Rick Bloom's Corner

Estate Plan Issue – (Q & A)

  Hi Rick: I’m a 61 year-old widow with two adult children. I only owe $4,500 on my house and have an equity loan. All my other money is in bank accounts, with my children as beneficiaries; plain and simple, I don’t feel like I need a will. What are your thoughts? When I die, […]

Updating your Homeowner’s Insurance

  We’ve all seen the destruction of Hurricanes Harvey and Irma. Despite all of us always complaining about the weather in Michigan, I think we should be thankful we don’t get the violent weather as seen in other parts of the country. That being said, we all know that we have our fair share of […]

Bankruptcy – (Q & A)

    Dear Rick: After being married for over 15 years, a few years ago I got divorced. The divorce was bitter and costly and left me in debt. Over the last few years I have struggled with my finances and have watched the balance of charge cards grow and grow. I’ve reached the point […]

Hurricane Harvey Scams

  We have all seen the photos and the videos of the devastation caused by Hurricane Harvey. The numbers are staggering. According to reports, by the time the storm will end, 25 trillion gallons of rain will have been dumped on Texas. It’s also estimated that nearly a half-million people will be asking the federal […]

Income Tax Question – (Q & A)

  Dear Rick: I have a question on my 2016 tax return.  In April I filed for an extension and I’ve just started to work on my return.  In 2016, I got married in October.  However, prior to getting married, I contributed $5,500 to a Roth IRA.  When I made the contribution I was eligible […]

Investors Should Not Focus On Taxes

  We all saw the story the other day of the women from Massachusetts who won over 700 million dollars in the lottery. I have no doubt that the majority of us fantasized about what it would have been like if we were the winner. That being said, there is a lesson to be learned […]

College Funding – (Q & A)

  Dear Rick: My 18-year-old son will be going to college in a few weeks. I have followed your advice from a recent column and I have done medical and durable powers of attorney for him. I also checked with my homeowner’s insurance agent to make sure he is covered, which he is. In addition, […]

Year-End Financial Moves

  I hate to have to write a column like this at this time of the year; however, when you realize that Labor Day is right around the corner, it is not too early to start thinking about year-end financial moves that you may or may not want to do. I recognize that we still […]

Investing within your Comfort Level

  I recently met with some new clients. They were both in their mid-60s and because of his health, he decided to retire. His wife, on the other hand, will continue to work for a few more years. His pension, along with his wife’s salary, will more than cover their living expenses. Therefore, income is […]

Tax-deductible Loan- (Q & A

  Dear Rick: A couple of years ago my son and I talked to you after one of your seminars and you recommended that my son, who was in his early 30s at the time, file for bankruptcy. He took your advice and filed for bankruptcy. It was the best move he’s ever done. He […]

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