Gunning Daily News
October 29, 2013 6:18 pm
A: The main reason buyers sign on for these type of loans, which add 10 years to the traditional 30-year mortgage, is to take advantage of smaller monthly payments.
According to real estate experts, the shorter-term loan is usually more advantageous for the homebuyer. The drawback becomes apparent simply by calculating the cost of additional interest payments, which can total thousands for the privilege of just saving the difference of a few dollars in monthly mortgage payments.
October 28, 2013 5:54 pm
Yes, discriminating on the basis of age is illegal. But as any over-50 job-seeker will tell you, it happens all the time, often in ways too subtle to pinpoint. Yet a growing percentage of the population hopes to work past the traditional retirement age. So, in this era of aging baby-boomers, what are the best strategies for landing a job after age 50?
“The key,” said retail hiring manager Tim Applebee, “is helping the interviewer understand that you are the solution to his problem.”
Applebee offers five tips for showcasing your value rather than your age:
Make your resume count – Don’t try to make it “ageless.” You probably look within a few years of your age anyway, so make the most of those 25 years of experience. But point out your ability to apply past experience to help meet new objectives.
Leave history and attitude behind. Your goal is to look ahead. Research in advance to get a real feel for the company’s mission and goals. Fine-tune your resume and interview to emphasize your success with past challenges and how the skills you used can help resolve current company challenges.
Update your presence. Do your best to appear professional and energetic. Take a hard look at how you are perceived by others. Decide for yourself if touching up your hair or updating your wardrobe will present you as more contemporary.
Technology matters. It may not be enough to have a basic comfort level around computers. If you are applying for a sales job, you should know about mobile technology like smart phones and Web 2.0 applications, and how to find hotspots for your laptop. If you are applying for a marketing position, know how to use programs such as Powerpoint, Excel and Publisher and how to start and/or post to a blog.
Network creatively. Don’t hesitate to maximize the network of people you have acquired over the years – or to seek glowing referrals from them. But if you are not already a member, join LinkedIn – a free networking resource that can not only help you tap into new connections, but provides a great way to show potential employers that you’re up to speed on social networking.
October 28, 2013 5:54 pm
The discovery of hazardous material like asbestos lurking in one's home is disturbing enough. Homeowners in this situation can get it resolved without compounding the problem by hiring an improper or unscrupulous contractor to do the work.
The Alvarado Group of Madison, WI recently posted some good advice from Gary Mason, a Wisconsin Registered Home Inspector. Mason says if you think asbestos may be in your home, don’t panic, usually asbestos material in good condition will not release asbestos fibers.
There is no danger unless the asbestos is disturbed, fibers are released and then inhaled. Mason also offers these tips for homeowners considering a corrective-action contractor:
- Before work begins, get a written contract specifying the work plan, cleanup, and the applicable federal, state and local regulations which the contractor must follow (such as notification requirements and asbestos disposal procedures).
- Assure that the contractor avoids spreading or tracking asbestos dust into other areas of your home by sealing off the work area using plastic sheeting and duct tape - also turn off the heating and air conditioning system.
- Insist that the contractor apply a wetting agent to the asbestos material with a hand sprayer - wet fibers do not float in the air as easily as dry fibers and will be easier to clean up.
- Make sure the contractor does not break removed material into smaller pieces. This could release asbestos fibers into the air.
- At the end of the job, get written assurance from the contractor that all procedures have been followed.
- Upon completion, assure that the contractor cleans the area well with wet mops, wet rags, sponges and/or HEPA (high-efficiency particulate air) vacuum cleaners. A regular vacuum cleaner must never be used.
- Air monitoring to make sure there is no increase of asbestos fibers in the air, and to assure that the contractor’s job is done properly. This should be done by someone not connected with the contractor.
October 28, 2013 5:54 pm
Americans are living longer these days from an average 47 years in 1900 to more than 78 years as of 2010. We are also experiencing a deluge of adults reaching retirement age now that includes 10,000 Baby Boomers turning 65 every day.
