An increasing number of wealthy individuals are investing in art as a way to provide for future heirs and build a family legacy. While art can be a valuable investment, knowledge is required to manage art assets appropriately. Coupling art and trusts is one way to prepare estates to protect your heirs and your assets.
A reverse mortgage is a way to obtain a line of equity through your home. To qualify for a reverse mortgage, you must own your home and meet certain financial considerations. Most reverse mortgages create a line of credit on which you can draw—you can choose to draw up to a maximum set by the lender. Other ways to receive money from your reverse mortgage include monthly payments made over your lifetime or a lump sum.
When naming someone as an administrator to your estate or accepting the responsibility on behalf of someone else, it's important to remember that estate administration may not be a simple case of doling out the family heirlooms. Estate administrators may end up dealing with legal issues that could span years.