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Real estate fraud ring crushes investors' finances

By Robert Bruss, Wednesday, November 10, 2004.

Linda K. Frykholm developed a Ponzi scheme promising to pay investors a 100 percent return on their money within a month. She persuaded people to invest $15 million in her get-rich-quick scheme even though she had no means to back up her promises.

A classic Ponzi scheme, the judge explained, involves borrowing money from investors, promising them a high return, and using funds from later investors to pay those high returns.

Purchase Bob Bruss reports online.  more...

Dishwasher installation requires precision

By Bill and Kevin Burnett, Wednesday, November 10, 2004.

Q: I am installing a dishwasher and a garbage disposal in my home. The dishwasher instructions include two ways of installing the drain hose.

The simpler way is to attach it at the sink waste, before the trap. The other way seems more complicated and costly to attach it to an air gap that then attaches to the garbage disposal. I would prefer the first option. What are the pros and cons of each way?  more...

Mortgage elimination plans prey upon younger borrowers

By Tom Kelly, Wednesday, November 10, 2004.

This time, senior homeowners are not in the forefront.

Typically, real estate scams target persons with significant equity in their homes, often elders who have resided in the same primary residence for decades. Seniors have been in the crosshairs of equity-skimming deals, outrageous refinance pitches and bogus life insurance plans.  more...

How does stepped-up basis for inherited property work?

By Robert Bruss, Wednesday, November 10, 2004.

DEAR BOB: I know you have tackled this issue before, but I still don't understand. I'm sure many other readers are also interested. What does stepped-up basis mean for a house? My late husband and I owned our home as joint tenants with right of survivorship. He died in 2003. We bought our home in 1978 for about $200,000. Today, it is worth at least $650,000. What is my basis so I can see if I will owe any tax should I decide to sell? – Doris F.  more...