WEEKLY FOCUS – Trusts Can Provide Solutions to Planning Quandaries

Trusts are often associated with end-of-life planning to ensure assets are managed and held for another person’s benefit. They’re used to ensure assets are distributed exactly the way you want. They can help avoid the headache and expense of probate court, provide protection from lawsuits and creditors, and solve other financial challenges. But trusts can be useful in other types of financial situations as well. There are basically two types of trusts. Revocable trusts can be modified, and the grantor remains in control. Once an irrevocable trust is established, it can’t be modified, and the grantor gives up control. It’s important to be familiar with the pros and cons of each. The following

Making up for Lost Time

Almost 60% of Baby Boomers admit being behind in saving for retirement, and there are untold others who don’t even know where they stand. So if you’ve procrastinated you are not alone, but there’s hope. Here are some tips for catching up, even if you are off to a late start. Save More--Would you really miss another 5% of your income, if it were taken from your paycheck and automatically stashed away for retirement? You could adjust, couldn’t you, by cutting some expenses or adding to your income by moonlighting? Get on Track--Unless you have figured out how much you’ll need to save for retirement, your retirement plans are based on wishful thinking. The internet abounds with sites you can us

Should You Keep the House After Divorce?

Question: My husband moved out of the house six months ago. I don’t think I can afford to buy him out, and so I am considering moving into the rental condo we have, which means we’d sell our house. But my husband thinks that I should stay in the house until our son leaves for college in four years, and he’s willing to delay selling the house until then. What do you think is the best option for me? Answer: You and your husband may each to exclude up to $250,000 of gain when you sell your home, if you have both lived in it for two of the five years before sale. If your husband has been gone from the house for more than three years when it is sold, there is a way you can both still qualify for

Take Care of Your Health during Divorce

Going through a divorce is stressful, and that stress can have a serious impact on your health. The greater your stress, the worse your health becomes. The worse your health becomes, the more costs you face related to your health and the lower quality of life you experience. Dealing with health issues, expensive medical costs, and a lower quality of life only increases your stress, forcing the cycle to repeat again and again. While there is probably no way to avoid massive amounts of stress during your divorce, it is important that you look after yourself throughout the process so that you can come out the other end in strong emotional and physical health. The Burden of Divorce Even if your

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