Gunning Daily News
May 9, 2012 6:08 pm
Many people don’t spend enough time thinking about their will, but it is extremely important to keep your will updated. As life changes, so do potential beneficiaries and heirs. If you do not keep your last will and testament updated, it may not reflect your wishes given your new circumstances. The following are good situations in which changing a will may be wise.
• Marriage: When you get married, both you and your spouse should each create a new will. Most states have laws that award a percentage of your estate to your spouse upon your death, including those states that recognize gay marriage. However, if you want to devise your will differently, you should specify this in your will. Furthermore, adding your spouse to your will may change the percentage of your estate, or of a specific asset, that another beneficiary or heir was previously written to receive. Changing a will should reflect this new proportion as you see fit.
• Common Law Marriage: If you and a partner live in Alabama, Colorado, Iowa, Kansas, Montana, Rhode Island, South Carolina, Texas, Utah and Washington, D.C., you may be considered a married couple under your states Common Law Marriage law. Generally, there are several requirements that must first be met for a valid common law marriage. If you meet these terms, the law may treat you and your partner as a married for probate purposes. Be sure to check your states law.
• Obtaining a new partner, without marriage: Only if married will your partner automatically receive assets from your estate. So, if you find yourself with a new loved one, changing a will to reflect what you would like to leave that partner is necessary. However, if you are registered domestic partners in California, Maine, or New Jersey, reciprocal beneficiaries in Hawaii, or civil union partners in Vermont or Connecticut, then the rules may be different; so, be sure to check your states laws, if you live in one of those states.
• Divorce: Upon divorce, some states revoke any gifts you leave your spouse in your will. Other states do not. Changing a will upon a divorce is very important. You will want to either specify what you want to leave your former spouse, or else specify how those gifts should now be distributed.
• A new baby: There are laws in some states that give children some portion of your assets upon your death. However, not everyone wants their property to be distributed the way the state laws specify. If you welcome a new baby into your family, be sure to specify what gifts, the baby shall receive, by changing a will. Perhaps more importantly, be sure to appoint a guardian for the baby. This will be the person who will care for your baby should anything happen to you.
• New stepchildren: Stepchildren are not automatically entitled to inherit a share of your property in many states. Therefore, if you would like for your stepchildren to inherit any of your property, be sure to specify your wishes by changing your own will.
• Moving from a community property state to a common law property state: The laws governing what each spouse owns vary depending on whether the couple lives in a community property state or a common law property state. Therefore, if you are planning on moving to a new state, check that states laws. If it differs from the one you currently reside it, be sure to change your own will, according to your new property ownership status.
• Changing your mind about heirs: Of course, things can happen in life that cause people to change their minds about the way in which theyd like their property distributed. Changing a will to reflect these new wishes is important.
• New or disposed of assets: If in your will you leave all of your property or a percentage of your property to your heirs, then when what you own changes, there is no need to change your will. However, if you have willed certain gifts to people in your will, and you no longer have those properties, be sure to remove said property from your will. Additionally, when you acquire new property, be sure to account for that in your will.
May 9, 2012 6:08 pm
There are many ways to share the news that you're expecting. Some couples tell loved ones in person, some over the phone. But many people are now taking to social networks such as Facebook, Twitter, blogs and even Pinterest to reveal the exciting news.
"As both a mom and blogger, I've noticed many trends in the last year, both in how the news is shared and how the overall pregnancy is approached," said Beth Feldman, president of Role Mommy, an online community and events company.
Here are just a few of the trending ways you can share the joy and celebrate your pregnancy:
Gender Reveal Cakes - Ask your ultrasound technician not to tell you the results. Instead, have them seal the gender results in an envelope. Then, take the envelope to a bakery, which can tint cake batter pink or blue, then cover it with icing. At a special party, cut into the cake to reveal the baby's gender.
Dadchelor Parties - Moms-to-be aren't the only ones getting celebrated. Dadchelor parties, also known as man-showers, diaper parties and daddymoons, are fun ways for expectant fathers to celebrate their last, child-free months, as well as the upcoming baby. Feldman recommends setting the date of the party at least one month before the baby's due date.
Pregnancy Portraits - Professional photographers are receiving more visits from moms-to-be as they pose for portraits and immortalize their pregnancy as a treasured keepsake. Many maternity photos are taken at the beginning of the third trimester. Review the photographer's portfolio to ensure their style is a good fit with yours. Discuss the types of photos you want, what to expect at the shoot and options for albums, prints and other photo-related merchandise.
Babymoons - These vacations are when parents-to-be take a trip before the arrival of their baby. It can be an exotic excursion or a quiet weekend getaway close to home. Whatever you choose, Feldman advises you minimize travel time and maintain access to medical facilities.
