Facing one’s mortality is the unspoken uneasiness that rests just below the surface of the conversation with an estate planning attorney. Estate planning attorneys are well-versed in the law of estate planning. But as they focus heavily on probate avoidance and tax minimization, they may overlook the emotional, human side of estate planning. Therefore, the best estate planning attorneys are counselors of law with the emphasis on counselor more than law.
Charities depend on gifts from people like us to do their good works. That’s why they are not shy about asking us for money. Here are some ideas about maximizing your charitable gifts.
Many grandparents spend money on their grandkids, whether by chipping in on big expenses like tuition bills and travel expenses, or covering smaller costs like meals and holiday gifts. The inclination to be generous is understandable and many seniors say it brings them joy to support (or even occasionally spoil) their grandchildren. But lavishing them with gifts shouldn’t come at the expense of your or grandparents own financial security.
Continuing from my last article, I believe that clients really want the estate planning attorney to help them meet their needs so that they can reduce their fear, anxiety and anticipatory grief in light of their knowledge of their inevitable death.
During times of market volatility like we’ve seen since the start of 2022, it’s natural to feel a bit skittish about the stock market. It’s a potent reminder that there are risks to stock ownership. Individual stocks are not guaranteed to grow and may lose value. The good news is that the stock market has historically delivered a higher rate of return than other forms of investment in the same timeframe.
Thanks to ongoing advances in medical care, people are living longer than ever before. But that longevity comes with a cost. According to the US Department of Health and Human Services, roughly 70 percent of Americans over age 65 will require some type of long-term care services in their lives — costing potentially hundreds of thousands of dollars.
A trust is created when a person transfers “stuff” to a trustee with the understanding that the trustee will manage it for the benefit of one or more beneficiaries. “Stuff” includes any kind of property you can own: real property, such as land and buildings (including timeshares) and personal property, such as bank accounts, stocks and bonds, and personal effects.
Grief is a natural response to the loss of someone special. The process of grieving allows the griever to adapt to a new world of existence without the loved one. If allowed to proceed through the grieving process with minimal guilt, anxiety, stress, unresolved issues and conflict, we can help each griever experience their grief fully and allow the griever to validate and honor the life of the deceased, and affirm and strengthen relationships with survivors.
A Provider Order regarding Life Sustaining Treatment (POLST) says what measures should be used to keep you alive in a medical emergency. It is different from an Advance Directive in that it will be followed by emergency personnel, provided that they are aware of its existence. If you don’t have a POLST, emergency medical technicians (EMTs) are required to do whatever they can to restore and stabilize your heartbeat and breathing and take you to an appropriate facility for treatment.
The Federal Reserve (the Fed) has begun what it says will be a series of interest rate increases in an effort to slow the economy and temper the current surge in the inflation rate. At the start of 2022, the federal funds rate stood at near zero percent. By May, the Fed moved the federal funds rate 75 basis points (0.75 percent) higher.
Growing up, my family always had a pet. From dogs to cats to frogs and even a chicken for a day, pets have always been a part of my life. Today, our pet family consists of three dogs, a guinea pig, a bunny and frogs. Our pets are not just animals but members of our family. And like our family members, we want to ensure that they are taken care of after we are gone.
How do you stay in control of your stuff while you are able and assure that your wishes will be carried out when incapacity or the grim reaper catch up with you? Sorry to rub it in, but at least one of these possibilities is going to happen to you and odds are that both of them will.
Having spent decades saving for retirement, it can feel like a major shift for retirees to spend down their hard-earned assets. Research by the Employee Benefit Research Institute found people with $500,000 or more in savings at retirement spent down less than 12 percent of their assets over 20 years.
Parents often struggle with the concepts of equal, equitable, fairness and adequacy when it comes to the distribution of their assets among their children. Defining these terms will help us make the decision that most closely reflects our intention.
Remember the classic Abbott and Costello comedy routine, “Who’s on First?” The longer they banter, the more their frustration grows due to their seeming lack of understanding of the game they are discussing — and hilarity ensues.
Similarly, the language of estate planning can give rise to problems for the uninitiated, but the problems that arise may not be funny at all.
Dividing tangible personal property is a task that often causes problems for a personal representative and between heirs. A will typically directs that property with monetary value is to be sold and the proceeds deposited into the estate account. But what happens when the property has no real value but the sentimental value is priceless?
