Search:

To find your areas of interest on either my website or blog, use search buttons below:

Note from Patti (Sept. 2008): Because there is so much fear surrounding recent events, following is a link to a sample letter I am sending my clients in light of the recent market instability.

Protecting Your Assets During Volatile Times

Following are links to related agencies and information:

FDIC (Federal Deposit Insurance Corp.)
FDIC Insurance Basics (FDIC)
Are You Fully Covered by FDIC Insurance? (Family First Newsletter)
SIPC (Securities Investor Protection Corp.)
How SIPC Protects You (SIPC)
Securities Investor Protection Corp. Answers (SIPC)
10 Ways to Protect Your Finances from the Crisis (Wall Street Journal)
Are My trust, Fiduciary and Custody Assets Safe? (American Bankers Assn.)
If a Brokerage Firm Closes its Doors (Financial Industry Regulatory Authority)
Bank Failures: If your bank goes under... (The View)
How to Handle Losses due to Bank Ownership Change (IRS)
Investment Pundits Urge Calm and Patience (Elder Law Answers)
Summary and Analysis of the Emergency Economic Stabilization Act of 2008 (Lorman Education Services)

8 reasons You Should Not Expect an Inheritance (The New York Times - June 2008)
You’ve probably heard about the bumper sticker, even if you haven’t seen it..."I’m spending my children’s inheritance.”

A Checklist of Tax Benefits for Parents of Special Needs Children (Special Needs Answers - Oct. 2007)
Unique tax benefits are available to families with individuals who have special needs.

Cashing Out on an Elderly Parent's IRA - in Just 9 Visits to the Bank (LA Times - May 2008)
Patti's comments: This article is all to true based on my personal experiences and those shared by many of us that work in estate planning, REPEATEDLY!

Facts About the 2008 Stimulus Payments
From the IRS website

How Social Security, IRS Handle Durable Powers of Attorney (The Seattle Times - Oct. 29, 2007)
Information and links regarding this important topic.

How to Deduct Assisted Living Facility Costs (Robert C. Anderson, LL.M. Taxation, CELA)
The IRS provides an income tax deduction for medical expenses which include "qualified long-term services."

Institute for Foreclosure Legal Assistance
Providing help to Americans losing their homes.

IRS Announces Pension Plan Limitations for 2009 (IRS - 10/16/08)
Cost of living adjustments applicable to dollar limitations for pension plans for tax year 2009.

Know How to Deal With Your Bank on a Power of Attorney (Market Watch - Jan. 7, 2008)
Be sure to understand the rights that you and your bank have when it comes to durable powers of attorney -- before it's too late. A durable power of attorney is a legal document that designates someone to manage your finances if you become incapacitated.

Learning to Share (The New York Times - 9/10/08)
The day will come, or may have already, when your children think of your money as theirs.

Minority Women and Retirement Income (Women's Institute for a Secure Retirement - May, 2008)
"Your Future Paycheck - Pay, Social Security, Pensions, Savings and Investments."

Money Back in Michigan 2008 (Michigan League for Human Services)
An outreach effort that promotes awareness of various federal and state tax credits and deductions available to low and moderate-income households. This packet is designed to assist organizations that serve low income individuals and families by providing timely information about credits for which they may qualify. It includes flyers that can be distributed or displayed in local offices, libraries, community centers, and retail businesses.

New Jumbo Reverse Mortgage Announced (Reverse Mortgage Guide - Oct. 2007)
As with all reverse mortgage products, always speak with an attorney who specializes in elder law before signing any paperwork. Always ask about rates, fees, charges and terms.

New Law Regarding Principal Residence Exemption (Raymond A. Harris, Esq. - April 17, 2008)
Governor Granholm recently signed a bill into law that significantly changes the way the Principal Residence Exemption, also known as the homestead exemption, applies to Michigan property owners.

Pooled Trusts (Robert B. Fleming, Esq.- Nov. 19, 2007)
What is a pooled trust, when is it used, and what are the advantages?

Protecting Your Aging Relative's Financial Security (Denise M. Brown blog - Feb. 5, 2008)
Some suggestions before hiring home care or granting access to the purse strings: take time to protect your care recipient's financial security.