Themed Baby Showers - Celebrities are taking this event to an extreme, as seen with Jessica Simpson's over-the-top Charlotte's Web-themed extravaganza. For unique shower ideas, visit the Hostess with the Mostess (www.hwtm.com). You'll find suggestions for boy and girl parties, as well as gender-neutral, themes for twins and multiples, and styles that range from fancy to casual.
Finding out that you're pregnant is a very exciting, emotional time. If you want to start planning for your baby's arrival as soon as possible, the Early Result Pregnancy Test by the makers of First Response® is the only test that tells you six days before your missed period. And that allows you to start planning for your pregnancy sooner -- including how you'll tell your loved ones that a bundle of joy is on its way.
May 9, 2012 6:08 pm
Escrow account. Special bank account into which escrow monies are deposited and from which they are disbursed. Lawyers and real estate brokers maintain escrow accounts to hold money in trust for others.
May 9, 2012 6:08 pm
Q: How much can I expect to spend on maintenance?
A: One percent of the purchase price of your home every year to cover everything from painting to repairing gutters to caulking windows and maintaining routine system repairs and maintenance. An older home may require more maintenance, although much will depend on how well it has been maintained over the years. Take the upkeep seriously, and budget accordingly. Otherwise, your home’s value could suffer if you allow it to fall into a state of disrepair. Remember, too, that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get progressively worse. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars.
May 8, 2012 5:28 pm
I am taking this opportunity to pass along some sound advice on home inspections from Chuck Gillooley, a REALTOR® from San Carlos, Calif. (whiteoaksblog.com). Gillooley noted that homebuyers in the region where he works have grown accustomed to paying to have a home inspected prior to purchasing it — especially because the majority of homes were built in the 1940s and '50s. Gillooley says it has become such a standardized practice in real estate transactions, that even the sellers of the home will conduct their own inspections prior to listing it on the market just so that they know what the buyer’s inspector is likely to find.
This allows the seller the option to either fix known problems in advance, or adjust the listing price accordingly because of the known anomalies. Gillooley says the two most common inspections that buyers conduct prior to moving forward with the purchase of a house are a Wood Destroying Organisms Inspection (aka Pest Inspection), and a Property Inspection
The pest inspection looks for pest infestation, such as termites and beetles, as well as any wood damage caused by water intrusion, according to Gillooley. The property inspection is a “catch all” that assesses the overall functionality of the house—from appliances, to electrical distribution to visible plumbing.
With these two inspections, a buyer gets a pretty good idea of the condition of the house that they’re contemplating purchasing. Gillooley says there are more in-depth inspections that can be done on the roof, or foundation, or the plumbing system if the property inspector recommends further investigation.
But it’s safe to say that most homebuyers will only do pest and property inspections before making their decision. In our next segment, we'll key in on one of those specialty inspections Gillooley believes may be critical to fully protect a homebuyer's investment.
May 8, 2012 5:28 pm
Is your travel account looking a bit slim this year? No worries. Consumers across the country are planning staycations, which allow them to stay in the area while still enjoying the fun and relaxation of a vacation. Staycationers stay in the area to save both money and time. Nearly one out of two consumers plans a staycation to deal with fewer travel-related hassles and spend more quality time with family and friends.
Consumers on staycations like to spend time at pools, parties and eating out, and the majority of them plan their local adventures to save money and avoid high gas prices, according to a recent survey of consumers at Pentair Aquatic Systems' social community, poolfyi.
While the idea of a staycation varies among families, the survey's results indicate that "people enjoy many of the same activities on their staycations -- and their first choice is finding the nearest pool or spa," said Carlos Del Amo, VP of global marketing at Pentair Aquatic Systems, a manufacturer of pool and spa equipment.
When it comes to staycations, consumers like to stay active: one out of three staycationers will tend to house or garden work, hit the beach, plan a road trip, catch a movie—or visit a local venue such as a museum.
"Staycations clearly aren't all about savings," Del Amo said. "People see staycations as a great way to maximize their precious time off."
Consumers also use their staycations to catch up on everyday leisure. One out of four staycationers reads, cooks or plays sports, the poolfyi survey found.
The staycation survey was conducted online over one month at Pentair's poolfyi. The survey asked respondents to select their favorite staycation activities and their reasons for planning a staycation.
Top 15 Staycation Activities of 2012
1. Spend time at a pool or spa (78 percent)
2. A party or family gathering (44 percent)
3. Eating out (43 percent)
4. House or garden work (38 percent)
5. Beach (36 percent)
6. Local exploring or road trip (35 percent)
7. Movies (34 percent)
8. Visit a local venue (museum, zoo, etc.) (32 percent)
9. Reading (29 percent)
10. Cooking (26 percent)
11. Sports (running, hiking, etc.) (24 percent)
12. Shopping (22 percent)
13. Camping (17 percent)
14. Picnic (13 percent)
15. Games (12 percent)
Top 5 Reasons for a Staycation in 2012
1. Greater savings (60.5 percent)
2. High gas prices (60.1 percent)
3. Less hassle (48 percent)
4. More quality time (47 percent)
5. More options (17 percent)
May 8, 2012 5:28 pm
Warm weather means summer, and summer means outdoor fun and family time. To help those who believe sleeping under the stars is part of the ritual of summer, the team at Cheapflights.com compiled ten ideal camping destinations across the world.
