For the next several years, the United States is going to be inundated with the largest demographic of older people joining the ranks of "seniors" that this country has ever experienced.
This new trend signals dynamic changes for estate planning and estate dispositions. In the last three years, a paradigm shift has occurred in the personal property business. The multitude of inquiries are now from Boomers asking for help with their parents' personal property appraisals or estate clean outs. They are just beginning to comprehend that they also are facing the eventuality of their own need to scale back. Before 2006, the majority of inquiries for help in appraising items, helping downsize, and appropriately disposing of personal property, were almost always from Boomers' parents, who had become frail mentally or physically and needed to be in a more protective living environment.
One reason for the dramatic changes in estate planning and property disposition is based on the statistic that Baby Boomers have more siblings than children! The support system underneath them will not be as broad as what they provided for their parents' generation or for themselves. They are expected to outlive their own parents by at least ten years. One can only surmise what will happen to older adults in this future, if their estates are not large enough to sustain them in their golden years. Soon, Boomers will be making life-changing decisions more proactively for themselves than their parents did.
By definition, an estate is "the nature and extent of an owner's rights with respect to land or other property." However, people see their estate as land, building structures and portfolio assets in cash and investments, but often overlook the potential worth of their personal property that surrounds them. In fact, recently completed personal property appraisals show that the value of personal items and collections housed within the home were appreciably more than the sale of the house and its land.
Accumulation:
Over the years, personal property begins to build in all households. The psychology behind accumulation has been studied in hoarders and certain types of compulsions. However, the basic reasons all people accumulate are for comfort, sentimentality, procrastination, fear of things becoming more valuable, fear of change, and control. Within the Great Depression era, they also didn't want to discard anything, because "one day we will use it." As humans, our need to accumulate probably goes back to the time of the caveman. If they didn't gather and accumulate the basics, they simply didn't survive.
Evaluation:
Personal property items, such as jewelry, antiques, furniture, heirloom pieces, art, coin, stamp and book collections, may all command impressive amounts of money if their market value is known, as well as the best outlets for selling. To safeguard a client's personal property within an estate, professionals should help you with the evaluation process, before costly mistakes occur.
With this in mind, you should have a list of reputable senior resources at hand to recommend to clients. For the evaluation of personal property, work with a respected personal property appraiser who is educated and experienced in this industry and can also recommend a network of reputable professionals to properly dispose of collections. Personal property experts are strategic partners to you, to urge your clients to:
Know the appraised value of their household goods, collections, and furnishings. There are plenty of unsavory and unscrupulous people waiting in the wings to take or to purchase these belongings cheaply, when the owner does not know the worth!
Record this appraisal information in a written format with photographs or videotape to accompany the evaluation for personal knowledge, insurance purposes, and to place with their important legal documents. This record eliminates most from guessing the value, when the time comes to divvy up the estate equally among designated heirs. Update every five years.
Find someone to help them understand estate tax and consequences. Emphasize that "dying is not cheap" and the wisdom of distributing personal property prior to death, if they desire. These actions help minimize feuding among the heirs, simplify what the heirs have to go through, and make life easier for everyone involved in the estate settlement process.
By knowing the value and having it in writing, their heirs will not make dangerous assumptions, for example, that the personal property is all "junk" and should be disposed of quickly at a yard sale. Personal property liquidators provide your client with peace of mind and the means to downsize and dissolve a home full of a lifetime of accumulated things.
A professional evaluation is also necessary because family members can inflate values and history of items that have been passed from generation to generation. Sometimes these stories about items become so embellished with time that they lose their accuracy.
Distribution:
The process of dismantling the contents of a home begins with family members. Prior to the division of the personal property, an appraiser should have come in to offer the executor and heirs a fair market value on the significant belongings. Once items have then been distributed among the heirs, the remainder should be left in charge of a professional appraiser and estate liquidator, who knows upon sight what contents can be sold and what can't. Different methods of distribution include estate sales, auctions, consignment houses, garage sales, donations, and ads in newspaper or on the Internet. Before anything is given up to these outlets, the family should be aware of what they have and the values. It is a wise decision for senior clients and Boomer heirs to plan their own downsizing and evaluation of their possessions. Making these decisions while the respected elder is still in control is best for everyone.
Sabtu, 23 September 2017
Jumat, 15 September 2017
Foreign Car Auto Repair - What To Look For In a Repair Shop
Worried about expensive bills for your foreign car repair? If you are looking for a foreign car auto repair shop, look for premium care from knowledgeable and experienced technicians. Also it is a good idea to research repair shops before you need one so you are prepared for any vehicle emergency. Read on and find out more.
