Talk to Loved Ones About Your Estate Plans
Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you do not want your children to realize how much they may receive after your death, or perhaps you think your choice of heirs could change in the future. If you do not discuss your estate plans, disagreements and […]
Read More
Divorce and Finances
While divorce may end a marriage, it does not end obligations to one another. In many relationships, one spouse is more financially well-off than the other. In a divorce, this earning discrepancy means that the poorer partner is entitled to receive spousal support, or alimony, to help them establish a new, post-divorce life. Alimony may be […]
Read More
Nervous About Signing for a New Mortgage?
Taking on a mortgage is a major life event and a significant financial step. People often enter into their lenders at closing without really knowing what to expect. Unfortunately, after signing dozens of documents, they are left unclear and slightly confused about what they have signed and why they signed it. In an effort to […]
Read More
A Fresh Look at Distributing Inherited Assets
In theory, parents can get as specific as they want, deciding which children and grandchildren should get the fancy lamp from the living room or the painting of the ship in the dining room. But unless they are items of great intrinsic value, that usually isn’t done. Even if an estate is left equally to […]
Read More
How Much Should You Be Spending on Your Mortgage Each Month?
Typically, the single largest investment that you will make in your life is your home. Whether you are a new home buyer, sizing up for a growing family, or downsizing in retirement, be sure that you are able to maintain good financial health. Well before you start looking at homes, make sure that you understand […]
Read More
Why Are There So Many Credit Scores?
Most lenders today rely on your FICO credit score to determine whether to approve your application for a mortgage and when assigning an interest rate to your loan. Generally, the higher your FICO score, the lower your interest rate. Most lenders consider a FICO score of 800 or more to be excellent. You can expect […]
Read More
The Wisdom of Establishing Payable-on-Death Accounts
Payable-on-death accounts (POD) — sometimes referred to as transfer-on-death accounts (TOD) — are a type of account that, at the owner’s death, allows the money remaining to pass directly to the beneficiaries named by the account owner. They offer an easy way to keep money out of probate. Establishing payable-on-death accounts is easy. Just properly […]
Read More
Understanding the Difference Between a Will and a Living Will in Connecticut
In Connecticut, there are distinct legal documents that serve different purposes when it comes to estate planning and healthcare decisions. These documents often include a will, and a living will. While both play significant roles in outlining an individual’s wishes, they serve different functions and address different aspects of a person’s life. Let’s delve into […]
Read More
Retiring Early Requires Planning
Retiring early is a goal for many people. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women and around 62 years old for people whose highest level of education is a high […]
Read More
Protecting Assets of a Parent in Failing Health
When you’re contemplating your old age — or caring for someone who is elderly — you first have to focus on three key items: Taking care of oneself and one’s possessions. To whom do you wish to leave a particular possession? Ensure that you have a valid up-to-date will or trust documents, and a durable power […]
Read More