Rick Bloom's Corner

  Dear Rick: About three years ago I wrote you about my tax situation. My new husband was self-employed and didn’t want to report any of his income. He basically was claiming that his business made no money. You told me I should not sign the tax return and to file as a married person […]

Document Locator

  Not too long ago I sat down with a new client whose father had recently passed away. During the conversation we discussed his inheritance and that is where the problem developed. As he told me, he has no idea what his inheritance will be because he and his brother are having a hard time […]

  Dear Rick: I went to one of those seminars where they buy you lunch and then give you their sales pitch. I really wasn’t interested in what they were selling but I figured I’d go along for the free lunch. The presentation dealt with investing in real estate. It was your typical real estate […]

Paying Student Loans

  The other day I received a call from a client who was concerned about her sister. Her sister is in her mid-70s and is experiencing some financial difficulties. Basically, as my client explained, a number of years ago her sister took out a student loan in order to help her granddaughter. The granddaughter is […]

Charitable Contributions – (Q & A)

  Dear Rick: Last year I finally retired. Income from my pension and Social Security covers my wife’s and my living expenses. I turned 70½ this year and I’ve been told that I don’t have to take a minimum required distribution this year; I can wait until next year. My feeling is since I don’t […]

Financial Issues

  I recently met with a long-time client who is now semi-retired. They had a variety of issues that I thought I would share with you. These issues come up frequently at client meetings, particularly, with those who are newly retired. After all, when someone has worked their entire adult life, things look differently when […]

Co-Signing a Loan – (Q & A)

  Q Dear Rick: About five years ago I co-signed and loaned money to my then daughter-in-law. At the time it was our understanding that she would make all the payments on the loan that I co-signed and with the money that I loaned her she was going to repay me in 10 years. This […]

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 […]

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