Thomas F. Miles, Attorney and Counselor at Law
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October 2017 Archives

Understanding mortgage forgiveness

Purchasing a home is a significant step for residents in the San Diego area; however, it is a major purchase, and most require financial assistance to complete the transaction. While obtaining a mortgage is a very common step to take, it is also expected that borrowers are able to make timely monthly payments. The failure to do so could land a homeowner is financial ruin, causing the foreclosure process to initiate. Losing a home because of missed mortgage payments is a reality that some homeowners face. However, homeowners facing foreclosure have options to delay or even stop the foreclosure process.

Retirement accounts that are safe during bankruptcy

Debt is sometimes difficult to avoid. In most cases, it comes into our lives in small quantities. We make larger purchases on a credit card with the intent of paying it off either right away or in a few months. In other cases, people take on larger debts, such as when they purchase a home or a vehicle. And in some unfortunate matters, debt begins to pile up when medical bills accumulate. When debt becomes uncontrollable, consumers are put in a challenging predicament. However, filing for bankruptcy can be a real option and a solution in these circumstances.

What is a spendthrift trust?

Trusts are important estate planning tools that can allow individuals to place their assets in trust and for the benefit of others. The creator of a trust may place terms and conditions on how the trust beneficiaries may collect their trust income and different types of trusts may achieve different estate planning goals. This post will discuss one specific type of trust - spendthrift trusts - and will describe how some San Diego residents may use them to provide for individuals after the trust creators' deaths.

What is a testamentary trust?

Drafting an estate plan has become an important step for individuals in California and elsewhere to take. While it is also a process that many seek to avoid until later in life, it has been proven to be an essential and necessary step to take as soon as possible. While that means taking the time to think about your death and what will happen following your death, failing to take the time to address this uncomfortable topic could prove to be problematic and harmful when it comes to your heirs and beneficiaries dealing with your estate after your passing.

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Thomas F. Miles, Attorney and Counselor at Law
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