Below are the five idyllic North American sites to make Cheapflights.com's list of Top 10 Camping Destinations across the Globe.
• Pacific Rim National Park Reserve - Vancouver Island, British Columbia, Canada - Encompassing three major regions -- Long Beach, The Broken Group Islands and the West Coast Trail -- Pacific Rim National Park is an exciting destination for camping enthusiasts. Set your site up in the wilderness -- along the sandy beach or in a formal campground with fellow adventure travelers -- and get ready for world-class hiking, swimming, kayaking and even surfing.
• Glacier National Park - Montana, United States - Glacier National Park sweeps across the U.S.-Canada border, taking over two mountain ranges, hundreds of lakes, and an incredible array of flora and fauna. Camping in the park is on a first-come, first-served basis, so visitors should reserve campsites well in advance. The wait is definitely worth it. Fly-fishing is a popular pastime, but if you love to hike, there are upwards of 700 miles of exciting trails.
• Haleakala National Park - Maui, Hawaii, United States - Most might head to the nearest beach resort in Maui, but for the adventure traveler, we suggest pitching a tent in Haleakala National Park. The highlight of the park is the Haleakala volcano, which offers a great space for stargazing, hiking and watching the sunrise. Farther into the park is the rainforest region of Kipahulu, where visitors can hike to the Waimoku Falls and swim the pools of Ohe'o. Cabins are also available in the park through a lottery system.
• Jasper National Park - Alberta, Canada - The largest of the Canadian Rocky Mountain Parks, Jasper National Park was deemed a UNESCO World Heritage Site in 1984. It is now a hot destination for visitors looking to camp, hike, raft, kayak and fish. There are plenty of campgrounds to choose from, all of which have firewood and bear-proof lockers. Insider tip: Make time to visit the Miette Hot Springs and the Athabasca Falls.
• Denali National Park - Alaska, United States - Alaska is known as America's last frontier, and Denali is at the center of this incredible oasis. Visitors can stay at one of seven campgrounds throughout the park and bear witness to a pristine landscape with glacial mountain ranges, alpine forests and clear rivers and lakes. The wildlife in Denali is rampant with black bears, grizzlies, moose, sheep, marmots, wolves and loads of other animals.
May 8, 2012 5:28 pm
If you are in the market for a diamond engagement ring, some buying tips have changed mightily over the past few years – but other traditional buying advice remains as important as ever.
According to long-time New Jersey jeweler Salim Shamy, here are the top five things to know before you fork over the big bucks for a diamond ring:
1) Ignore the old three-month salary rule – Standard advice for many years was to spend up to three months’ salary on a diamond. Today’s consumers are spending about 10 percent of annual salary – an average of $5,392 – for the diamond of their dreams. Don’t go beyond your ability to spend, but be sure to get the best buy no matter what you spend.
2) Know the Four Cs – the Carat weight, the Clarity (lack of flaws), the Color, and the Cut of the stone remain the cornerstones for choosing a diamond. There is a universal grading system to help you make the best objective decision before you buy.
3) Cut may be primary – A diamond of a smaller carat size, but with an exquisite cut, can take on the appearance of a larger stone. So the Gemological Institute of America (GIA) advises using the diamond’s cut or shape as a major part of your decision.
4) Stone first, setting second – Because the diamond is the most important and expensive part of the purchase price, gem experts advocate choosing the stone first and then deciding on the setting – and bear in mind that pre-set rings are often more expensive.
5) Request certification – All diamonds should come with a document signed by a third party (such as the GIA) verifying the stone’s authenticity and description. A reputable jeweler will provide this without hesitation, so be sure to request the certification – not just for your peace of mind, but also for insurance purposes.
May 8, 2012 5:28 pm
Q: Should I lock in the mortgage rate?
A: Because the interest rate market fluctuates constantly and is subject to quick movements without notice, locking in a mortgage rate with a lender certainly protects you from the time your lock is confirmed to the day it expires.
Lock-ins make sense in a rapidly-rising rate environment or when borrowers expect rates to climb during the next 30 - 60 days, which is typically the amount of time a lock-in remains in effect.
A lock-in given at the time of application is useful because it may take the lender several weeks to prepare a loan application. These days, however, automated loan practices have cut the time quite a bit.
Lock-ins are not necessarily free. Some lenders require you to pay a lock-in fee to guarantee both the rate and the terms.
If your lock-in expires before you close on the loan, most lenders will base the loan rate on current market interest rates and points.
May 8, 2012 5:28 pm
Escrow. Money or documents held by a third party until specific conditions of an agreement or contract are fulfilled.