Take a good look at the result of the parent loan for college. Tied up, captive, grimacing. That’s what my client’s situation looks like to me: Mid sixties Kids just graduated Parents liable for $250,000 in loans If college makes the life of the kids, it stands to ruin the lives of the parents. […]
Cheapskate’s Guide To Asset Protection
We’ve been looking for ways to protect our possessions since the beginning of time. The tools change, but the goal is the same: defend what’s ours against others. Today, the whole asset protection industry is built on keeping your wealth and stiffing your creditors. The gurus of asset protection, at least, get rich with elaborate schemes; […]
Financial Literacy Building Block: Compound Interest
Albert Einstein said compound interest is the 8th wonder of the world. Those who understand it, earn it. He who doesn’t, pays it. In other word, it’s a double edged sword. Terrific if you’re earning it. Debilitating if you’re paying it. And compound interest is a fundamental building block of personal financial literacy. […]
Will You Have Money For A Lifetime?
The financially literate manage their money for the long haul so they have money for a lifetime. In a world of biweekly paychecks and monthly billing cycles, it’s easy to let your perspective shrink to 30 day increments. But that view is incredibly short-sighted. Your working life isn’t everything Most of us don’t work for […]
Find The Lost Tax Deduction When Lender Misreports Mortgage Interest Paid
How can you pay thousands of dollars in mortgage payments in a year, and get a tax Form 1098 for a fraction of actual mortgage interest paid? That’s what my client wanted to know. His monthly mortgage payment is $2715. The loan is currently interest only. All the payments were made. And yet, the Form 1098 […]
Surefire Ways To Tell Scammers From Private Tax Collectors
Private debt collectors are going back to work for the IRS. You know those debt collectors: the ones that generated the most complaints to the FTC this year? The ones that get a cut of what they collect? The ones that aren’t subject to the same discipline as IRS employee? Those collectors. They’ll be […]
When Chapter 20 Bankruptcy Adds Up
You can look a long time in the Bankruptcy Code without finding Chapter 20. Chapter 7 is there; so are Chapters 11 and 13. But no 20. But you find it in bankruptcy courtrooms and in the arsenal of good bankruptcy lawyers. So, what’s up? Chapter 20 is really bankruptcy slang. It’s a Chapter 7 case […]
Taxes: Building Block of Financial Literacy
You’re a first time employee. Congratulations. Welcome to the world of tax forms, withholding, and tax deadlines. Taxes are the price we pay for civilization, according to Oliver Wendell Holmes. In fact, the first day on your new job you’ll be presented with an IRS form w-4. It’s like a rite of passage into adulthood. Even families […]
Your Creditors Lie In Wait For Your Kids
Is your legacy to your kids an encounter with your unpaid creditors? Debt problems for those over 65 may not be problems for the elder at all. Income and assets are largely protected by law from creditors. But that doesn’t trouble creditors: they’ll simply wait and get their money from your kids. Seniors enjoy protection […]
3 Things Turn Off This Bankruptcy Lawyer
Looking to find a bankruptcy lawyer. Then you need to know what makes a good bankruptcy client. A good bankruptcy lawyer doesn’t waste time with some kinds of prospective clients. TThat’s because an experienced bankruptcy lawyer can see trouble from the start. So what would make a bankruptcy specialist turn down work? That is, other […]
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