Byron Moore, CFP® and Mike Jones

Children and money

Trust me…on blinding, binding and unwinding

By Byron Moore, posted January 23, 2017
Originally published in the News Star and the Shreveport Times on Sunday, January 22, 2017.

money vault_sm.jpegQ: I am getting on up there in age and my children want me to put my assets in a trust. They say it will protect me and also keep the government from taking my money if I go into a nursing home. Is that true? Is it worth it? Sounds like a lot of trouble to me.

A: It is a lot of trouble. The question for you to answer is…is the trouble worth it?

Every time we put a new president in office, a phrase re-emerges into the popular lexicon that we haven’t used in four to eight years…”blind trust.”

Should I co-sign my grandchild’s college loan?

By Byron Moore, posted January 17, 2017
Originally published in the News Star and the Shreveport Times on Sunday, January 15, 2017.

granddaughter college_sm.jpgQ: My granddaughter has been through a lot. Her parents divorced and she has struggled in school. She wants to go to college, but neither parent has enough money to send her. She can get a loan to go to college, but she says I will have to co-sign for her to get it. It won’t cost me anything to co-sign so I don’t see what the harm is. What do you think?

A: I think you need to ask a lot more questions. Or you might get an education you didn’t count on.

Podcast - Family friendly inheritance (2:40)

By Byron Moore, posted September 1, 2016

The following segment first aired on KEDM 90.3.

Control from the grave is nearly impossible to achieve (and rarely appreciated by the heirs). But influence and a legacy of family values is not only possible with careful and creative planning, but may be the most long-lasting gift you could leave behind.
Click the picture above to play/pause audio.

Good intentions can diminish over time

By Byron Moore, posted August 15, 2016
Originally published in the News Star and the Shreveport Times on Sunday, August 14, 2016.
 

Last Will_sm.jpgQuestion: 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.

Real Fathers create real value

By Byron Moore, posted June 20, 2016
Originally published in the News Star and the Shreveport Times on Sunday, June 19, 2016.
 
Real Father_sm.jpgQuestion: My wife and I have been married a long time and we are finally having our first child. It took us a long time to get pregnant and frankly we had sort of given up. But now this one comes along and we are so excited. What financial things do I need to be thinking about as a new father?
 
Answer: We’ve all heard that there are some things that money can’t buy.
 
My paternal corollary to that financial proverb is, “There are some things only a Real Father can do.”

What happens if I outlive one of my heirs?

By Byron Moore, posted May 2, 2016
Originally published in the News Star and the Shreveport Times on Sunday, May 1, 2016.
 

Outliving heirs_sw.jpgQuestion: I have lived longer than I thought I ever would. I’ve been blessed with several children and grandchildren. Now I am faced with the possibility that I could outlive some of them. What would happen if I live longer than one of my children? Would their children get their portion of my estate? I have one child who never had any children of her own.

Answer: What do you want to happen?

Podcast: Should you open a 529 account? (3:45)

By Byron Moore, posted March 3, 2016

The following segment first aired on KEDM 90.3 on September 9, 2015

Here’s a question I get a lot from parents of school age children – “Should I open a 529 account? Is that the best thing to fund education?  Or would you suggest something else?”

Click the picture above to play/pause audio.

What happens if the bottom drops out of TOPS?

By Byron Moore, posted February 29, 2016
Originally published in the News Star and the Shreveport Times on Sunday, February 28, 2016.
 

TOPS_0.jpg Question: My daughter is in her freshman year at Tech and I’m scared to death that the TOPS program might be eliminated. I’m not sure I would be able to pay all of her expenses if TOPS is canceled. What do you think will happen?

Answer: My ability to predict what politicians might do is about as useful as my prediction of next month’s Power Ball numbers…and just about as accurate.

When and how to help

By Byron Moore, posted January 11, 2016
Originally published in the News Star and the Shreveport Times on Sunday, January 10, 2016.
 
lifesavers_0.jpgQuestion: I have the unusual task of trying to teach my middle aged brother about basic financial management. He is broke and in debt and is now living with our mother. After going through a divorce and a rebound girlfriend, he now has credit card debt, no car, no assets and no job. I want to help him, but don't want to throw cash at him. I was taught by my father to save, but apparently my brother didn't get it. Any suggestions on where to start?
 

Answer: Ever since Cain and Abel, mystified parents have wept many a tear over the enigma of one brother turning out so differently from another.

Do your words and your wallet say the same thing?

By Byron Moore, posted December 14, 2015
Originally published in the News Star and the Shreveport Times on Sunday, December 13, 2015.
 

Parents Supporting Adult Kids-coins_0_0.JPGQuestion: I cut out your articles regularly and send them to my son. But he doesn’t seem to get it. My husband and I have tried to teach him to be responsible, but we are still having to pay his phone bill and his car insurance, and whenever he comes home he asks me for cash. He’s out of college and he’s got a job, though not a good one. He says he doesn’t make enough money, but this just can’t keep going on. What do you suggest?

Answer: You say you have tried to teach your son to be responsible, but actually the opposite is true.

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