Shop for Your Funeral
Many of us are reluctant to face death like a smart shopper. However, failure to do so could result in final costs ballooning out of control.
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How Much to Invest Overseas
Stock markets overseas, particularly in emerging markets, have outperformed the US stock market handily every year over the past five years. So how much should one invest in overseas stocks?
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Tips on Investing in 2008
The Wall Street Journal polled a dozen savvy pros in the investing world for applying lessons learned in 2007 to investing in 2008. Here are three common themes.
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Your Life Insurance Policy May Die Before You
There is something disconcerting happening in the life insurance industry. Consumers who could be affected are those who bought cash value policies like whole life, variable and universal life insurance policies.
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New Types of Annuities for Retirees
What retirees want most from financial companies is a product that mimics social security. But, that won't happen so here are the three options to consider.
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Special Needs Trusts for Disabled Children
Many parents are worried about how their disabled child will be taken care of after the parents die. One solution is a 'special needs' trust.
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Having Elderly Parents Live in the Family Home
Members of the sandwich generation are embracing new and creative ways of taking care of their elderly parents. One idea rooted overseas is striking a chord here in America.
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Reverse Mortgages Get Better
One segment of the mortgage industry is still hot. Reverse mortgages to seniors. Here are a few changes.
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Renters Affected As Landlords Default on Mortgages
Most of us tend to associate defaults on sub prime mortgages with residential home owners. Unfortunately, this problem has also snared some renters.
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Whether to Buy a Long Term Care Policy
Consumers are starting to fret over the costs of long term care insurance policies. Must you absolutely have a long term care policy? Here are some guidelines in helping you decide.
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Dividend Growth Investments
Here's an investment idea that gives you a tax break on the income and growth in value.
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How to Repair a Poor Credit Rating
A poor credit rating can be improved. However, you need to work through the process in a systematic manner.
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The Quirks of the College Financial Aid System
There are so many quirks in the college financial aid system that a whole industry of consultants has sprung up to help families navigate. Here are some suggestions.
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Don't Be Snared By the Alternative Minimum Tax
The Alternative Minimum Tax is expected to maul some 23 million tax payers in 2007. Congress is debating a one year fix of the problem but here's a quick primer.
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Bunching Tax Deductions
Every December there's a last minute rush to tax advisors in a last ditch effort to reduce the years income taxes. Here is a surefire way to do just that.
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Managed Payout Funds Target Boomers
The marketing machine of financial firms has found the Holy Grail. Pitching mutual funds that offer retirees an income stream they can never outlive.
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Municipal Bond Exchange Traded Funds
This is how municipal bond exchange traded funds compare to traditional municipal bond funds.
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The Hidden Danger of Rolling Over a Pension Plan
Job changers are often urged to roll their employer-sponsored retirement plans into an individual retirement account but there is a hidden danger.
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Living Expenses in Retirement
There is a virtual tsunami of articles on retirement planning. The best way to figure a formula for expenses, I think, is to start with a clean slate.
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Choices With 401k Plans When Changing Jobs
Job changes necessitate an important financial decision. What to do with the money in 401k or similar employer sponsored retirement plans. Here are some choices.
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Develop A Roadmap for the Surviving Spouse
The death of a spouse is always tragic. Leaving an estate in disarray compounds the tragedy. Here's how to create a road map for a surviving spouse.
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Helping Your Children Get A Good Credit Report
Having a good credit report and a high credit score is critical. Here are two options for helping your children.
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Immediate Annuities
There is an insurance product which perfectly meets the needs of customers in this age of increasing life expectancies but don't go overboard.
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Investing for a Weak Dollar
The dollar is hitting new lows against all major currencies and the outlook for an even weaker dollar will accelerate the types of investments currently being used.
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Renting Retirement Housing Makes Sense
Many seniors continue to downsize and move to warmer climates. The conventional wisdom is to buy real estate but there is a case to be made for renting instead.
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Structured Notes: Faux Equity Indexed Annuities
Structured notes appear to be equity indexed annuities in disguise.
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Pentagon Going After Crooked Financial Advisors
We generally think war profiteering involves fraudulent sale of weapons and military supplies. Unfortunately, war profiteering also applies to the financial services industry.
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Financial Planning for Early Retirement
The media has latched onto early retirement as the next big thing. If early retirement strikes a chord with you there are certain financial planning steps you must carry out.
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Time to Sell Asia Stock Funds
Asian stock markets have been on a tear, with some mutual funds averaging returns of 35% a year over the past five years. It's time to start selling.
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Writing Off Personal Bad Debt
Many of you may have made loans to friends and family that went bad. Fortunately Uncle Sam will subsidize the loss if you feel the loan is uncollectible.
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Say Hello To Medical Tourism
With healthcare costs skyrocketying here in the US, many developing countries are opening hospitals that look like five star hotels and courting Americans by offering comparable surgeries at a significant discount.
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Many Seniors Are Selling Their Life Insurance Policies
There is a financial option for seniors that has been flying under the radar. It has the power to deliver a windfall.
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Wall St. Resists Changes to 12b-1 Fees
Investors have gotten very savvy about the impact of investment fees and expenses on the long term returns from their portfolios but some mutual funds may be more costly than they appear.
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One Cannot Disinherit a Spouse
Estate planning is not necessarily as simple as a will which leaves everything to a spouse and then equally to the kids.
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Protecting Your Assets From Creditors
Sometimes there comes the need to protect one's personal assets from creditors. Here are some actions to consider.
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How Much Debt is Too Much???
The pressures of too much debt can keep one up at night. Here is a simple formula for figuring out where you stand.
