Rick Bloom's Corner

Filing an Amended Tax Return

  I recently met with a potential new client and as I was looking over their tax return I noticed that there was an obvious mistake. Basically, the clients had a side business and they filed a Schedule C for the business. A Schedule C is a rather simple form that lists income and expenses […]

  Dear Rick: I know you’ve talked about this in the past, but the situation now applies to me so I hope you can help me. My 18-year-old daughter will soon be starting Michigan State as a freshman. I remember in the past you’ve talked about healthcare and property insurance and I have confirmed she […]

Mutual Fund Companies Price Wars

Generally, I’m against wars whether they are trade wars or the more traditional type of wars. However, there is a war that’s raging right now that I am in favor of, and that is a price war that is being waged by mutual fund companies. The latest shots fired were from Fidelity Investments who just […]

Variable Annuities – (Q & A)

Dear Rick: I have two variable annuities at AXA. I am considering surrendering them. Can I have their values rolled over into my TD Ameritrade IRA? I’ve had these contracts for six years and they keep on losing value. One is $139,000; the other is $171,000 currently. They are variable annuities, and I originally invested […]

Senior Housing

    When I was a kid, when seniors could no longer live by themselves, they had basically two options.  They either would move in with family, or they went to an “old-folks home.”  The “old-folks homes” were always on the edge of town and were generally warehouses for people.  Unfortunately, the great majority of […]

Estate Plan Issue – (Q & A)

  Dear Rick: I am 60 and a widow. I have been dating someone for the last year or so and we have decided to move in together. The plan is for him to sell his house and to move into mine. We currently have no plans to marry, as I would lose my healthcare […]

It seems that almost on a daily basis I get emails telling me that I can save money by changing my internet company, my cellphone carrier or my cable TV provider. Most of the time I don’t have the time or energy to review these offers. Occasionally, one of the offers will intrigue me and […]

QLAC – (Q & A)

  Dear Rick: I am 67 years old and I just retired a few months ago. I have been divorced twice, and I just got done paying off my wife from my second marriage, and I no longer have any obligations to her or to anyone else. Financially, I’m in very good shape. I have […]

Phone Scams

  The other day I received a call on my cell phone from a number I did not recognize. My general rule is that unless I know who’s calling, I don’t answer the call and always let it go to voicemail. After all, in today’s world even if you’re on the “do not call list” […]

Roth IRAs – (Q & A)

  Dear Rick: I have a couple questions about Roth IRAs that I hope you can help me with. My situation is that I’m 72 years old. Last year I began taking minimum required distributions from my traditional IRA. I don’t really need the money so it was suggested to me that I take this […]

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