In an information press release, IRS warned taxpayers of an increase in IRS-impersonation scams that employ automated phone calls demanding tax payments on iTunes and other gift cards.


IRS has seen an increase in "robo-calls" where scammers leave urgent callback requests telling taxpayers to call back to settle their "tax bill." These fake calls claim to be the last warning before legal action is taken. When the taxpayer calls back, the scammers may threaten the taxpayer with arrest, deportation, or revocation of their driver's license if they don't agree to pay.

IRS cautions that, in the latest trend, IRS impersonators are demanding payments...

The fact is that women usually outlive men. Many of these same women unfortunately end up in assisted care or nursing homes for a period of time.  Long-term care insurance is designed to help with the cost of this assisted care.


While the case can be made that everyone should have long-term care insurance, to be candid, I am not a big fan of this for various reasons.  First, the many pros and cons to long-term care insurance are uncertain because the whole long-term care market is evolving. Second, much of the analysis behind the decision to buy long-term care insurance depends on the facts, circumstances, and financial resources of the indiv...

The insurance industry has some scary statistics about people being disabled during their working careers. There is merit to disability insurance, which many companies offer as an employee paid benefit. Unfortunately, individual disability policies for the self-employed are usually quite expensive and end up in the budgeting room’s cross-shredder.


For doctors, dentists, and other people whose small motor control in their hands or the use of their eyes (e.g. a jeweler) is a key to their business, disability insurance is a must. A dentist acquaintance of mine was in an automobile accident that severely damaged the muscles in both arms. Although...

Umbrella insurance means just what it suggests — it is a policy that provides additional coverage for homeowners’ insurance and auto insurance. In an automobile accident, the injured party will typically sue for all sorts of damages trying to win the lawsuit lottery on a high net worth individual. Should a judgment or a settlement come down in excess of the limits of the auto policy, the umbrella policy comes into play as additional insurance allowing the insured to protect his or her savings and other financial assets.


For anyone who is a sole proprietor, business owner, or a seriously active volunteer, has a high net worth, or is the spouse...

 It is easy to become overwhelmed when buying life insurance.

 

I cannot tell you how many divorcing people have sat across from me and bemoaned the fact that the higher earning divorcing spouse will not pay for a life insurance policy through the separation period and support period while the lower/non-earning spouse is still financially dependent on the other higher earning spouse for alimony and child support.


Not a pleasant thought. By arranging the cross ownership and beneficiary policies from the beginning (in friendlier times), the issue of who pays for the insurance in the divorce situation has already been settled. As owner and benefic...

 It is easy to become overwhelmed when buying life insurance.

 

It is also possible to go broke buying insurance. When an insurance agent is trying to sell you as much (and as complex) insurance as you are willing to pay for, simply remember that the primary purpose of buying life insurance is to reduce the financial risk associated with the loss of the spouse or significant other.

 

Remember the following reasons for buying life insurance. It does not need to be any more complicated than this.

 

Living expenses, college expenses, and debt settlement: For the spouse or partner, life without the other person will be hard enough. To help that transit...

 

“He who knows that enough is enough will always have enough.” —Lao Tzu


How much life insurance is enough? There is no “right” answer to this life insurance question because everyone and every situation are different. Nevertheless, there are wrong turns and deep potholes you should be aware of.


Watch out for the following insurance planning hazards:

 

It is possible to go broke buying insurance. It is impossible to insure against everything.  The most important risk to insure against is the burdens that will fall on others when the insured person not here.

 

Term life insurance can meet most life insurance needs with the exception of estate liqui...

 

Insurance is an asset to be managed. The purpose of life insurance is to lessen the financial risk of losing a spouse or partner.  There are four basic types of life insurance policies being sold today. 


1) Term Life Insurance. This is the simplest form of insurance and is sometimes called basic insurance. The policy is for a certain amount of coverage for a certain period of time. If the covered person does not die in the period of contract, then there is no payment to the beneficiaries under the policy. Think of term life insurance as multi-year car insurance. Most term life insurance policies will have a level payment feature so the...

 

The biggest pothole in insurance planning is to treat life insurance as an expense rather than as a long-lived asset to be managed.

 

Life insurance… is insurance. It is insurance against the financial risk associated with the loss of the spouse or significant other. This financial risk comes in many forms. The most obvious form is the loss of income. This in turn means the inability to pay debts including the car payment, mortgage, or school loans as well as a diminished ability to save for major car or house repairs, children’s college tuition, and retirement. Obviously, these risks change over time depending on the life cycle of the individ...

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