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Make Living Debt Free Your #1 Goal
Stories abound of the tremendous pressure on families carrying lots of debt. Here are some tips to minimize your financial burden.
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Bad Ideas For Charitable Donations
We Americans donate some $250 billion a year to charity. It is important to give, but also important to give smart. Here are two bad charitable gifting ideas.
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How to Buy Real Estate Smart
It's hardly news this is now a buyer's market in real estate. These could be the best of times for those in the market to buy a home or a second home. Here are some items to pay attention to.
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Time to Buy Into the Housing Sector
Every few years an industry group gets slammed, then growth resumes with a vengeance. Now it's housing and real estate's turn, which means there are ripening investments.
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Lessons Learned From a Falling Stock Market
At a point, the Dow Jones Index fell 10% from it's high of 14,000. In industry lingo this is a ‘market correction’. There are two lessons to be learned here.
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Unified Managed Accounts - or UMAs
Full service brokerage firms are now offering 'wealth management' to average investors by way of Unified Managed Accounts - or UMAs. This is how they work.
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When to Start Collecting Social Security
An important decision for couples nearing retirement is when to start collecting social security retirement benefits. This is not as simple as it sounds.
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Question Financial Planning Credentials
With the tremendous need for financial planning services, buyers should beware of the proliferation of 'professional' designations.
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IRS to Revive Random Audit Program
The IRS is reviving a controversial program. Random tax audits will start this October.
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Preferred Stocks Are Good Source of High Yields
The search for higher income investments often entails taking more risk. Consider preferred stocks as a relatively safe option.
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New Types of Long Term Care Insurance
Long term care insurance has consumers in a bind. Here's what you need to know.
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Post-Nuptial Agreements Gaining Favor
Post-nuptials are gaining favor in financial and estate planning. Post-nups are similar to pre-nups but are executed and signed after a couple is married.
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The Foreclosure 'Rescue' Racket
Foreclosure 'rescues' are anything but. While they are unethical, unfortunately they are not illegal in most states.
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Shopping for Certificates of Deposit
Certificates of deposit, or CD' s, belong in every portfolio. Here's the smart way to shop for them.
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Investors Eye Int'l Real Estate
Despite the recent slump in real estate in the United States, investors have profited handsomely over the years. Savvier players are now turning to real estate opportunities overseas.
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How to Track a Lost Pension
Many people have lost track of pension benefits due them from past jobs. Here are a few tricks for finding them.
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Safeguards for the Annual Credit Report Program
To protect consumers vulnerable to identity theft, the Federal Trade Commission permits you to look up your credit report for free every year - but there are some pitfalls.
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Durable Powers of Attorney
The emphasis on living wills is not just about medical directives. Planning for one's personal finances for that time also becomes very important.
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Safe Retirement Projections
There are many online retirement planning calculators but the projections are only as good as the data you provide. In some instances it could well provide a sense of false confidence.
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Deadline for Filing IRS Pension Form 5500
If you are a sole proprietor or own a small business, you probably have a profit sharing pension plan for yourself or your employees. There is a deadline looming you should be aware of.
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Investigators Widen Probe Into 'Free Lunch'
Regulators are really scrutinizing those "free lunch" investment seminars where seniors face a high pressure pitch to buy inappropriate and high commission/high fee investment products.
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Boomerang Kids
Is your post college kid back in his or her room at the house? If yes,you are not alone. Here are some financial restrictions parents might want to consider.
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Telemarketing Fraud Targets Seniors
Seniors are particularly vulnerable to telemarketing fraud and many companies sell lists called "suffering seniors" or "oldies but goldies" so that the crooks can ply their trade.
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Now is the Time To Test Your Risk Tolerance
Everyone is smiling when the stock market heads north and the pundits forecast rosy times ahead. It is precisely the time for a prudent investor to step back and pause.
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Insurers Pushing Variable Annuities
One of the worst financial products is variable annuities. Here's an explanation.
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QTIP Trusts Protect Childrens' Inheritance
Generally trusts created are tax driven but there is one type of trust which is control driven. QTIP trusts protect your childrens' inheritance.
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Withdrawing Money Early From IRAs
There is a way to tap into money from Individual Retirement Accounts -IRAs - without penalty before age 59.5.
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Software For Taking Stock of Your Worldly Goods
There is some neat software available to help inventory your personal possessions, thereby improving the chances you'll be reimbursed by your insurance company in the event of a hurricane, flood or natural disaster.
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Challenge Your Property Tax Bill
Many municipalities are jacking up property taxes to reflect increasing home values. A little research could save you a lot of money.
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Errors Designating Heirs in Retirement Plans
Money in retirement plans is distributed outside of a will. It goes to a beneficiary appointed by you at the time you created the plan. Here are some of the mistakes being made.
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Financial Planning for Unmarried Couples
The financial benefits of marriage are not available to unmarried or non traditional families. Here is a brief primer on financial planning for unmarried couples.
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Saving For Long Term Care Expenses in Retirement
Some financial planners are asking clients to save separately to meet health expenses in retirement. Use a Health Savings Account.
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Changes Afoot in Credit Card Industry
With the average household carrying thousands of dollars in credit card debt, the democrat-controlled Congress is pushing for user-friendly changes in the industry.
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Debt Collectors Targetting Social Security $$
A page one story in the Wall Street J ournal focused on how creditors are grabbing social security money from vulnerable seniors.
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Retiring Overseas
Many Americans are choosing to retire abroad. Mexico and Canada are the most popular but Panama is now the hot new retirement destination. Here are some things you should know before you go.
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Hiring Home Health Care Aides
There is a shortage of home health care workers, and this problem is going to get more acute with an aging population.
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