Lenders May Give You a Break on Debt, But Uncle Sam Might Not Be So Forgiving
There’s a good news/bad news story if you’re a borrower in trouble with mortgage debt. The good news is that your lender might be willing to renegotiate your loan to give you a break on your payments or even forgive a portion of the debt. Foreclosure is expensive and it’s also bad publicity throwing people out of their houses – lenders simply don’t like to do it.
The bad news? The IRS is watching.
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Thinking About Private School for Your Kids? The Earlier You Start the Better
Considering private grammar and high school is a parent’s first introduction to a lifetime of saving for a child’s education.
Depending on where you live, you might face a decision to choose between private and public schools, and there might not be much of a choice. It’s an expensive proposition made even more complicated by the fact that you have to save for college at the same time. Some are able to pay for private school today plus save for college. For others they may have to plan on ‘paying as they go’ for all schooling – today and for college.
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Adopting a Child Requires a Specific Financial Plan
Adopting a child is a massive decision, probably bigger than education, marriage or career. Few individuals or couples anticipate how expensive it is to have a biological child, and depending on your choice of adoption scenario you’re going to need a financial plan.
It’s not overstating to say that in some situations, you may be paying the price of a current four-year public college degree just to complete the adoption process.
Here’s a very general review of those figures. The least expensive form of adoption comes from your local foster care system. Your cost could conceivably be zero since states often subsidize these programs to place these children. Meanwhile, agency and private domestic adoptions can range from $5,000 to $40,000 depending on agency and attorney fees, travel expenses, birth mother health and living expenses, state requirements and many other factors unique to the situation. International adoptions are somewhere in the middle of that cost range even with travel, adoption agency and other fees and expenses that need to be paid on the ground in the country of adoption. More...
Making Your Employer a Partner In Your Financial Planning
People who look to their employers for nothing more than a weekly paycheck and basic health care insurance are missing the boat.
It makes the most sense to ask a future employer about benefits before you agree to come to work. But even if you have been working for the same company for years, it’s never too late to go to human resources to make sure you’re getting the most mileage out of your current benefits and maybe pick up a new perk or two. See if you have the following options available, and check with your tax professional or a financial adviser before you make a selection: More...
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