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Recent Blog Posts
Study Shows Correlation between Education and a Better Retirement
A recent study confirms that the more education a person has, the better off they are when it comes to retirement nest eggs and planning for the future.
The study was conducted by the National Center for Policy Analysis (NCPA) and used data and statistics provided by the U.S. Census, the Survey of Consumer Finances, the Bureau of Labor Statistics, and the Social Security Administration.
According to the data used for the study, each year of education a person has beyond 12th grade represents a 1 percent increase in the likelihood of employment in their senior years. For example, a person who has a bachelor's degree has a four time better rate of working than a person who only has a high school diploma.
Another statistic that appears to be affected by higher education is disability in retirement years. According to the Census data, the majority of the approximately 25 percent of seniors who reported having independent and self-care living difficulties did not have college educations.
How Child Support Laws Work for You and Your Children
Contested divorces that involve children can quickly turn into long and stressful battles. To make matters more complicated, every case is unique. Therefore, it is difficult to predict or estimate the outcome of any case. Complicated legal papers and long court hearings can consume a person's schedule. However, having a clear understanding of your state's child support laws may help during these emotionally turbulent times. Sitting down with an attorney is a useful step for families working through custody and support issues. Lawyers with comprehensive experience can offer a more informed approach to sorting out the legal work.
The Basics of Child Support
According to Illinois Child Support Services, the court will first analyze the non-custodial parent's income to arrive at a suitable custody payment. Certain key factors, such as income, special needs of the parent, and needs of the child, are taken under consideration. In most cases involving one child, 20 percent of the non-custodial parent's income goes to child support. This amount increases to 28 percent for two children and 32 percent for three. The court will also consider unique financial concerns for both parents. In addition, the ultimate child-support amount may be unique to the particular case.
Reverse Mortgages May Leave Financial Nightmare for Heirs
An investigation by The New York Times has revealed that there could be a serious financial backlash to the heirs of senior citizens who take out reverse mortgages. The revelations from the investigation may have seniors reconsidering other estate planning options and avoiding taking out reverse mortgages.
Reverse mortgages are available to homeowners 62 year old or older. A reverse mortgage allows the homeowner to borrow against the equity of his or her home, but the loan does not have to be paid back until the homeowner moves out or dies. Therefore, there are no monthly payments. There is, however, some disagreement over whether or not reverse mortgages actually benefit or hurt the senior homeowner.
When a person with a reverse mortgage dies, under federal law, his or her heirs are supposed to have the option of settling the loan amount for a percentage of the full amount owed. However, the Times investigation discovered that many reverse loan companies not only do not offer heirs that option, but instead threaten to foreclose on the properties unless they pay the mortgage in full.
Protecting Your Credit When Spouse is Guilty of Financial Infidelity
A report issued last year by Moneysupermarket.com found that one in ten divorces was caused by financial infidelity. The survey included 1,000 men and women who admitted that they kept credit card purchases and statements hidden from their spouses.
Half of those surveyed said it was not luxury or frivolous purchase they hid from their spouse. The majority of hidden purchases were actually the payment for living expenses, such as food, rent and utility bills.
When couples do break up over financial infidelity, there is often the issue of low credit scores and bad credit history that ends up affecting both spouses' credit, not just the one making all the hidden purchases. The "injured" spouse usually does not realize what has happened until they try to obtain a car loan or credit card and find they are required to pay a higher interest rate, or are turned down completely. In many cases, it can take up to seven years for the injured spouse to repair their credit.
Survey Finds Many Americans Have No Retirement Savings
Most financial advisers agree that it is never too early to begin making estate planning arrangements and plan for the future. However, many Americans do not estate plans in place, nor have they started planning for their retirement.
In a recent survey sponsored by Bankrate.com, almost 40 percent of adults said they did not have any retirement savings. And it is not just young adults who have yet to begin saving for the future. Nearly 25 percent of adults between the ages of 50 to 64 years old have no retirement savings, as well as 14 percent of adults 65 years or older.
Child Custody Laws: Five Myths Debunked
Child custody laws vary from state to state. What is important to remember, however, is that the outcomes of child custody cases vary. While there are some standard rules for determining who is ultimately awarded custody, no two cases are exactly alike. Therefore, various misconceptions regarding how courts handle these cases have resulted.
Myth 1: "A mother must be deemed ‘unfit' before a father can be considered for custody."
This is one of the more common misconceptions regarding child custody laws, and it is one that often leaves fathers bitter and cynical about the process. However, Illinois law does not favor a mother over a father during custodial disputes. A number of factors influence the decision, but none of these considerations involve the gender or "role" the parent plays in the family.
The Legal Side of Will Writing in Illinois
Will writing ensures loved ones are financially secure when a person passes. It is not always easy to find the motivation to write a will. It is an emotional experience. However, not taking this step can lead to a multitude of issues ranging from conflict among family members to high estate taxes and even lawsuits.
A will is a document that contains the terms by which a person's assets and money will be distributed after his or her death. Every state has a list of formal requirements that must be followed when a will is written. The Illinois State Bar Association has listed the legal requirements for those who live in Illinois. These requirements include the following:
Daughters Suffer from Low Self-Esteem When Parents Divorce
Divorce studies often identify the emotional effects marital dissolution can have on children. Divorce can impact school work, peer socialization, and future marriages once children become adults. However, one conclusion has emerged throughout several studies showing that a daughter's self-esteem is more susceptible when parents divorce than the self-esteem of a son.
A study of 5,631 teenagers revealed that almost one-fourth of girls with absent fathers in their early childhood years grew into teenagers who suffered from depression. Another 23 percent developed severe fatigue and sadness in their adult years when divorce occurred before they were five years old. These young girls were 50 percent more likely to struggle with psychological and emotional problems later on than older girls whose parents divorced. On the other hand, only one out of ten young boys suffered from depression in their teens years when their parents split up. For older boys, the number increased to 17 percent.
Unclaimed & Abandoned Property: The Escheatment Process
While hardworking Americans do their best to ensure family and loved ones inherit their property and savings, unattended or abandoned assets risk being turned over to the state. This process is called "escheatment," and it was established centuries ago to prevent unclaimed properties from sitting in limbo without a recognized owner.
According to the U.S. Securities and Exchange Commission, financial institutions in every state must file a report when personal property goes unclaimed or abandoned for a certain period of time. State laws establish these time periods.
Brokerage firms must abide by these laws, and for an account to be considered unclaimed or abandoned, a reasonable effort must be made to contact the owner of the account. If this proves unsuccessful and the account remains inactive for the specified time period, the state requires the firm to report the account. Through "escheatment," the state claims ownership of the account.
Domestic Violence Incidents Can Occur Anywhere, Anytime
According to the National Institute of Justice, one in four women in this country will be a victim of domestic violence at least once in her lifetime. As a result of the abuse, millions of victims suffer serious physical and mental health conditions including concussions, head injuries, headaches, and other related trauma. The cost of domestic violence in America is over $8.3 billion every year. Many victims of domestic violence find the only way to stop the violence is to divorce the abuser.
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