Category Archives: Property

5 Ways for Congress to Back Retirees

By Jennie L. Phipps · Bankrate.com

posted Thursday, January 15, 2015

  • Being old and poor in the U.S. isn’t easy — or uncommon.

In 2010, about 26 percent of people 65 and older had individual incomes that were between the federal poverty level — $10,458 — and 200 percent of the poverty level — $20,916. Another 9 percent had incomes below the federal poverty level, according to the U.S. Census Bureau.

That adds up to more than a third of people 65 and older living on less money than it takes to enjoy a secure retirement. Continue reading

Trusts for Creative Spenders

Trusts can be quite useful for protecting children. However, for some children, the trust serves an additional function: It protects the principal from being rapidly spent by a child. These trusts have a specific name—they are called “spendthrift” trusts. Marla was visiting with her attorney Elizabeth shortly after her husband Harry passed away. She shared her concern for her youngest child, Joe.  Marla: “Harry and I were very fortunate to have four great children. I love each one of them very much. However, when it comes time to making decisions about inheritance, I have a big problem. Our older children Sam and Linda are quite good with financial matters. The third child Lynn is average, but our youngest son Joe is very carefree. If Joe has money, it is gone in a flash. What can I do?” Elizabeth: “This is a fairly common situation. Many parents would like to treat their children equally, but some children are very good managers and one or two are not. In your case, we hope that Joe eventually learns to become more responsible. But for the present plan, it makes good sense to provide Joe with spendthrift trust provisions.” Continue reading

Financial Planning

Atlanta CPA, E. Dennis Bridges, Answers Today’s Question about Family Finances

Question:  Help – we need to get on the right financial path before it is too late! My husband and I are in our early 60s and find ourselves wrestling with a host of financial issues, including elder care and estate planning as well as retirement planning. Can you provide us with some financial tips? Continue reading

Living Trust Choices

Published December 6, 2013 by The Foundation of the Tennessee and Memphis Conferences of the United Methodist Church

The living trust is becoming quite a popular estate planning strategy. It costs more than a will, but includes many features that are helpful during life and in your estate. Let’s review some of the basic principles of the living trust. Continue reading

Wills – Perils of Probate

Published October 24, 2014 by The United Methodist Foundation of the Tennessee and Memphis Conferences

Business Owner passed away on April 5, 1976, with an estate of $2.5 billion. Many people appeared claiming, “I am Business Owner’s heir” and submitted wills with themselves as beneficiaries. The court finally determined seven years later that none of the wills were valid and split the estate among 22 of the decedent’s cousins. The costs and fees to lawyers during administration of Business Owner’s estate were in the millions of dollars. Continue reading