As someone struggling with debt, you have likely dealt with debt collectors before. It is their job to collect on the money that you owe. But the Fair Debt Collection Practices Act (FDCPA) ensures that debt collectors cannot overstep their bounds when fulfilling their...
Bankruptcy options available to sole proprietors
The different options available to file for bankruptcy can be confusing. As an individual, you may find that some options are only for businesses, and vice versa. However, if you operate a sole proprietorship, you may find that there are many more options available to...
Can you sell your home in Chapter 13?
Many people who enter bankruptcy worry that they will lose their home. Since the intent of bankruptcy is not to leave you destitute, you stand a good chance of holding on to your house. But what if you have petitioned for Chapter 13 bankruptcy and you want to go ahead...
How difficult is it to rebuild credit after bankruptcy?
If you are one of the millions of people who recently went through bankruptcy, you are now ready to begin your new financial life. Unfortunately, you had to give up all your credit cards as part of your bankruptcy. Therefore, reestablishing your credit probably...
What happens to your retirement benefits during Chapter 7?
One of the best ways to prepare for personal bankruptcy in New York is to understand what will happen with your assets. Depending on your situation and the unique circumstances that ultimately resulted in filing for bankruptcy, what happens to your assets could look...
What do monthly nursing home fees cover?
If you have an elderly parent who requires in-depth care or supervision, placing your mother or father in a nursing home may be advisable. After all, you may lack the skills, time and money to do the task without professional assistance. The average daily rate for a...
4 potential benefits of a revocable trust
A revocable trust is a legal instrument that can dictate how a person’s property is managed and distributed during their lifetime or after they have passed away. As with the majority of legal tools, there are both positive and negative aspects to a revocable living...
What do you know about discussing your end-of-life desires?
While you understand the importance of planning your estate and drafting all the documents, you may struggle to discuss your end-of-life desires openly. How do you bring up the matter with your family and friends? AARP offers tips for sharing your estate plans with...
Don’t overdo the “dead-hand controls” on your trust
Trusts have become an increasingly useful financial tool for people who want to safely pass their wealth onto the next generation. So-called “conditional” trusts, which impose certain obligations on would-be beneficiaries to receive their funds, are particularly...
A spendthrift trust may provide needed asset protection
A spendthrift trust includes specific provisions regarding how a trustee may use its funds on behalf of the named beneficiaries. As noted by SmartAsset, the trustee may exercise broad discretion to spend money on an heir's expenses so that he or she can maintain a...
Here’s why a DIY-estate plan is a bad idea
Creating an estate plan is one of the most important things you can do to safeguard your future, your assets and your loved ones. A well-written estate plan gives you peace of mind knowing that your wishes will be honored when you pass on, or if you become...
Is this a sign of nursing home neglect?
Hearing the many news stories focused on abuse or neglect at nursing facilities likely leaves you feeling concerned for your own loved one. Unfortunately, it is impossible to determine where or when neglect may occur. Noticing red flags can help you react quickly if...
What’s the difference between Medicare and Medicaid?
The “Baby Boomer” generation is getting older and starting to investigate their healthcare options. If you're among that group, you may be wondering exactly how Medicaid plays into your future plans -- and how its relationship with Medicare works. Since 1964, the...
Think of succession planning when starting your business
In the excitement of getting your new business up and running, it is difficult to think of everything you need to do. Succession planning may not be part of your checklist at this point. However, if you have partners, shareholders and employees, there is no time like...
Involve a professional during Medicaid planning
Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of...