Like most Americans, you’ve probably spent years working to achieve the retirement of your dreams. Then there comes a point when this career milestone changes from a distant goal to an imminent reality. You can make your first year away from work more rewarding and less stressful when you take the time to anticipate potential challenges and prepare for how you will handle this important life change.
As an estate planning attorney, I observe how families decide to distribute their assets among their children. I have seen two main standards used to determine the gift. First is the standard of meeting needs and wants. As parents, we know the needs and wants of our children, and do our best to meet both of these.
I recently received a telephone call from my mother. Given that I was in a meeting, I didn’t answer it, but instead let it go to voicemail. Almost immediately, the phone started buzzing again from her same number. Usually, my mom would just leave a message, so this second call was very unusual. I excused myself from the meeting and answered the call. Mom immediately asked, “Scott, are you in jail?”
After spending a lifetime of earning, saving and investing — and paying income and capital gains taxes all the way along — you may wonder why our government feels entitled to tax the value of what’s left when you die. However, the IRS and the State of Hawai‘i both want a piece of your estate.
If you are among the nation’s more than 31 million small businesses owners1, you likely spend much of your time juggling day-to-day business activities and put off planning for the future. If retirement planning has fallen on your back burner, now is the time to bring it to the forefront.
Two of the most frequently asked questions I hear are “How do I choose a trustee?” and “Am I choosing the right trustee?” Here are six criteria to help you choose the right fiduciary for you.
Only about 25 percent of family businesses survive for 15 years or more, and only about 25 percent of the “survivors” will survive the transition to the next generation. There are many contributing factors.
In many parts of the country, home prices have been soaring. According to the National Association of Realtors, the median existing-home price rose more than 17 percent in the one-year period ending in March 2021. This reflects just how competitive the market has become for homebuyers. If you are among those looking to purchase a new home, you should have a solid strategy in place before entering the market.
According to the book, Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, “60 percent of transition failures were caused by a breakdown of communication and trust within the family unit.” With the aging demographic of baby boomers, the high cost of living in Hawai‘i and the increase in multigenerational homes, the potential influx in trust litigation is foreseeable.
In the dozen-plus years I have specialized in prosecuting elder financial fraud cases at the Prosecutor’s Office, it has become pretty easy for me to spot and disassemble how the majority of scams work. Like how a master chef can taste a dish and tell you the ingredients he tastes, I can smell a “business opportunity” or a get rich quick scheme and identify the individual parts of it that will reveal it to be an actual scam.
Making gifts to your loved ones during your lifetime will enable you to see how your beneficiaries handle newfound wealth. This could be a great way to “test drive” your estate plan and determine how well it works while you are still able to make adjustments. If one beneficiary turns out to be a poor steward of your wealth, you can always direct assets to other beneficiaries upon your death.
The COVID-19 pandemic reminded Americans how fragile life is. Applications for life insurance policies in the United States increased 4 percent in 2020, according to the MIB Life Index. If you’re thinking about purchasing life insurance coverage, here’s some basic information to help you make an informed decision.
Passing on keepsakes to those we care about and who we know will cherish them can be a meaningful experience. We hope that the recipient of these items will continue to find value and meaning in the keepsake long after we are gone.
Winning the game of life — and death — depends on having an effective plan in place before the inevitable happens. If you do not have an advance healthcare directive, your loved ones may find themselves blindsided and sidelined at the precise moment you need them to step in and make medical decisions for you.
If a person close to you has been diagnosed with Alzheimer’s disease, it may be time to address some serious financial questions. It is wise to get financial matters in order as soon as possible due to the debilitating nature of Alzheimer’s and other forms of dementia that affect your loved one’s ability to make sound decisions.
Two emotions are likely to strike those who are nearing retirement — excitement and fear. Leaving the world of alarm clocks and offices and having time to pursue your own passions on a daily basis is liberating — but the apprehension of entering a new life stage can easily creep in. Although work-related stress will disappear, the responsibility of filling each week in a satisfying way can be a challenge. Top that off with the ever-present concern about long-term financial security in retirement and the nerves can grow even greater.
In a sympathy scam, a con artist plays on the victims’ emotions in order to extract money from them. Typically, you see a lot of these scams stemming from a tragedy that is highly publicized.