By 2030, when the last of the baby boomers have turned 65, nearly one in five Americans will be retirement age, according to the Pew Research Center’s population projections. Money will be a big problem for many of them, especially if boomers develop health problems that affect their ability to live independently, says insurance expert and CEO of Life Care Funding Chris Orestis.
“With 30 percent of the Medicaid population consuming 87 percent of Medicaid dollars on long-term care services, we can see that’s not going to be sustainable,” Orestis says. “More individuals will be forced to find their own resources to pay for those needs. That’s why states such as California, Florida, New York and Texas are embracing legislation requiring seniors to be notified that they can convert their life insurance policy for 30 to 60 percent of its death benefit value. The money can be put into an irrevocable fund designated specifically for any form of care they choose.”
Orestis details more ways in which seniors might handle long-term care and other budgetary issues:
• Senior discounts really add up! Restaurants, supermarkets, department stores, travel deals and other merchants give various senior discounts with minimum age requirements ranging from 55 to 62. Some of these places are worth making habits, with 15 percent off the bill at Applebee’s, 30 percent off at Banana Republic and 60 percent off at Food Lion on Mondays! Don’t forget your free cup of coffee at Dunkin’ Donuts if you’re 55 or older, and don’t be shy – at many of these places you’ll have to ask for the discount.
• Long-term care is a matter of survival, so use your best options. The practice of converting a life insurance policy into a Life Care Benefit has been an accepted method of payment for private duty in-home care, assisted living, skilled nursing, memory care and hospice care for years. Instead of abandoning a policy when they can no longer afford the premiums, policy owners have the option to take the present-day value of the policy while they are still alive and convert it into a Long Term Care Benefit Plan. By converting the policy, a senior will remain in private pay longer and be able to choose the form of care that they want but will be Medicaid-eligible when the benefit is spent down.
• Your “last act” may be decades away, so plan accordingly. It makes sense to finally enjoy your money after a lifetime of savings, but be smart about it. Take time to organize your paperwork and create a master file that holds things such as insurance policies, investments, property, wills and trusts, etc. so you have your financial picture in one place. Also, live smart today and hold off on that new car if you don’t need a new one. If your current car is paid off and you sit tight for an additional two years, you’ll save $7,200 on a new car with $300 monthly payments. Refinancing your home may also be a very good idea, since rates are still hovering around their all-time lows. Get at least three quotes, compare rates, terms and potential penalties to make sure you’re getting the best deal. Also, live healthy and buy more fruits and vegetables and less junk food to lessen the chance you’ll need long-term care in the future.
Source: Life Care Funding
October 28, 2013 5:54 pm
Fee simple. Ownership of real property that is to be used and/or sold at the owner’s discretion.
October 28, 2013 5:54 pm
A: Building codes set minimum public-safety standards for such things as building design, construction, use and occupancy, and maintenance. The codes are established and enforced by local politicians and government officials, who also tend to modify them constantly. The codes are usually enforced by denying permits, occupancy certificates, and by imposing fines.
While codes vary from one state, county, city, and town to the next, specialized codes generally exist for plumbing, electricity, and fire. Each usually involves separate inspections and inspectors.
There are building codes for most remodeling jobs. So if you have done significant remodeling, make sure you save proof of the permits involved in the project. There is a good chance potential buyers may request them. Failure to obtain the appropriate permits before you undertake a project could later result in fines or other serious consequences, such as having a structure ordered to be torn down because it was constructed improperly.
October 25, 2013 5:21 pm
(BPT)—Whether you're acquiring a new puppy or kitten for your household or adopting an adult pet from a shelter or rescue organization, the following tips will help you get off on the right foot with your newest family member.