Poverty Guidelines - 2008 (U.S. Dept. of Health & Human Services)
The guidelines are a simplification of the poverty thresholds for use for administrative purposes — for instance, determining financial eligibility for certain federal programs.

Reverse Mortgages and Kids Suing Parents (Reverse Mortgage Guide - Oct. 28, 2007)
If you get a reverse mortgage it means you’re draining the equity from your property. This may or may not be an issue to you, but what about your heirs?

Social Security Online
The official website of the U.S. Social Security Administration.

Tapping Into Homes Can Be Pitfall for the Elderly (New York Times - March 2, 2008)
Erika Baker was 67 years old, divorced and worried about her job when a saleswoman showed up at her door in late 2006.

Tax Break for Surviving Spouses Selling Homes (Wall Street Journal - Jan. 20, 2008)
Some widows and widowers thinking of selling their home may benefit from a new law enacted last month. The new law effectively gives them more time to sell and still be eligible for the maximum home-sale tax break available for married couples who file jointly.

Tax Services: Free (IRS)
The IRS provides free publications, forms and other tax material and information to help taxpayers meet their tax obligations.

Treasury Plans Social Security Debit Card (Wall Street Journal - Jan. 4, 2008)
The Treasury Department plans to introduce a prepaid debit card for Social Security recipients in an effort to provide safer and cheaper benefits payments.

Women Face Challenges in Ensuring Financial Security in Retirement (US Government Accountability Office Report - Oct. 2007)
In general, women have less retirement income than men, largely because of women's lower labor force attachment and lower earnings, on average.

Deny, Defend and Delay
My letter to the editor of the Michigan Bar Journal regarding mandatory insurance without regulation to the cost of rates.

Resources for finding lost insurance policies:

MIB Solutions
The quick, easy and cost-effective way to help locate lost insurance policies of a deceased spouse or family member.

Unclaimed Assets
Millions of family members are unaware they’re entitled to collect missing money owed deceased relatives, who passed on without leaving an updated will or complete financial records. Life insurance policy benefits often go unclaimed, for example, because it's up to heirs to notify the insurance company when a policyholder dies, and virtually no effort is made to find lost beneficiaries.

Check a Broker's History - From the Bottom Line/Personal:
Check a broker's history with the BrokerCheck feature at www.nasd.com to find out if he/she has run afoul of securities regulations. For a full history, contact your state's securities commission - go to www.nasaa.org to find yours. If your broker gives you investment advice, get his ADV form - Uniform Application for Investment Advisor Registration - which lists disciplinary actions, from the Securities and Exchange Commission or your state securities office.
---Mary L. Schapiro, chairman and CEO, National Association of Securities Dealers, 1735 K. St. NW, Washington, DC 20006

Facing foreclosure?
There is now a toll-free number (866-946-7432) offering information and counseling to those with mortgage problems. It is operated by the Michigan State Housing Development Authority (MSHDA). Last week the state announced two new programs: one to help families with adjustable rate mortgages who need a lower-interest fixed rate mortgage, and another program to assist people with delinquent mortgages at risk of losing their home. Both programs are available to those with household incomes at or below $72,250, with a home price no greater than $216,750.

Fundraising for Small Groups
A free newsletter with fundraising ideas, tips and secrets for the small nonprofit fundraiser.

Securities & Exchange Commission Issues Links
There are many links here for those who want to learn more about what the Securities and Exchange Commission is doing.

Social Security Handbook
Your basic guide to the Social Security programs.

Complete Social Security Handbook
Complete 727 page guide to the Social Security programs (long download).

Annual Free Credit Report

Foreclosure Assistance Links
From the State Bar of Michigan

Free Credit Report for Michigan Residents

IRS Announces New Chinese, Korean, Russian and Vietnamese Tax Glosseries to Assist Taxpayers

IRS Reminds Charities and Churches of Political Activity Ban

Treasury and IRS Give Taxpayers Greater Control over Information Held by Tax Preparers
Mandatory requirements for tax preparers to obtain written authorization from taxpayers to use their information for other than preparing tax returns.