In order to retain maximum performance, cars need regular maintenance. Above all, it is crucial to find someone you trust to work on your vehicle, especially your foreign car, as they required specialized parts and service. It might be difficult to find a local repair shop skilled in imported car repair, but it is important that you find a certified repair shop for all your auto repair needs. It helps to find specialized auto shops so you can find a mechanic who is skilled to work on your car and can guarantee warranties on the parts, service, and continued performance.
Save Time by Finding a Technician Online
With a little research online, you should be able to zero in on the most qualified expert help for your car. Because their engines and electronics operate differently than American cars, servicing of these cars requires dedicated and specialized training. For instance, Audi has eight dedicated training centers located in the US and a number of auto repair technicians are taught to handle auto repair requests of Audi customers in the America. Other leading car manufacturers have similar centers so trained experts can handle all requests related to braking, safety, performance enhancement, and other maintenance needs of your foreign car.
You can find a wide range of foreign car repair shops online, plus compare rates and experience that will help you choose a professional who offers quality service at great rates. You could even check the reputation of the shop on review sites such as Kudzu and Yelp. These online tools are a great resource for honest and reliable imported auto repair professionals for your most prized possession. You can find a number of companies which will perform Supercharger / Turbo Kit Installations, Performance Tuning (ECU Chip Tuning, Part Upgrades) and even Performance Brake UpgradesSupercharger / Turbo Kit InstallationsSupercharger / Turbo Kit Installations at reasonable costs for your imported vehicles. You can even choose exhaust or manual fabrication based on your needs or have various systems of your car such as fuel injections, batteries etc tested at these centers.
In order to retain maximum performance, cars need regular maintenance. Above all, it is crucial to find someone you trust to work on your vehicle, especially your foreign car, as they required specialized parts and service. It might be difficult to find a local repair shop skilled in imported car repair, but it is important that you find a certified repair shop for all your auto repair needs. It helps to find specialized auto shops so you can find a mechanic who is skilled to work on your car and can guarantee warranties on the parts, service, and continued performance.
Save Time by Finding a Technician Online
With a little research online, you should be able to zero in on the most qualified expert help for your car. Because their engines and electronics operate differently than American cars, servicing of these cars requires dedicated and specialized training. For instance, Audi has eight dedicated training centers located in the US and a number of auto repair technicians are taught to handle auto repair requests of Audi customers in the America. Other leading car manufacturers have similar centers so trained experts can handle all requests related to braking, safety, performance enhancement, and other maintenance needs of your foreign car.
You can find a wide range of foreign car repair shops online, plus compare rates and experience that will help you choose a professional who offers quality service at great rates. You could even check the reputation of the shop on review sites such as Kudzu and Yelp. These online tools are a great resource for honest and reliable imported auto repair professionals for your most prized possession. You can find a number of companies which will perform Supercharger / Turbo Kit Installations, Performance Tuning (ECU Chip Tuning, Part Upgrades) and even Performance Brake UpgradesSupercharger / Turbo Kit InstallationsSupercharger / Turbo Kit Installations at reasonable costs for your imported vehicles. You can even choose exhaust or manual fabrication based on your needs or have various systems of your car such as fuel injections, batteries etc tested at these centers.
Jumat, 25 Agustus 2017
What You Need to Know About Long Term Care Insurance
What is long term care insurance?
Long term care insurance is a type of health insurance designated to provide care for individuals living with a chronic illness or injury. Long term care insurance provides both medical and non-medical assistance to the insured, whether in a care facility such as a group home or a nursing home or living in their own home and in need of help with their daily care. It differs from other types of care that are covered by traditional insurance coverage because it pays for help with custodial care, or assistance with tasks of everyday living that most people can do for themselves.
It is often a difficult task to begin thinking and talking about long term care insurance. We don't like to think of ourselves as no longer independent and able to care for ourselves. However, just as with car insurance, life insurance and home owner's insurance, long term care insurance is an extremely important piece of security and protection for you and your family. You may never need long-term care, but when a disabling injury or illness affects your life it often results in long term effects that prevent you from carrying out your activities of daily living such as bathing, dressing, and using the bathroom. This is when it is often necessary to have ongoing help. It can be burdensome or even impossible for family members to provide this level of care on a long term basis. When this is the case, other long term care options may be the most logical choice for your needs.
Is Long Term Care Insurance Expensive?
Depending on the level of care that is needed and the length of time the care is needed, long term care can become extremely expensive. The costs can include supplies and medications, nursing care or direct care help, adaptive equipment, physical therapy equipment, and other needs that are not covered by traditional health insurance. These long term care needs may be a temporary situation, but are generally health care needs that the insured well have for the rest of their lives.
Like all types of insurance, it is possible you may never have a claim against your long term care insurance policy, but if chronic illness or injury leaves you unable to independently care for your activities of daily living. It is expected that this year over 9 million adults in America will need long term health care. That number is expected to rise as high as 12 million by the year 2020. As many as 70 % of elderly adults who need long term care will receive it at home from family or friends. Long term care insurance will cover the costs associated with this type of at home care.
