FHA is Changing the Waiting Period for a Borrower
By Mike Goodwin
Borrowers who have had a bankruptcy, foreclosure, short sale or deed in lieu. Read the below information to give you a heads up on what they are requiring. Below is a mini version of the requirements.
Read more: FHA is Changing the Waiting Period for a Borrower!
Real Estate and ID Theft Renter Beware
Is it possible to reduce your risk?
The summer months and an improving housing market bring about increases in home buying and selling. Such transacations can bring about an increased risk of identity theft.
Kroll’s Investigators share tips on reducing your risk of becoming a victim of identity theft while buying a home, selling a home and/or moving to a new or new-to-you home.
click HERE to learn more
Things to Remember when Considering Early Withdrawals from Retirement Plans
Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. Here are a few key points to know:
Read more: Things to Remember when Considering Early Withdrawals from Retirement Plans
Wills vs. Trusts: A Quick & Simple Reference Guide
Confused about the differences between wills and trusts? If so, you’re not alone. While it’s
always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick
and simple reference guide:
What Revocable Living Trusts Can Do – That Wills Can’t
- Avoid a conservatorship and guardianship. A revocable living trust allows you to
authorize your spouse, partner, child, or other trusted person to manage your assets
should you become incapacitated and unable to manage your own affairs. Wills only
become effective when you die, so they are useless in avoiding conservatorship and
guardianship proceedings during your life. - Bypass probate. Property in a revocable living trust does not pass through probate.
Property that passes using a will guarantees probate. The probate process, designed to
wrap up a person’s affairs after satisfying outstanding debts, is public and can be costly
and time consuming – sometimes taking years to resolve. - Maintain privacy after death. Wills are public documents; trusts are not. Anyone,
including nosey neighbors, predators, and unscrupulous “charities” can discover the
details of your estate if you have a will. Trusts allow you to maintain your family’s
privacy after death. - Protect you from court challenges. Although court challenges to wills and trusts occur,
attacking a trust is generally much harder than attacking a will because trust provisions
are not made public.Read more: Wills vs. Trusts: A Quick & Simple Reference Guide
5 Things Your Kids Should Know Before They Inherit Your Money
An inheritance shouldn't come as a big surprise to your beneficiaries. They need to be prepared for the gift, and the taxes and decisions that come with it. So even if it's awkward, you need to have a chat.
By MATT HAUSMAN,
Many parents fail to get their financial affairs in order, neglecting to take care of such things as wills, living wills and powers of attorney. But even those who think they've covered all of their estate-planning bases often leave one of the most important tasks undone: They fail to talk to their adult children about the money they'll be leaving them someday.
For many, I've found, it's because it's a private topic — and an uncomfortable one.
Read more: 5 Things Your Kids Should Know Before They Inherit Your Money