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Month: June 2019

The Basics Of Estate Planning

The Basics Of Estate Planning

Estate Planning may be a word that is encountered by many citizens especially the elderly. What is Estate Planning? What benefits does it provide to people?

Estate Planning is a method of arranging and considering alternatives that will satisfy specific wishes and goals to prepare for things that may happen to a person and the people he finds special to him.

Estate Planning includes organizing properties and not just putting them in a simple Will. It also lessens the taxes and fees that may possibly be charged to these properties. Estate Planning also includes contingency preparation to ensure that ones wishes regarding health care and medications will be followed.

An estate plan may be described as good if it financially coordinates with the future of the home, business, investments, insurance and other benefits if ever the person becomes sick or will pass away. A good estate plan also sets directions to bring about personal wishes regarding health care in preparation for the when the person becomes disabled.

It is very important to identify the real definition of the term “estate” before someone can really perform estate planning. Estate means all the properties a person owns or has control of. This is regardless whether if the property is solely named after him or is in managed in a partnership. This may include real properties, accounts, bonds and stocks, cash, buildings and establishments, jewelry, collections, all types of businesses and even retirement benefits.

Typically, those who really need to have an estate plan are parents who have minor children, people who have valuable properties and have sentimental values for them, and also people who are concerned about their medications and health care. However, people can still acquire an estate plan whether they have these categories or not. As long as they have all the things that are covered by an estate plan, then they can avail of it.

While a person is alive, it is important to prepare an estate plan and at the same time implement it. This is the perfect time for a person to perform and have legal capacity to come up with a contract. There may be challenges that could occur if an estate plan is implemented when a person is already disabled. Others may judge the lack of capacity and the person may be prone to fraud, abuse and coercion.

Estate Plans may include wills, power of attorney for health care, living wills, living trusts and limited partnerships. When entering into a contract, it is very important to make use of the services of a lawyer. Lawyers are the only certified people who practice these fields. They are also the only ones who can supply a person with all the legal requirements and advice needed in the estate plan. An attorney will be able to answer legal questions regarding the estate and they will also be able prepare the person on the cost of the estate plan and other finances the come with it.

Estate Planning involves sensitive decisions and legal matters. It would only be beneficial if the person will always consult with legal advisors and also seek financial and medical advice. It is important that before a person will enter into estate planning, he should already have a strong understanding of the process so that things will not be difficult for those who will be left behind.

Must Read Tips on Buying A Home

Must Read Tips on Buying A Home

The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

But before going into the buying process you should first ask yourself if your are already ready for home buying.

Do you prefer or even enjoy moving into different places. Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you like to enjoy not having so much trouble with regular maintenance and repairs?

If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.

Remember than buying home is not just the biggest financial decision you will ever make but also the strongest emotional choice in your life, so be prepared to make wise decisions when you are in this process.

Buying home always seems to be a great idea, but it is important that ownership of a certain property comes with a great deal of responsibilities too.

Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

The first things that comes into our mind when we think about home owning, is the wonderful things that is connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the good advantages of home buying.

Financial security is a very great deal of advantage when it comes to owning your own home. If the housing prices would go up, your home can provide you with some financial security due to capital appreciation.

Flexibility is another thing, when owning your house you will be able to decide all the aspects that comes with it. You can decorate or renovate your home to meet your own family’s personal tastes and needs.

And of course stability, having your own home will make you feel at ease and less burden than renting one.

Although it is really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.

Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.

You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.

So, you’ve decided that homeownership is right for you. Now you need to determine if you are financially ready to buy a house.

To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.

Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.

Your net worth is the amount left over once you’ve subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.

Just remember all this notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.

Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn’t over just yet. There are quite a few things that need to be done on closing day.

Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.

Selling a new home

Selling a new home

Selling a new home sounds easier than selling an old home that need repairs here and there. But even a new home that we are selling, it still needs preparation to sell it. We cannot just put a “For Sale: new home” sign in front of the house and expect the people will come to you and sign the deal. Selling a new home is still the same as selling your own home but the difference is that it does not need lot of preparation as usual.
Since you do not have to spend much time in repairing or improving the house, you can catch up by making a marketing plan to sell the new home. The marketing plan is made to sell a home in a rapid time at the best price. The plan can be advertising in the newspaper, posting your listing on the Internet, holding an open house and more.
Just to remind you that there is two important thins to remember in selling home including a new home, they are price and condition. Any home will sell right faster if the price is right and reasonable. Any repairs and improvements or cost to sell should be included in your asking price but it has to be reasonable.
It is also helpful to discuss other terms and conditions, such as timing and items that can be included with the sale of the home. Both of these can make your home more attractive to potential buyers. Any realtor will tell you that the spring and summer are the best times of the year to sell a home, because that is the time when buyers are having a great interest in buying home. Selling a house depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price. According to the most recent data from the National Association of Realtors, or NAR, about 350,000 transactions were closed during January and February this year, compared with 650,000 to 700,000 a month in June, July and August.
You also should hold open house to sell a new home which is one of the ways to promote your house to the your neighbors. This can be one of free advertisement in selling the home just in case if there is our neighbors’ friends or family who accidentally want to buy a home. Create an information sheet (with a photo) about your home to give potential buyers a description about your home.
Selling a new home is not as difficult as you think. Yet, it also does not as easy as it seems. What you need to have in selling a new home is a spirit to sell and link to sell your home and also a hard work.