I have noticed a troubling emerging trend in estate planning. More families are owning property with different generations. This could be because real estate in Hawai‘i is expensive to purchase and even harder to maintain and keep. It is further exacerbated in situations where there are multiple children beneficiaries and/or where the parents need to leverage the equity in the home for their care, and are unable to access the equity due to a lack of income.
Problems with your estate plan may not become apparent until it is too late to fix them. Here are some common pitfalls:
• Failing to plan for large expenses, such as long-term care. • Failing to update your estate plan, including beneficiary designations on bank accounts, investment accounts, retirement accounts and insurance policies. • Failing to take steps to avoid family strife. • Putting your kids on the title to your stuff during your lifetime.
Trust beneficiaries are sometimes left to wonder why a decedent instructed that a trust distribution be made in a particular way. The trust clearly identified who the beneficiaries were, what they were to receive and how they were to receive. But unfortunately, the trust was silent as to the “why” of the distribution — the underlying reason and purpose for creating the trust in the first place.
Recently, I received a call from a woman who wanted to report that her father had been the victim of theft. The culprit was her niece, who had taken over $100,000 over a three-year period. The caller had the evidence and her father now wanted to hold the niece accountable for what she had done. However, the only problem was that the crime was outside the statute of limitations.
Only about 25 percent of family businesses survive 15 years or more. Only about 25 percent of those will survive the transition to the founders’ descendants. Many factors contribute to these statistics. Here are two critical factors.
As the COVID-19 pandemic spread across the country, parents saw a wave of adult children move back home. Pew Research recently found that 52 percent of 18- to 29-year-olds now live in a parent’s house. Some children may have moved back simply due to safety during the virus response or because universities switched to e-learning. Others may have returned because of financial reasons.
It’s natural to experience grief when we lose a loved one. While we often associate grief with the death of a loved one, we can also experience it when we get divorced or when ties with a friend become severed. Everyone experiences grief differently. Some are able to move on, while others are unable to process their loss.
When there are secrets within a family, it has been my experience that no good has ever come from them. Now, I am not talking about secrets that a family might keep from non-family members, such as, grandma is a witch and Uncle Joe has 12 toes, but secrets family members keep from each other.
A trust is created when a person transfers “stuff” to a trustee who will manage the stuff for the benefit of one or more beneficiaries. “Stuff” includes real property — such as land and buildings — and personal property — such as bank accounts, stocks and bonds, and personal effects. The person who transfers the stuff to the trustee is called the trustmaker.
Interest rates recently hit all-time lows as the Federal Reserve made cuts to mitigate the financial impacts of COVID-19. If you’re a homeowner with a monthly mortgage payment, you might be wondering if now is a good time to refinance. While a lower interest rate may yield a more affordable monthly payment, there are other factors to consider. Here are seven questions to ask yourself before making the decision to refinance…
I recently received a call from a concerned parent of an adult special needs child. Her son was recently diagnosed with schizophrenia, refuses to take his medication and has been living on the street. Unable to physically care for her child and experiencing a health scare of her own, she decided it was time to get “her ducks in order” and contacted our office. Her main wish is to continue to provide financially for her son’s present and future care without disrupting his governmental disability benefits.
One of the most common problem I encounter investigating a cybercrime is that the reporting person and/or victim fail to provide any records and/or documentation to support their claim that they had been victimized — more so in cases involving online fraud. One of the simplest and quickest methods of documentation is printing out the webpage offer, sale or service.
You may be tempted to treat a caregiver as a “private contractor” in order to avoid the humbug of tax withholding and buying the right insurance policies. You would do so at your peril. The IRS and the state will take the position that the caregiver is an employee, that you are an employer and that all of the legal obligations that attach to those labels apply to your situation.
In the last couple of months, I have had two people come to my office because they were not millionaires yet. You see, they each had won the Publishers Clearing House sweepstakes (PCH) and had not received their monies yet.
Investors are understandably wondering — and maybe even anxious — about how the US presidential election will affect the stock market. Election years often come with increased market uncertainty. And this year, COVID-19 and a fragile economy have added new dimensions to what may be a landmark US election cycle.
It may be hard to believe, but even during the coronavirus pandemic, criminals are targeting and preying upon the public via phony websites, bogus emails and text messaging, and by phone.
As I indicated in the last issue, under Hawaii Revised Statute §514E-9, timeshare companies are required to give clients all information regarding the unit for purchase, including all the fees attributed to that unit that are due immediately and the “hidden” fees that require seemingly endless future payments — the monthly mortgage, property tax, maintenance fees and interest.
