For the Love of Your Family

Articles to LIFT Your Family

Should I Pay Off My Mortgage Now or Save More Money?

To many people, living debt-free is a lifelong dream. It’s the picture of the easy life. Retired with no debt. . . You may be surprised to learn, however, that debt-free is not always the best decision – particularly if the choice is between paying off a mortgage or using the money more wisely to […]

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Can I Benefit from a Reverse Mortgage?

It seems that we can’t turn on the television or radio without hearing an ad for a “reverse mortgage.” So what is a reverse mortgage exactly, and who can benefit from using one? A reverse mortgage is a type of loan taken out against your home.  With a reverse mortgage (as with a traditional mortgage) […]

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Holiday Bonus + Tax Refund Spending: Where to Put it For Max Return

Did you get a holiday bonus from your employer? Or maybe you have a tax refund coming.  If so, do you have any of it left, have you already got it spent in your mind, or are you thoughtfully considering how you can best utilize this surprise resource?  Annual bonus payments and tax refunds are […]

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Planning for Charitable Giving

January 1 wipes the slate clean for your tax deductible charitable contributions. That might be a good time to reassess your approach to donating to charities. Most of us respond to some of the appeals which come through various avenues such as unsolicited phone calls, campaigns at work, or church related charities. Whatever the source […]

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Retirement Planning Reality Check

The National Institute on Retirement Security states that the funds American workers have set aside for retirement are inadequate to the tune of trillions of dollars. Why? Well as the old adage goes, Failing to plan is as good as planning to fail. One of the first pitfalls in retirement planning is giving up before […]

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Estate Planning with Gifts to Grandchildren

If you are in your “golden years” and are looking for ways to spread your wealth, you should consider the various tools that will allow you to financially protect and benefit your grandchildren. Carefully planning your gifts to your grandchildren is not only a generous act, but can also be a financially wise move in […]

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How to Benefit from an Estate Plan When You Own Real Estate

Many parents believe that by adding a child’s name to a property deed, they can pass along the property outside of probate. Unfortunately, those who act on that belief often find they have invited more problems than they have avoided. This is because in many states, when more than one person owns property together and […]

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5 Steps to Fix Your Battered Retirement Plan

It’s no secret that a majority of Americans are ill-prepared for retirement.  A recent Forbes.com post detailed the 5 steps you can take now to being repairing the hole in your retirement plan: Pay yourself first. Set up an account that is not easy for you to access and start filling it with a significant […]

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Debunking 4 Common Myths About Gift Taxes

April 15 is not only the deadline for filing your state and federal income tax returns, but also the deadline for filing gift tax returns via IRS Form 709. Many people are confused about the subject of gift taxes.  While only two states — Connecticut and Minnesota — have a state gift tax, there is […]

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Family Loans Must Be Made Properly to Avoid Tax Repercussions

The recession made many parents and grandparents into personal bankers, making loans to strapped children or grandchildren to help them cope with unemployment or other financial misfortune. However, family loans need to be prepared properly to avoid tax repercussions.  Here are some tips on how to do that: Put loan terms in writing – the […]

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A Duty Checklist for Trustees of a Trust

It’s no misnomer that a position with so much responsibility carries the name “trustee”. After all, you have been entrusted with a solemn responsibility and you no doubt want to do the best possible job. Here are 10 things to do when you are appointed trustee of a trust: 1. Read the trust document, which […]

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