The Lottery's Dark Side
People who suddenly inherit wealth and who do not know how to handle it, can face many difficulties. For lottery winners, sudden wealth can bring even more trouble.
One of the key principles in estate planning is this: it is not a good idea to leave heirs a great amount of wealth outright, especially if they are not already wealthy. People who do inherit wealth like that, tend to fall victim to many different traps.
They often waste the wealth on frivolous items. They gamble. They fall for the schemes of people who seek to manage the wealth for their...
Trust Language Is Very Important
One of the reasons that you should not try to create your own trust, is that the specific language in the trust can make a very big difference in how the trust will be enforced.
It is now relatively easy to have a trust drawn up. You can even do it yourself, with the help of downloadable forms that can be purchased online. A cottage industry even exists to encourage people to go this route.
By going to a website, answering a few questions and making a small payment, people can quickly get a revocable living trust that can serve...
Brooke Astor's Grandson Still Works to Fight Elder Abuse
The man at the center of one of the most famous elder abuse cases in the country, Phillip Marshall, still works to prevent elder abuse.
A few years ago, a major scandal hit New York’s high society. Brooke Astor, a wealthy heiress, was in cognitive decline. She had wanted to leave her vast fortune to charitable causes and her son, Anthony Marshall, was charged with scheming to take advantage for his own financial benefit. He might have been successful, if not for the efforts of his own son, Phillip Marshall, who blew the whistle and who was ultimately successful in...
What You Do in Retirement Matters
A recent study found that people who retire earlier than similarly situated people, tend to live longer. However, that result is likely not directly related to the fact of early retirement itself.
One of the many questions people face as they approach their elder years, is deciding when to retire. For some people, the decision is primarily made on the basis of their finances.
Those who have saved more than others can retire earlier. However, for some people the decision also includes lifestyle preferences.
Many would prefer to continue working, even though they can afford to retire. A new study...
Ikea Founder Passes Away
The founder of Ikea, one of the richest men in the world, passed away recently. His plans for what will happen to his family business are unusual.
Most of the time people who appear on lists of the richest people in the world are happy to be on the lists. They sometimes have been known to argue that their wealth has been underestimated and they should be higher on the list than they are.
However, Ingvar Kamprad was unusual.
He is best known for founding the iconic furniture company Ikea. Many might have a bad memory about his company from...