Learn How Creditors Can Snatch Your (Inherited) IRA

Posted on 06/13/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsA U.S. Supreme Court ruling has just made estate planning a lot more cumbersome for some high-net-worth parents who want to leave tax-free money in a Roth IRA to a child. Retirement accounts are protected from creditors in bankruptcy cases so people don’t wind up destitute in old age. However, the court unanimously ruled on Thursday that this is not the case for those who inherit IRAs. The court decision involves a case of a woman who inherited about $450,000 in an IRA from her mother …

Some Student Borrowers Face Default If Co-Signer Dies

Posted on 04/22/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsMany parents and grandparents are aware of the hazards of cosigning an education loan, putting themselves on the hook to repay if the student doesn’t. Now another wrinkle has emerged that can end up hurting student borrowers: Under the terms offered by most private lenders, institutions can demand that borrowers immediately repay a loan in full if the cosigner dies or files for bankruptcy. These so-called auto-defaults can occur even if the borrower has been keeping up with payments. And …

Could Howdy Doody Save Detroit?

Posted on 07/19/2013 by |In Other News . . . | Comments

Bulletin Today | Money & SavingsOn June 18, Detroit, which has been wallowing in something like $18 billion of debt, became the largest city in U.S. history to seek bankruptcy protection. Detroit’s creditors have already vowed to go to war over a proposal by the city’s emergency financial manager to settle with them for just pennies on the dollar. Now they’re floating the nuclear option: forcing a sell-off of the holdings of the museum of the Detroit Institute of Arts, which is home to 60,000 …

Dad’s Legacy of Debt Inspired a Movement

Posted on 06/14/2013 by |AARP Blog Author | Comments

Money & SavingsThis is a guest post by Jeff Rose. Fathers tend to leave lasting memories behind for their children. Fond summer memories for some might involve playing catch or ‘HORSE’ basketball, going fishing, or grilling hot dogs that tasted just right. For me, my father’s legacy was debt. Growing up, my father gave me everything: love, support and understanding. I cherished every moment with him and I wouldn’t trade those experiences for the world. When I got older that I started to realize that my dad …

Does Your Mayor Have More ‘Seniority’ Than Richard Wills?

Posted on 05/31/2013 by |News, Culture, Sights and Sounds | Comments

Bulletin Today | Your LifeMeet the “un-politician.” When we telephoned Richard Wills, the 93-year-old mayor of Negaunee, Mich., he wasn’t all that sure that he even wanted to talk about himself. And he was especially reticent to talk about his service in World War II, where he fought in five battles, including the landing on Omaha Beach, on “D-Day Plus Two.” It was a friend’s idea, not his, to reach out around the country to find out if Wills is America’s oldest mayor. (Seemed …

Bankruptcies on the Rise Among Seniors

Posted on 08/28/2008 by |General News | Comments

Your LifeBankruptcy rates rise among older Americans.