If you are single, you may not think you need to plan your estate, but single people are in as much need of a plan as anyone else. Estate planning not only involves determining where your assets will go when you die -- it also helps you plan for what will happen should you become incapacitated due to illness or injury. If you don't make a plan, you will have no say in what happens to you or your assets. learn more
Estate Planning When You Remarry
If you are getting remarried, you obviously want to celebrate, but it is also important to focus on less exciting matters like redoing your estate plan. You may have created an estate plan during your first marriage, but this time it will probably be more complicated--especially if you have children from your first marriage or more assets. learn more
Tougher Reverse Mortgage Rules to Take Effect
Beginning March 2, 2015, borrowers will have to pass a financial assessment before they can take out a reverse mortgage. The new rules are meant to prevent loan defaults, but, they will make it much more difficult to get a reverse mortgage. A reverse mortgage allows a homeowner, who is at least 62 years old, to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. But the homeowner is required to pay property taxes and homeowner's insurance premiums on the property.
The loans can be expensive and controversial. In recent years, there have been complaints over problems with reverse mortgages, including large costs, aggressive marketing techniques, and the danger of default if insurance and property taxes aren't paid on time. Over the past few years, the government has begun addressing problems with the loans, including eliminating a popular loan type. learn more.
Managing Someone Else's Money
Have you been officially asked to manage someone else's money? The responsibilities of these positions can seem daunting. Luckily, the federal Consumer Financial Protection Bureau - the only federal office dedicated to the financial health of Americans age 62 and over -- recently released four guides for people who have been given the responsibility of managing money or property for someone else. The guides, which are free, are collectively called "Managing Someone Else's Money."
A POLST form (provider orders for life sustaining treatment) is intended for a person who is seriously ill or with a life-limiting illness. It is a signed medical order reflecting a person's wishes that goes with the person across settings of care that must be honored by all healthcare providers.
On January 1, 2015, a new savings option became available for people who have a disability that began before age 26. This new program is modeled after college savings accounts and was passed as part of the Tax Increase Prevention Act of 2014. learn more
FREE Amplified Phones
Did you know the Illinois Telecommunications Access Corporation distributes FREE phones and TTYs to any Illinois resident with a certified hearing loss and local residential phone service? There are 5 different amplified phones from which to choose. Also available is the CapTel (captioned phone) loan program. more information