As a member of ACTEC, I am privileged to learn from and exchange ideas with some of the most skilled and dedicated trust and estate lawyers in Hawai‘i. I often wonder why most of our discussions focus on probate and litigation issues rather than on how we can help plan to mitigate family conflict and avoid probate.
When I was in elementary school in the 1960s, my family’s set of encyclopedias claimed that I could expect to live to the ripe old age of 70. That seemed incredibly old to me. Fast-forward to 2020, and the current consensus is that I will live into my 80s, barring a catastrophic illness or an accident.
In these challenging economic times, many worthwhile charitable organizations find themselves in a precarious financial position. Meanwhile, they are experiencing unprecedented demand, especially those charities that provide basic needs like food and shelter. Thankfully, new, unique provisions in the tax code have been implemented in response to the COVID-19 crisis, creating more incentives for giving.
By virtue of buying a condominium, each unit owner becomes a member of an association and agrees to share the costs of operating that association. For example, owners share the cost of community lighting, water and grounds-keeping, usually via a set monthly maintenance fee.
Hawai‘i’s residences are often targeted by door-to-door solicitors asking for donations. Here in Hawai‘i, we are a generous people. We take pride in living the Aloha Spirit, but we must exercise caution as well. We must know the basic things about charitable giving in the event that anyone tries to take advantage of our good nature.
What are you leaving behind? This is a question that all too many of us fail to address before it’s too late. It’s not just a question about money, but about the entire heritage that you want to pass on to future generations—to those in your family and even to society as a whole.
If you want to, you can devise your own estate plan without the benefit of lawyers or other trained advisors. All you need is a credit card, a computer, a printer, and access to the Internet. With those tools, you can come up with a set of documents that may or may not accomplish your goal. The problem is that you will never know.
If a parent suddenly fell unconscious or required emergency medical attention, would you know what do? Would you know what paperwork, insurance cards and medical records to bring with you to the hospital? Once a medical crisis occurs, it’s too late to prepare for the large amount of information that is needed by doctors, hospital staff, family and relatives. The solution? A medical organizer.
Nobody likes to pay taxes, but most of us like to take baths. Unless the bath is the kind where money flows out of your pocket and down the drain. If you feel like paying taxes is a lot like seeing your money go down the drain, you will be glad to know about an exciting estate planning opportunity that can help make the IRS take a bath after your death instead of your loved ones.
The New Year is here and, because of the rough economy, it’s more important than ever to become a savvy shopper to both save money and prevent identity theft in 2011.
A financial advisor can offer valuable strategies and guidance to help you grow your savings and meet your financial goals and dreams. It’s important to select a qualified individual who is also a good match—personally and professionally.
The good news is that the federal estate tax took a vacation in 2010. The bad news is that it spent the whole year lifting weights and taking steroids. The estate tax is coming back in 2011, as big and bad as it has been in a long time. Now is the time to review your estate plan and make changes that could drastically affect how much of your estate goes to your loved ones, and how much goes to the IRS.
The holiday season is a happy time celebrated with food, family and friends. Unfortunately, it’s also a time for fraud at the hands of identity thieves, computer hackers and deceptive sellers. Hawai‘i’s Better Business Bureau (BBB) offers advice on how to recognize and avoid common holiday scams.
As we enter the third holiday season after the onset of the “Great Recession,” American consumers may be battling penny-pinching fatigue. We’ve scrimped. We’ve saved. When do we get to reward ourselves? Sure, it would be fun to celebrate the holidays with a big spending binge, but if there’s one lesson to be learned from the recession, it’s the importance of fiscal prudence.
You were named as successor Trustee of a trust created by a family member or friend, and that person just died. What now? Before you rush in, think about what awaits. Until you sign on the dotted line, the fact that you have been named as a trustee does not obligate you to accept that position. Decide carefully, because once you accept the job, you accept all that goes with it. It is a position of great honor, and it involves great responsibility.
One of the rites of fall for most employees is the opportunity to review and revise their benefit options for the next year (the next benefits year could start in January or sooner). This is often referred to as the “open enrollment” period. Typically, all employees of a company or organization can make adjustments to their benefit options at this time.
You may have heard the old joke, “where there’s a will … I want to be in it.” That may be true, but is estate planning really all about “who gets my stuff?” Who gets your stuff is important, but when you sift through the reasons for doing estate planning, you may find that identifying who gets your stuff takes a distant back seat to far more important considerations.
