In these tough economic times financial advisors and wealth experts are encouraging people to save money in creative ways. Besides having shelves of books that actually tell you how to stretch your funds, there are many free services offered by your public library that could help cut some of those extra costs that add up after awhile.
Discuss estate planning only if their affairs are not in order. Talking about selling someone’s house after they die or about monetary splits is cruel and unkind. If they don’t have a Will just get them a lawyer and stay out of the process. Be compassionate and let them have some peace in their remaining days.
All the leading indicators of foreclosure are rising. Probably commercial real estate will go first. The recession has decimated small to medium sized businesses, who are therefore unable to maintain the payments on their commercial loans.
My mom was a frugal woman who worked hard her entire life. In her final days she told me she was ashamed she had not developed a fat financial portfolio she could leave to her children.
Creditors are also a consideration. Did you know that your child’s creditors could use your property to collect on the child’s debts? If your child is on title, the child is an owner. Creditors can lien real estate for collection of a judgment. They can garnish bank accounts. When that happens, it’s up to you to try to undo it. Proving something is really all yours, recovering funds, releasing a frozen bank account, or removing a lien can be very difficult and does not always work. It usually requires help from a lawyer – costing more than you would have spent on an estate trusts and wills.
Most people know that they need to put together a will sometime before they die. Unfortunately, the majority of people don’t have a will. They don’t think about writing up a will until they are past the age of 50.
The business of buying and renting properties is a fairly simple process, but it is important that you know what you are doing, because if you make an incorrect purchase the results can be fairly catastrophic and difficult to sell off. This is why it is essential to study these notes very thoroughly and stay within the framework of these recommendations.