The News Star columns

Question: I think I may be opposite of most people – I am a compulsive saver. Or at least that’s what my wife says. I am always concerned that we will need the money and it won’t be there because we’ve spent it on something frivolous. I’m sure it’s how I was raised. I grew up poor. But my wife is about to get tired of it and I can see her point. How do I free myself from thinking this way?

Answer: Undefined dangers loom large in the mind.

Question: My plan is to leave everything to my wife after I’m gone and she’s doing the same with me. Then when the second one of us is gone, the kids will get everything more or less equally. That’s what our wills say. We are both in second marriages and both of us have our own set of children. But they are all adults, on their own and doing fine. Everyone gets along fine. Isn’t this simple approach the best?

Answer: Your plan strikes me as loving, well-prioritized, simple…and potentially disastrous.

Question: I've read a lot about reverse mortgages but it's still confusing. I can't tell if it's a good thing or a bad thing. Could you please give me your opinion! Thanks.

Answer: Even the most expensive lifeboat is a bargain when your ship is sinking.

Question: We know we need to do some estate planning but we have several children and not all of them are equally fit to handle a significant inheritance. But we don’t want to disinherit them. Is a trust the answer?

Answer: Having your attorney draft a legal trust may be a part of the answer. But may I suggest an attempt at re-building relational trust before you die?

Question: For years it’s been just me running my little business. But now I’ve got some opportunities to expand things and I’d like to see my business grow. What things do I need to keep in mind as my business expands?

Answer: Too often growing results in groaning. It doesn’t have to be that way.

Question: My first marriage ended due to conflicts over money. It was so unpleasant that I find myself not even wanting to bring up the topic now (in my second marriage). But it just comes up naturally – I mean we just naturally have conflicts and money is a part of it. But It makes me sick at my stomach to think about having money conflicts ruin this marriage too. What can I do to avoid this?

Answer: You can stop avoiding it.

If you will step up and DO something hard now, you’ll reduce the odds that you will EXPERIENCE something much harder later.