What's up, doc? Just as you require regular visits to your doctor and dentist to make sure you stay healthy, so does your new pet. A veterinary visit should be a once-a-year event, minimum, and more frequent check-ups may be needed, depending on your pet's age and health status. Regular visits are likely to include a thorough exam, weigh-in, immunizations and parasite checks (a heartworm test and fecal exam). Blood tests and dental cleanings are also routine procedures.
Healthy eating. Your new pet may be eyeing your plate with interest, but don't give in. Pets shouldn't eat like people. Cats are carnivores; they need plenty of protein in their diets - roughly twice the percentage that you do - and they need it in the form of meat, poultry or fish. And while your dog, like you, is an omnivore, that doesn't mean he should share your meals. A food formulated especially for dogs is much better and treats should make up no more than 10 percent of a dog's caloric intake.
Parasite prevention. You've probably heard of pests like heartworms, intestinal parasites, fleas and ticks but understanding how and when to prevent them is a different matter. Dogs and cats can become infected with heartworms, although the resulting disease differs somewhat between the two species. Heartworm disease can be deadly, or it can reduce the quality of life of both dogs and cats. Mosquitoes spread heartworms and dogs and cats need to be protected year-round, thanks to a mosquito's ability to survive in a variety of environments. A bonus is that many heartworm preventives also protect pets against other internal parasites. For more information on how to protect your new pet against heartworms and other parasites, talk to your veterinarian and visit the American Heartworm society website at heartwormsociety.org.
Bathing. Most of us wouldn't dream of letting a day go by without a shower or bath. But daily bathing is unnecessary for pets and can dry out their skin and hair. Most dogs are fine with a bath every three months, unless they get extra dirty or have silky hair. Cats usually keep themselves clean without any help although brushing long-haired cats on a regular basis is advised to keep their fur tangle-free and help prevent hairballs.
Making a connection. Dogs and cats relate to their owners in different ways. As a pack animal, dogs expect you to lead their pack and give them rules to follow. Dogs make faces - in fact, it's estimated that they have 100 different facial expressions, thanks to their mobile ears. Cats attach to their people as social partners and use affectionate behaviors, such as purring, kneading and rubbing against you to show their affection. They're also quite vocally expressive and can produce more than 100 different sounds.
Sleep habits. While cats have a reputation for dozing, both cats and dogs spend more than half their time in slumber. Like babies, puppies and kittens sleep more than adults, although their sleep patterns can be erratic. Keep in mind that excessive sleeping can be a sign of boredom. Most pets will be glad to forego a nap for playtime or a walk.
Bringing a pet into your home is one of the greatest joys in life, but it means new responsibilities. Understanding your pet's behavior, as well as the do's and don'ts of pet health care, will help make your bond with your pet a lasting one.
October 25, 2013 5:21 pm
A home sale transaction can present one of the most stressful situations a person will encounter in their entire life. So what about those forced into situations where they are selling and buying at the same time?
Agent Teresa Hamilton of Lafayette, LA (teresahamilton.com/Blog) points out that if the timing of either transaction is thrown off by issues out of their control, sellers may find themselves either owning two homes at the same time or with no home at all and desperately searching for a short term rental.
Hamilton says closing on the sale of both homes simultaneously allows the seller to avoid a multiple move scenario. They also avoid having to secure a temporary residence and other hassles related to selling their old home before closing on a new one, and the expense of carrying two mortgages, two sets of utilities, and the care of a vacant house or management of a rental.
Anthony Lamacchia (mlrealtyne.com) out of Waltham, Mass., offers the following tips for homeowners in this situation:
- Negotiate a longer period until the closing date when you obtain a buyer for your home. Instead of the typical 45-day closing try to negotiate 60 or even 90 days so you have time to find the home you want.
- Disclose in your listing that closing the deal is “subject to seller finding suitable housing” to alert buyers that you have to find a home to move to.
- Or if you don’t disclose the above contingency publicly in your listing on MLS, you can still try to negotiate it into your offer and purchase and sales agreement.
- Sell your home to a buyer and request that they allow you to rent it back from them for a month or two until you find a home.