As you enter retirement, a lot of changes may occur. You need to determine how to generate current income from your existing savings while still trying to keep your money growing to meet your needs well into the future, when the cost of living is likely to be higher. You want to protect your assets from market volatility, but still be an active investor.
It’s safe to say that your retirement will bear little resemblance to that of your grandparents—and even your parents. The world has changed so much in the past 20 years that even the savviest prognosticators couldn’t have predicted all changes in society and technology that have transformed our daily lives. We now know there is no turning back from the life we’ve become accustomed to, but it begs the question: What’s next?
Work-at-home and make $500 dollars a day, lose 30 lbs. in one week, and the secrets of becoming financially secure for the price of shipping and handling all “risk free.” Hawai‘i’s Better Business Bureau (BBB) warns against offers that claim a “risk free” trial but takes your payment information up front. Many consumers allege that after providing credit card or banking information that they are bombarded with fees and other charges before the free trial is over.
The attorney’s ad tells you that you can get a “comprehensive estate plan” for $800. Does that sound too good to be true? It may be. Before you rush in, here are some questions to ask. If you get positive answers to every question, then maybe you have a real bargain on your hands.
It may be hard to believe, but during natural disasters such as hurricanes and earthquakes — and even the current COVID-19 pandemic — unscrupulous scammers set up fraudulent fundraising operations to take advantage of Good Samaritans who want to help.
It’s not uncommon to see advertisements promoting timeshares, as well as promotions for timeshare cancellation programs. The contradictory nature of these ads begs certain questions:..
In medicine, there is cure and care; in finance, there is worth and value. In estate planning, there is wealth and meaning. Most people see the estate planner’s role as writing a document that transfers wealth at death. Just as significant is our role to communicate our client’s meaning clearly. This meaning is the foundation for estate planning.
If nothing else, recent events have brought us face-to-face with mortality. Although none of us knows when death will overtake us or a loved one, we know that someday it is going to do exactly that. We can deny the inevitable, or we can prepare for it. By preparing for death, we can make that transition much easier on ourselves and our loved ones.
Historic market volatility has washed over the globe in recent weeks. The spread of COVID-19 (the disease caused by coronavirus) has precipitated a record drop in the stock market and a sharp plunge in bond yields, sending the U.S. into its first bear market in over a decade. People around the world are facing a health crisis that’s driving an economic crisis, which are leading to high levels of anxiety for families and individuals regarding their well-being and financial situation.
How do you know that you are the target of a scam? Here are some red flags that you should be aware of…
My wife loves free things. When we go to any expo at the Hawaii Convention Center or the Blaisdell, she’ll be the one hoarding free pens and reusable bags. So, I should not have been surprised when she stopped at a table run by a hotel chain that was offering a free dinner, six hours of validated parking in Waikīkī and a two-night stay at a hotel. According to the salesman, all we had to do was review a hotel from pictures they would show us. The whole process would take only 120 minutes (not two hours?).
Siblingship is the state of being related or interrelated, or a state of affairs existing between one of two or more individuals having one common parent. The term describes the unique, dynamic relationship existing between siblings. Siblings begin their relationship at a very young age. They experience joys and setbacks together — laugh and cry together. And through fighting, they can learn conflict resolution together. No other relationship is like siblingship.
In life, we always have options. And when it comes to covering the costs of long-term care, it is no different. In this article, I’ll share a few viable strategies you can use to help cover the future costs of care in our Aloha State. It is by no means all-encompassing and exhaustive, but meant to get you thinking on this critically important topic.
Estate planning is the process of protecting that which is important and then passing those important things on to our loved ones and future generations. Many concepts that are central to Hawaiian culture are particularly applicable to estate planning. Starting with the concept of ‘ohana (a very inclusive notion of family), all the way through lokahi (a sense of unity — especially appropriate at the passing of a loved one), estate planning and the culture of our islands interweave to form a rich tapestry of aloha.
When it comes to personal finance, what works for one person doesn’t necessarily work for another. That’s why money misconceptions can be so d dangerous. Here are four common money myths you may have heard — and perhaps even believe — that need to be put to rest once and for all…
Before trading in or selling your mobile devices, cellphones or tablets, be sure no sensitive data is left behind that may put you in jeopardy. Here are a few basic steps to reduce the risk of being victimized.
