Columns

How will Obamacare impact the estate planning you already have? How will Obamacare affect seniors, boomers, and their Medicare? What are the steps you should take right now to protect you and your family so you do not go broke, lose your home and leave your family without a dime? The biggest fear that many people have today is of having their life savings wiped out by a debilitating illness or an extended stay in a nursing home. Add to that the uncertainty brought on by the advent of Obamacare, and many people are tempted to engage in incorrect or …

You scrimp and save for years, and you finally purchase your dream home, but then an incident or series of incidents comes along, causing you to fall behind on your payments. Instead of helping, many lenders will start the foreclosure process on your property. What should you do? First and foremost: Never ignore the lender! Usually, around 30 days after missing your first payment, the lender will begin trying to reach you either through snail mail or telephone. Ignoring their letters and calls will only make the situation worse. Think like the lender for a moment. If they are contacting …

In a number of recent columns, I have mentioned that one of the steps is to go out and find the death notice. It took a couple of e-mails asking “um ok. How DO you find the death notice?” to get me to thinking that I need to explain this process to you. The death notice is a great tool for finding the names of the descendants of long-lost relatives. It’s not guaranteed and never comprehensive, but it’s always worth looking for. From a death notice, you can (most of the time) find the following: * Maiden names — Most …

In a few columns, I talked about finding free birth, marriage and death certificates for Cook County. Some time ago, they pulled the free certificates off the familysearch.org website. Not to fear. Thanks to the Family History Center located in Wilmette, you can find some of the certificates. Hours and location can be found at the center web site at http://www.wilmettefhc.org/. The procedure is very simple and I can speak for its effectiveness because I have found hundreds of certificates I need, and all I paid was the gas to get there. You need the following tools: * Name of …

On Sept. 18, the Federal Reserve ended their two-day meeting and shocked the financial markets by deciding not to begin tapering their asset purchases. The Federal Reserve has been buying mortgage and treasury bonds off and on since 2009 as part of a strategy known as Quantitative Easing (QE), which was designed to push rates down and spur the economy. In the most recent QE move, which took place in September 2012, called QEIII, the Fed announced that it was going to be buying a total of $85 billion in bonds per month ($40 billion in mortgage bonds, $45 billion …

Warning: You can owe capital gains taxes even if your estate doesn’t owe estate taxes. How does this unwelcome surprise happen? Let’s look at an example: Dad died last year. Mom died 10 years ago, before Dad. They had “A/B trusts,” which were recommended to them by their lawyer. The “A Trust,” called the Survivor’s Trust, belonged to Dad, and the “B Trust,” called the Decedent’s Trust, belonged to Mom, because she died first. Mom owned the house and stocks at her death 10 years, which have steadily increased in value, even after Dad’s death. Problem: Even though Mom had …

Going green doesn’t have to mean spending an arm and a leg. Some homeowners install solar panels to lower monthly costs and protect the environment, but there are many little things that can be done around the home that accomplish the same goals. Older refrigerators and second ones that you keep inside your garage use 10 to 50 more energy than the more energy efficient models available on the market today. Making that simple change could reduce your electrical usage by up to $150 a year. Replacing a 100-watt incandescent light bulb to a 32-watt CFL can save up to …

Last month, we talked about the priests and civil clerks who had a bad day, just like we do sometimes, and made mistakes in the official records. You and I, as genealogists who look at these records, need to be aware that mistakes are made, how to recognize them, and what to do about them. So what other kinds of mistakes happen when the clerk doesn’t have enough espresso in the morning? Last month, we saw how they messed up dates by forgetting what month it was, and writing the wrong month in the book. The bigger problem is that …

With rates rising since early May of this year, homeowners should take a long hard look before committing to an adjustable rate mortgage, or ARM, as we like to call them in the mortgage business. An ARM can be a great tool that can save you money, but it can also be a dangerous product that can put you in financial distress. ARMs come is various sizes, and usually a 3/1, 5/1, 7/1 or 10/1 ARM are the most common. What this means is the mortgage is spread over 30 years (like a 30-year fixed rate), but the rate is …

Boomers and Seniors: How did things go so wrong? Recent studies indicate that only 48 percent of those 65 and older have even basic documents such as financial powers of attorney. Worse yet, less than 60 percent have health care powers of attorney in place. Boomers and Seniors: Estate Planning is not just for the rich! Furthermore, estate planning is not just about death and dying, but rather about living in the second half of your life. This involves consideration of the following: * How to cover living expenses during the elder years and retirement years * How to access …