3 Reasons To Use A Trust With Your Estate Plan

Posted by on Apr 30, 2015 in Uncategorized | 0 comments

Many people think that when they go to do their estate planning that they should get a will instead of a trust. This is simply not the case.  will is important, you should only put the guardianship of minor children in a will. Everything else, especially that pertaining to money, should go in your trust. Here are a couple things you need to know about a trust. 1. A Trust Helps You Get Your Money Faster One reason that people choose a trust over a will is that you will get your money faster. If you pass away without a trust, and everything is in a will, it will have to go through a process called probate. This is a process that the courts must oversee meaning you are on their timetable instead of the one you created for your beneficiaries. With a trust you name a beneficiary. This beneficiary will be able to distribute the trust, as you outlined it, upon death. This means that your family and loved ones can get everything that you intended them to have right away. If your family is depending on your estate to help pay for their living expenses after you pass away, then you should have a trust. It should be noted that if the estate is disputed, distributing the funds could take longer. This is the case regardless if your estate is in a trust or a will. 2. A Trust Is More Private Another disadvantage to a will is that everything in the will is put on public record. This means that anyone can look at your estate, what you chose to do with everything and how much you were worth. This may not be a concern to some, but if you want to keep your estate private and personal, you should put it in a trust. 3. A Trust Will Save You Money A trust is very affordable to create. An estate-planning attorney will be able to show you how to distribute everything to make sure that you are protecting your money. In addition, trusts are taxed differently than a will, which means that you could save a good deal of money in estate taxes if you organize your trust correctly. This is why when you create your estate plan you should talk to both an attorney and a financial planner to make sure that you are getting the best tax break possible for your estate. Make an appointment with a local attorney, such as Price & Associates, if you have questions. These are just a couple things you need to know about...

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Can You Sue a Landlord for Foreclosing on Your Rental?

Posted by on Apr 15, 2015 in Uncategorized | 0 comments

One frequently overlooked victim in foreclosures are the renters who often find themselves caught in the middle of the tug of war between property owners and mortgage lenders. Although a few laws have been put in place to protect renters when their landlords lose possession of their homes, there are times when the sudden change in ownership can cause renters to suffer losses as a result. If this occurs, you may be able to sue your landlord and recover compensation for those damages. Tenants’ Rights During Foreclosure In 2009, the Helping Families Save Their Homes Act was signed into law which contained several provisions to help mitigate the damage the caused by the 2008 housing crisis. Specifically, renters are protected in two ways in the event of a foreclosure: The new owners had to honor the lease agreement between the renter and previous owner Tenants on a month-to-month lease must be given a minimum 90-day notice to move out Unfortunately, these rules only apply if the new owners have no intention of immediately moving into the home. If the new property owner plans on making the residence their primary home, the tenants are required to move out regardless if they have a lease or not; though the new owners must serve them with a 90-day notice. Suing for Damages Such short notice can cause tenants to incur costs they otherwise would not have paid if the home had not been repossessed such as: Hiring movers Acquiring storage space Paying a new security deposit or loss of the deposit given to the landlord The cost difference between the old and new rent Costs associated with locating a new place to live To prevail in court, you must show you would not have incurred these costs if it weren’t for the foreclosure. For instance, you had planned on staying in the home for several years but were suddenly forced to move because the house had been repossessed. Because of this people who have leases that were forcibly broken by the foreclosure action will typically have the strongest cases, especially if the landlord failed to disclose the house was in foreclosure status when he or she rented to the tenants. People on month-to-month leases or who don’t have legal agreements at all may not have enough legal standing to successfully sue for damages. While you can sue the landlord in small claims court, it’s a good idea to consult with a general practice attorney for assistance with building the best case possible for recovering compensation for your...

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Demystifying Social Security Supplemental Income and Survivor’s Benefit

Posted by on Apr 7, 2015 in Uncategorized | 0 comments

The Social Security Administration manages social security income and supplemental security income. Social security recipients get benefits regardless of their income. But, you might need the services of a social security attorney for SSI benefits, because SSI recipients must meet strict income guidelines.  Benefits Overview The Administration pays social security benefits from a trust account funded by social security taxes. Recipients are eligible for benefits if they worked long enough to pay into the social security program.  How long the person needs to work is dependent on their age, but is never more than 10 years. Recipients can also get benefits if a family member worked long enough to pay into the social security program. Conversely, people with certain disabilities and older citizens who have limited income and resources can get SSI.  Limited income is monthly income that falls below the federal benefits rate. The Administration pays SSI using general treasury funds, which includes personal income taxes and corporate and other taxes.  Basically, if the administration believes you’re earning an income, they might deny your claim. Survivor Benefits When a wage earner dies, the Administration pays survivor benefits from the social security fund to the decedent’s spouse and dependent children.  Natural born and adopted children, plus stepchildren and grandchildren are eligible for benefits if the decedent provided at least half of their support. It crucial for spouses to know that they’re benefits won’t kick in until they’re 60, unless they’re caring for the decedents dependent children. The amount the spouse and dependents receive depends on the decedent’s average lifetime earnings. Payments begin after the Administration approves the application, so applying early is important. It’s also worth noting that a divorcee also has the right to survivor benefits if the marriage lasted at least 10 years. Survivors who are working often get reduced benefits if their earnings exceed a certain limit. SSI Requirements To get SSI, the recipient must be disabled, blind, or at least 65 years old, and they must meet the FBR specified income bracket, which was $733 in 2015. The Administration excludes certain income to encourage recipient independence. For example, the Administration counts only half of earned income over $65. Also, students 22 years and younger can exclude up to $7,060 of their earned income. This way, recipients can earn a little more and still receive assistance. Decedent SSI Benefits SSI benefits stop when a child turns 18 or when a disabled person’s medical condition improves to a point they are no longer considered disabled.  SSI benefits also stop when the recipient earns a substantial income. In 2014, this amount was $1,800 per month for blind people and $1,070 for all others. If a claim was in...

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