How to REALLY Diversify Risk

Risk management in the investment field comes in many shapes and sizes. Oftentimes however, the type of risk being reduced is not exactly what the client wants. And because of this, it leaves the client open to other risks that if they were are of those other risks, they would want them addressed. I am going to make the point that although many people today are doing all kinds of things to reduce risk, they are missing some very effective…

Online Security Ideas for the Non-Geek

I’m sure a number of our clients and readers are not tech geeks. But increasingly, they are using technology. For example, I remember reading 5 years ago or such that baby boomers were starting to use the internet more frequently and that the fastest growing population online were those over age 75. (An aside: of course, statistically, that is a little play to get your attention – as growth from 1% usage to 10% = 1,000% growth, teens may have…

Is Your Insurance Company at Risk?

In the 2008 financial crisis, insurers (outside of AIG) weren’t discussed too much. Yes Metlife, The Hartford, and a few other insurers had financial problems, but considering that there are 1,500 life insurance companies in the US, there was very little strife.  Furthermore, it wasn’t AIG’s insurance business that got it in trouble either – AIG’s life insurance units for example, held up rather well. So does that mean life insurance companies are without risk? That is a statement I…

Are You Executor of a Will? You May Be Personally Liable for Taxes

I am running into a number of younger clients who are inheriting more and more from grandparents and parents. Thankfully, many are honoring the hard work and thriftiness of their family by investing the inheritance and not wasting it. With much of our country’s wealth in the hands of retirees, this trend should continue. And we will likely see more and more people under the age of 40 executing a relative’s will. Though the process may seem straightforward enough, there…

Keep Paper Copies of Online Account Information

Image courtesy of www.LearningDSLRVideo.com You are likely among a large amount of Americans that manage their financial accounts online. You love it because it saves paper, cost of stamps, and eliminates the risk of people peeking into your paper mail. The financial institutions love it because they save money (which they don’t pass on to you) and they don’t need as many in person customer service reps. There are some risks to having all of your business online. Some people…

New Florida Law Simplifies Divorce and Beneficiary Conflicts

(Photo used with Creative Commons Permission from JD Hancock on Flickr) In the past, divorcees who did not update beneficiary forms after the divorce (thereby leaving the former spouse’s name on the form)  created controversy for their trustees and executors when the ex-spouse attempted to claim assets where they were named beneficiary. A new statute (S 732.703)  in Florida attempts to rectify this issue and the estate planning community seems to be pleased. From Leimburg Information Services (7/23/12): “Effective July…

Poor Liability Insurance Coverage – A Gaping Hole in Your Financial Plan

Three for three… Those are the numbers on my most recent clients and whether or not they needed their liability coverage completely revamped. Let’s review the action shall we? Typically, I see coverages of about 300,000 for liability on auto insurance and 500,000 or 300,000 on homeowners’ insurance. Which means per incident, the coverage could be lower and it also means, that in a serious accident, someone (you) might be writing a check. for example, if you: had $50,000 of…

World Losing Respect for Dollar – Can Gold Help You?

It’s coming. The fastest growing economies are just tired of our BS. As a nation we use our military and our dollars to try to influence other countries. Contrary to what many people think, these folks don’t like that. Which is why they’re doing things like this: India Will Transact with Iran in Rupees What does this mean? It means India doesn’t feeling like playing the US’ games with Iran. If the US bans Iranian oil exports from being paid…

Are You Exposed to Indirect Liability?

Many of my clients are aware of the fact that their children’s activities with the family car and other family property exposes them to liability. However, I would guess that many people don’t think about the consequences of letting a friend outside the household borrow their car (or boat etc). A recent example:

Estate Planning Lessons from Dad

A wonderful story appeared in the financial blog GetRichSlowly: Rather than blab let me share the author’s words: But the most unexpected financial lesson my father taught me came after he passed away. I am the executor of his estate. My dad was always a planner, but the things he did to make this processes easier are amazing. I feel compelled to share them with just about everyone I know. Today, I’m sharing them with GRS readers In the article,…

Page 1 of 212