Estate Planning

As the new year begins, the calendars of estate planning attorneys become quickly filled with consultations for potential new clients eager to “get their affairs in order.” Individuals, couples or families resolve to accomplish what they’ve been putting off and seek expert advice.

A sluggish economy has incentivized people to do their own home repairs, cook for themselves more and perform other tasks that in a more vibrant economy might not be necessary. Unfortunately, as part this trend, many individuals are using cookie-cutter, out-of-the-box wills and will programs to plan for their heirs and beneficiaries when they pass away.

Reverse mortgage applicants are among the losers in the budget deal cutting $38 billion in spending that President Obama and Congressional Republicans worked out to avert a government shutdown. The eleventh-hour deal, which President Obama recently signed into law, cuts $88 million from the Department of Housing and Urban Developments (HUD) budget for loan counseling programs, including about $9 million for reverse mortgage counseling.