Of adults over the age of 65, there is a 40% chance they will need to consider nursing home care. About 10% of the people who enter a nursing home will wind up staying there for five years or longer. By having long term care insurance, you don't need to worry about whether your Medicare or primary health insurance will pay for care in the nursing home. Your long-term care insurance will cover these expenses.
What About Medicare?
Many seniors depend upon Medicare to help pay for their health care costs. However, Medicare does not pay for most long-term care. Medicare will pay for medically necessary skilled nursing care whether in facilities or home care, but you must meet eligibility requirements and most other options must be paid for by different means, such as long-term care insurance.
However, not all long term care insurance is the same. Some will pay only for nursing home care, while others will pay for a wide range of services and cares such as informal home care, adult day care centers, assisted living services or facilities, medical equipment and others.
When you are considering different long-term care plans, it can be very helpful to think about the different activities and functions you may need help with. You should consider what future needs you may have, especially any that are based on conditions or situations you are already dealing with. Consider activities of daily living such as bathing, dressing, eating, toileting, and moving in or out of bed, a chair or a wheelchair. Next, think about additional services you might need help with like shopping, preparing meals, housework and laundry, getting to appointments, handling finances and bill paying, using the telephone and home maintenance and repair work. Further, consider whether you will need help with remembering to take your medications, monitoring your diabetes, using eye drops or ear drops, getting oxygen or caring for a colostomy bag or a bladder catheter. These are all areas that a long term health insurance plan can help you pay for.
Long term care insurance is a type of health insurance designated to provide care for individuals living with a chronic illness or injury. Long term care insurance provides both medical and non-medical assistance to the insured, whether in a care facility such as a group home or a nursing home or living in their own home and in need of help with their daily care. It differs from other types of care that are covered by traditional insurance coverage because it pays for help with custodial care, or assistance with tasks of everyday living that most people can do for themselves.
It is often a difficult task to begin thinking and talking about long term care insurance. We don't like to think of ourselves as no longer independent and able to care for ourselves. However, just as with car insurance, life insurance and home owner's insurance, long term care insurance is an extremely important piece of security and protection for you and your family. You may never need long-term care, but when a disabling injury or illness affects your life it often results in long term effects that prevent you from carrying out your activities of daily living such as bathing, dressing, and using the bathroom. This is when it is often necessary to have ongoing help. It can be burdensome or even impossible for family members to provide this level of care on a long term basis. When this is the case, other long term care options may be the most logical choice for your needs.
Is Long Term Care Insurance Expensive?
Depending on the level of care that is needed and the length of time the care is needed, long term care can become extremely expensive. The costs can include supplies and medications, nursing care or direct care help, adaptive equipment, physical therapy equipment, and other needs that are not covered by traditional health insurance. These long term care needs may be a temporary situation, but are generally health care needs that the insured well have for the rest of their lives.
Like all types of insurance, it is possible you may never have a claim against your long term care insurance policy, but if chronic illness or injury leaves you unable to independently care for your activities of daily living. It is expected that this year over 9 million adults in America will need long term health care. That number is expected to rise as high as 12 million by the year 2020. As many as 70 % of elderly adults who need long term care will receive it at home from family or friends. Long term care insurance will cover the costs associated with this type of at home care.
Of adults over the age of 65, there is a 40% chance they will need to consider nursing home care. About 10% of the people who enter a nursing home will wind up staying there for five years or longer. By having long term care insurance, you don't need to worry about whether your Medicare or primary health insurance will pay for care in the nursing home. Your long-term care insurance will cover these expenses.
What About Medicare?
Many seniors depend upon Medicare to help pay for their health care costs. However, Medicare does not pay for most long-term care. Medicare will pay for medically necessary skilled nursing care whether in facilities or home care, but you must meet eligibility requirements and most other options must be paid for by different means, such as long-term care insurance.
However, not all long term care insurance is the same. Some will pay only for nursing home care, while others will pay for a wide range of services and cares such as informal home care, adult day care centers, assisted living services or facilities, medical equipment and others.
When you are considering different long-term care plans, it can be very helpful to think about the different activities and functions you may need help with. You should consider what future needs you may have, especially any that are based on conditions or situations you are already dealing with. Consider activities of daily living such as bathing, dressing, eating, toileting, and moving in or out of bed, a chair or a wheelchair. Next, think about additional services you might need help with like shopping, preparing meals, housework and laundry, getting to appointments, handling finances and bill paying, using the telephone and home maintenance and repair work. Further, consider whether you will need help with remembering to take your medications, monitoring your diabetes, using eye drops or ear drops, getting oxygen or caring for a colostomy bag or a bladder catheter. These are all areas that a long term health insurance plan can help you pay for.
