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    IRAs: How to make an early withdrawal

    Exceptions to 10% penalty include medical expenses, first-time home purchase


    I am in the process of buying a vacation home. Can I just add it on to my current homeowner’s insurance policy?

    Your current homeowner’s policy may allow for coverage of two properties under one policy, but because there are unique risks with a second home, a separate policy may be more effective in providing the coverage you need.

    Read: Legislation renews IRA charity tax break

    An unoccupied home can invite trouble. Without a presence, there is no one to fix a leak, respond to weather damage, or even report a fire. It also may become a target for burglars. In addition, you may be considering renting out your home when you're not using it. However, having renters (or even guests) may increase your liability to any damage or injury associated with their stay.

    Be sure to work with your insurance agent to secure the right coverage. Also discuss the benefit of raising your personal liability coverage to protect from any increase in risk to your personal wealth that may come with offering your home to guests and renters.

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    Send your questions about estate planning, retirement, and investing to Joel M. Blau, CFP, c/o Urology Times, at [email protected] Questions of general interest will be chosen for publication. The information in this column is designed to be authoritative. The publisher is not engaged in rendering legal, investment, or tax advice.

    Subscribe to Urology Times to get monthly news from the leading news source for urologists.

    Joel M. Blau, CFP
    Mr. Blau is chief executive officer of MEDIQUS Asset Advisors, Inc., in Chicago. He can be reached at 800-883-8555 or [email protected]
    Ronald J. Paprocki, JD, CFP, CHBC
    Mr. Paprocki is chief executive officer of MEDIQUS Asset Advisors, Inc. in Chicago.


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