Reader Question: I just refinanced my home and was offered the option of monthly payments or ‘bi-weekly’ payments which they say will save me lots of money because it will result in one ‘extra’ payment per year. Is this true and is it a good deal? C.H. Answer: If the bi-weekly payment offer is free, it’s your best […]
Are Bi-Weekly Mortgage Payments a Good Idea?
How Safe is the Internet?
My recent columns have sparked several follow up questions from readers. Reader Question: In a recent article you recommend www.Mint.com. I logged on and started through the steps until it asked for all my credit card information, bank account numbers, etc. How safe is giving out all that information online so they can access my […]
Give It or Lose It- Part II
In last week’s column, I discussed the case of the ninety-three-year-old who was worth $3 million and suggested that he consider giving $2 million to his daughters now under the current law that allows gifts up to $5 million without tax. Next year the estate tax exemption automatically drops from $5 million to $1 million. By […]
Give It or Lose It!
I was recently working with a family on their estate plan that involved circumstances and decisions that could save hundreds of thousands of dollars in taxes if they take action this year. Before I get into the details allow me to set the context for potentially massive tax law changes that will occur next year […]
Reconciling Your Financial Life
A Birmingham News reader who obviously has his financial act together wrote me to discuss a topic related to the importance of tracking your finances. Here’s what he had to say: “I wanted to bring up a topic that I feel is very important to anyone in today’s expensive world. It is called ‘financial wealth […]
Lessons Learned From Celebrity Bankruptcies
I’m always amazed at the attention and awe that the public attributes to celebrities. Whether that person is an actor, musician, athlete or business titan such as Donald Trump, the public’s fascination borders on fanatical. In reality they are full of human flaws just like each of us but because they are so much in […]
The Retirement Mindset Is Not So Easy
Making the transition from working to retirement is often not as easy as it might seem especially when it comes to managing financial assets. A reader recently, rather astutely, addressed this issue with these comments: “One of the interesting shifts that occur as we get older has to do with enjoying the present and focusing […]
5 Strategies for Avoiding an IRS Tax Audit
With the April 15th income tax filing deadline just around the corner, I know many of you are busy gathering relevant information to file your tax return. The last thing you want is do something that flags your return by the Internal Revenue Service. Here is a list of the five most common errors that may […]
Alabama’s New Power of Attorney
Last year the Alabama Legislature passed two laws that you need to be aware of, one of which you need to give serious consideration regarding updating your estate plan. One of the most basic documents in your estate plan is a Power of Attorney. With this document you appoint someone; known as your agent, to […]
Reader Question: ‘Should I Buy an Annuity?’
This reader has money to invest and wants to know what their best strategy is right now. Question: “I’m age 70, have no debt with $100,000 to $200,000 available to invest but do not need the income. I’m considering buying an annuity that would pay for my life plus the lifetime of my wife. What do […]