Minggu, 13 Agustus 2017
Tips Sheet on How to Collect Personal Property of California Decedents by Affidavit and Avoid Probate
A powerful tool to collect bank and brokerage accounts of a relative who has died is California Probate Code §13100. This law provides for the collection and transfer of personal property of a decedent by affidavit or declaration without probate court or any other legal action.The affidavit/declaration is made by the decedent's successors, those persons succeeding to the property by will or intestacy.
Requirements
1. This procedure is for personal property only, not real property. Bank and brokerage accounts are personal property.
2. Personal property and real property owned by decedent cannot exceed $150,000. Property held in joint tenancy and trust are excluded from the total. Automobiles, boats and mobile homes are also excluded from the total.
3. If the estate of the decedent includes any real property in California, the affidavit is accompanied by an inventory and appraisal of the real property.
4. Original death certificate.
5. 40 days have passed since death.
6. No probate petition has been filed in probate court for decedent's estate.
Why this is so powerful of a tool
The affidavit is a document. It is not filed with the court, just submitted to the financial institution.
A notary public's certificate of acknowledgment identifying the person executing the document is reasonable proof of identity of the person executing the affidavit. Personal appearance by the successor is not needed.
If the financial institution holding the decedent's property refuses to pay, deliver, or transfer any personal property within a reasonable time, the successor may compel compliance by filing a complaint in Superior Court. The Successor is allowed to recover reasonable attorney fees.
Intestacy Distributions of Personal Property, i.e. no Will and no surviving spouse, how distributions will be decided
1. Real property passing, no surviving spouse or issue and predeceased spouse has died within 15 years
For purposes of distributing real property if the decedent had a predeceased spouse who died not more than 15 years before the decedent and there is no surviving spouse or issue of the decedent, the portion of the decedent's estate attributable to the decedent's predeceased spouse passes to predeceased spouses intestate heirs.
2. Intestacy Distributions of Decedent's personal property, no surviving spouse or issue and real property with predeceased spouse who has died more than 15 years
to the decedent's parent or parents equally.
If there is no surviving parent, to the issue of the parents
If there is no surviving parent or issue of a parent to grandparents equally
If there is no surviving parents or grandparents to the issue of those grandparents
If there is no surviving parent, grandparent or issue of a gr andparent, but the decedent is survived by the issue of a predeceased spouse, to that issue
If there is no surviving issue, parent or issue of a parent, grandparent or issue of a grandparent, or issue of a predeceased spouse, but the decedent is survived by next of kin, to the next of kin in equal degree
Requirements
1. This procedure is for personal property only, not real property. Bank and brokerage accounts are personal property.
2. Personal property and real property owned by decedent cannot exceed $150,000. Property held in joint tenancy and trust are excluded from the total. Automobiles, boats and mobile homes are also excluded from the total.
3. If the estate of the decedent includes any real property in California, the affidavit is accompanied by an inventory and appraisal of the real property.
4. Original death certificate.
5. 40 days have passed since death.
6. No probate petition has been filed in probate court for decedent's estate.
Why this is so powerful of a tool
The affidavit is a document. It is not filed with the court, just submitted to the financial institution.
A notary public's certificate of acknowledgment identifying the person executing the document is reasonable proof of identity of the person executing the affidavit. Personal appearance by the successor is not needed.
If the financial institution holding the decedent's property refuses to pay, deliver, or transfer any personal property within a reasonable time, the successor may compel compliance by filing a complaint in Superior Court. The Successor is allowed to recover reasonable attorney fees.
Intestacy Distributions of Personal Property, i.e. no Will and no surviving spouse, how distributions will be decided
1. Real property passing, no surviving spouse or issue and predeceased spouse has died within 15 years
For purposes of distributing real property if the decedent had a predeceased spouse who died not more than 15 years before the decedent and there is no surviving spouse or issue of the decedent, the portion of the decedent's estate attributable to the decedent's predeceased spouse passes to predeceased spouses intestate heirs.
2. Intestacy Distributions of Decedent's personal property, no surviving spouse or issue and real property with predeceased spouse who has died more than 15 years
to the decedent's parent or parents equally.
If there is no surviving parent, to the issue of the parents
If there is no surviving parent or issue of a parent to grandparents equally
If there is no surviving parents or grandparents to the issue of those grandparents
If there is no surviving parent, grandparent or issue of a gr andparent, but the decedent is survived by the issue of a predeceased spouse, to that issue
If there is no surviving issue, parent or issue of a parent, grandparent or issue of a grandparent, or issue of a predeceased spouse, but the decedent is survived by next of kin, to the next of kin in equal degree
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