- Consider temporarily living with family or even try a short term rental.
Lamacchia believes this last alternative is actually the least stressful way to buy because the seller has the money in hand which makes it easier to buy. There is also less stress in doing one thing at a time.
October 25, 2013 5:21 pm
IRAs and annuities are growing in popularity as retirement investment options, according to recent surveys, but three financial experts warn they can have serious disadvantages.
“Last year, four out of 10 U.S. households had IRA accounts – that’s up from 17 percent two decades ago,” says CPA Jim Kohles, chairman of RINA accountancy corporation, (rina.com), citing an ICI Research survey. “But they can be bad for beneficiaries if you have a very large account.”
Investment in annuities, touted as offering a potential guaranteed income stream, also continue to grow with sales up 10 percent in the second quarter of this year. “Annuities have several dark sides, both during your lifetime and for your beneficiaries,” says wealth management advisor Haitham “Hutch” Ashoo, CEO of Pillar Wealth Management, (pillarwm.com). “My business partner, Chris Snyder, and I wouldn’t recommend investing in them.”
Putting large amounts of money in either annuities or IRAs can have serious tax consequences for your heirs, say Kohles, Ashoo and attorney John Hartog of Hartog & Baer Trust and Estate Law, (hartogbaer.com).
“If you want to ensure your beneficiaries get what you’ve saved, you need to take some precautions,” Hartog says. The three offer these suggestions:
• Take stock of your assets – you could be worth more than you think: If your estate is worth more than $5.25 million (for couples, $10.5 million), your beneficiaries face a 40 percent estate tax and federal and state income taxes, says Kohles, the CPA. “It can substantially deplete the IRA,” he says.
To avoid that, take stock of your assets now – you may have more than you realize when you take into account such variables as inflation and rising property values. Be aware of how close to that $5/$10 million benchmark you are now, and how close you’ll be a few years from now.
“Consider vacation and rental properties, vehicles, potential inheritances,” Kohles says. Also, take advantage of the lower tax rates you enjoy today, particularly if they’re going to skyrocket after your death. “A lot of people want to pay zero taxes now and that’s not necessarily a good idea,” he says. For instance, if you’re at that upper level, consider converting your traditional IRA to a ROTH IRA and paying the taxes on the money now so your beneficiaries won’t have to later.
• No matter what your estate’s value, avoid investing in annuities. Wealth management adviser Ashoo warns annuities, offered by insurance companies, can cost investors an inordinate amount of money during their lifetime and afterward.
“Insurance companies try to sell customers on the potential for guaranteed income, a death benefit paid to beneficiaries, or a ‘can’t lose’ minimum return, but none of those compensate for what you have to give up,” he says.
That includes being locked in to the annuity for five to seven years with hefty penalties for pulling out early; returns that fall far short of market investments on indexed annuities; high management fees for variable annuities; declining returns on fixed-rated annuities in their latter years; and giving up your principle in return for guaranteed income.
“If you own annuities and have a substantial estate, there are smart ways to unwind them to minimize damage,” Ashoo says.
• Consider spending down your tax-deferred IRA early. If you’re in the group with $5 million/$10 million assets, it pays to go against everything you’ve been taught and spend the IRA before other assets, says attorney Hartog.
“It’s a good vehicle for charitable gifts if you’re so inclined. And if you’re 70½ or older, this year you can direct up to $100,000 of your IRA-required minimum distribution to charity and it won’t show up as taxable income,” Hartog says. (That provision is set to expire next year.)
You might also postpone taking Social Security benefits until you’re 70½ and withdraw from your IRA instead. “That will maximize your Social Security benefit – you’ll get 8 percent more.” Finally, anyone who has accumulated some wealth will do best coordinating their financial planning with a team of specialists, the three say.
October 25, 2013 5:21 pm
First mortgage. Mortgage on a property that is superior to any other. It is the first to be paid in the event of foreclosure.