Cleaning Up Credit Card Chaos

By Bob Hardcastle

Is there a way out when you have too many credit cards with high balances?  Well, let me offer some suggestions.

First, you have to take a serious look at yourself, admit you have a debt problem, and resolve that you are going to take a disciplined approach toward cleaning up your situation and recover from it.  Here are some suggestions, which may or may not help.

If you are in a position to get a new, low interest credit card with a promotional fee that allows you to transfer the balances from higher interest bearing credit cards, take advantage of the offer and transfer your balances.  Some cards even offer interest-free promotional rates for balance transfers. If you can get a piece of that you are off to a really good start in the quest to get liquid again. Read More>>

“Special Needs Trust” Needs Special Trustee

By Charles Amen

When children face a lifetime of significant medical expense, parents often turn to a “special needs trust.” The beneficiary is usually eligible for Medicaid benefits, or soon will be. The goal of a special needs trust is to provide a source of money to benefit a child without jeopardizing this eligibility.

Typical language provides that no payments can be made for the child’s support (such as food, clothing or shelter). Also, payments to benefit the child are completely controlled by the trustee. Because of this, naming a trustee becomes a very important choice.  Read More>>