You would not place a welcome mat outside your car for criminals or hire someone to waive around a sign by your vehicle saying “steal this,” but that is exactly what many drivers do when they leave their keys in their vehicles. As a prosecutor, no crime gets me more upset than one that could have been easily prevented.
Over 54 million adults and children in the U.S. have a disability. The concerns of parents of disabled children are the same for most any parent — ensuring that their children are safe, happy and live a meaningful life. Some children may be unable to earn a living. Both the federal and state governments understand this and provide benefits so that they receive food, shelter and medical care.
Protecting personal privacy is generally a good thing, but can also have unexpected results. Consider the plight of a 90-year-old lady (“Nancy”) who was the life of her weekly exercise classes. Nancy was very well known for youthful outlook and zest for life.
So when Nancy missed class one day, her friends tried to contact her. All they were able to learn was that she had been moved to a nursing home.
Those who do not have children tend to have more financial flexibility to pursue their goals throughout life and retirement. This makes sense when you consider that the cost of raising a child from birth to adulthood is currently estimated at $233,610 (before you factor in college). However, childless singles and couples still need to manage their future financial needs.
If you want to make a donation, first go online and research the charity. Check the Better Business Bureau or the Federal Trade Commission for any scams or complaints connected to the organization. Scammers attempt to fool you into thinking they are a legitimate, so before donating, verify that the URL and email address are correct.
I was a guest on “Generations Radio,” AM 690, on Nov. 22, 2019 with Lt. John McCarthy of the Financial Crimes Unit of the Honolulu Police Department. The 39-year department veteran is nationally recognized as an expert in financial crimes and elder abuse. On the show, we discussed how scams go undetected because victims don’t recognize the warning signs of abuse. What follows are danger signals that should prompt further investigation…
We have been receiving an increased number of phone calls from our clients’ children, notifying us about the imminent death of one of their parents. The children usually call in a panic, asking if anything needs to be done before their parent passes. We do our best to assist them; however, sometimes it is just too late.
The people of Hawai‘i are generous with public charities. On the other hand, most of us do not have money to burn. Here are some good ideas about choosing where and how to give…
The Federal Reserve, our nation’s central bank, has a fair degree of independence, but it is directly accountable to Congress. Among its primary duties, is to oversee U.S. banking and financial services industries and establish U.S. monetary policy. Here are five ways the Fed impacts us…
When purchasing items with a credit or debit card online or over the counter, there are precautions you need to take.
In the last year, Americans received about 5 billion robocalls per month, up from the 2 billion a month just two years ago. Robocalls are automated calls made by a computer program, enabling the telemarketer or scammer on the other end to call multitudes of phone numbers in a short span of time. It took me under five minutes of “Googling” to find a website and fill out a form to order robocalling software that I could use to dial hundreds of telephone numbers an hour.
A frantic mother once called me after her daughter was injured in a ski accident. When she called the hospital to find out the status of her daughter, hospital personnel would’t release any information and didn’t allow her make decisions on her child’s behalf. Just imagine the stress this caused! This situation is all too common. When a child leave for college, for example, in the eyes of the law, he or she is now an adult and parental rights cease. This fact is often overlooked.
The people of Hawai‘i are generous with public charities. On the other hand, most of us do not have money to burn. The following are some good ideas about choosing where and how to give.
Making financial decisions takes time, attention and energy at any age. In the case of elderly adults, it can become increasingly difficult to manage daily finances, particularly if their health is declining or they’re experiencing cognitive issues. If you’re providing support to aging parents — or plan to in the future — here is some advice on how to handle the situation and prepare for what’s to come.
How often do we get and answer calls from telephone numbers of people who we think we know, only to discover it’s a telemarketer or scammer? Here are some prevention tips that may help…
My office has received an increase in calls from parents, siblings or other relatives trying to kick an adult child out of their house. Often, the caller has already requested that the child leave, only to receive an adamant “no” from the unwelcome person. In one instance, a mother was selling the home that she loved to move into a small, one-bedroom apartment, hoping her son would not be allowed to live there.
For many years, we have heard our federal and state politicians talk about “unfunded liabilities” of the government. An unfunded liability is any liability or expense that does not have sufficient savings or investments set aside to pay for it. The party responsible for paying the unfunded liability pays for it out of current income or savings or by borrowing the funds.
The risk of an unfunded liability is two-fold: