With all the buzz over reverse mortgages (RM's) in the past couple years, I was surprised to learn that the first reverse mortgage was completed in Portland, Maine in 1961. The concept evolved until 1989 when RM's went mainstream with HUD selecting 50 lenders by lottery to make the first FHA-insured reverse mortgages. Even though reverse mortgage's have now been around for a couple decades or … [Read more...]
FDIC Insurance Limits for Living Trust Owned Bank Accounts
During the early summer of 2008, largely as a result of predatory lending practices and reckless borrowing by homeowners, the US Banking system is under significant pressure. The U.S. Senate Banking Committee has identified 90 banks, S&L's or Thrifts as having marginal reserves to stay in business. One of the biggest U.S. Thrifts, IndyMac Bank, has recently failed and has been seized by … [Read more...]
Living Trusts Are Not Just About Avoiding Probate
The concerns over the high costs and long delays associated with Probate are often central to the discussions over why living trusts are far superior to wills as estate planning tools, even for relatively small estates. For strictly probate avoidance purposes however, a living trust may not always be needed. Most states have a minimum asset threshold before probate becomes mandatory, and for … [Read more...]
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