Day: April 3, 2008

Estate Planning is Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple will.

Good estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.

On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.

On the personal side, a good estate plan  should include directions to carry out your wishes regarding health care matters. Thus, in the event that you ever are unable to give direction yourself, the person you select as your legal representative  would do that for you. You would give them the authority to act upon your previously determined instructions, such as when you would want them to authorize heroic measures, and when you would prefer they act on a Do Not Resuscitate order.

You should have an estate plan if:

(1) you are the parent of minor children

(2) you have property that you care about

(3) you care about your health care treatment.

If you do not have minor children, do not care about your property, and have no concerns about your health care treatment, then you do not need an estate plan.

But if you meet any of these categories above, you really should have an estate plan.

There are many websites and books available on effective estate planning.

Foreclosure is a word that has come to strike terror into the hearts of many these days, with the economy taking a rapid downward turn and recession on everyone’s lips.

Foreclosure may sound like the worst thing in the world to have happen to you, but there ARE steps you can take to prevent foreclosure.

The first steps is to educate yourself, so you know your rights. Read your documentation from the bank that should stipulate what happens in the event of missed payment/s.

Never ever ignore letters or calls from the bank. In fact, if you think you might be late with a payment for ANY reason, even if it is just a day or two, be responsible and tell them rather than have them set in motion a whole chain of events which might snowball into something much worse.

Everyone is going through some very difficult financial times at the minute. But the bank really does NOT want to render you homeless, not if there is any hope of you being able to keep up some sort of regular payments.

Preventing foreclosure is not easy, but it is possible if you’re prepared to work at it.

Dealing with your mortgage company or bank will be easy if you are reasonable, responsible, and pro-active. You know there is a problem, and you want to work together with them to find a solution.

It is never too late, even if you have received a foreclosure notice, if you keep calm and are willing to stick to a plan to get you through the lean times.

One thing that you should definitely consider doing is consulting with a HUD counselor, who will give you all sorts of free information. DO NOT use any of the paid services on line. They are a waste of money that you don’t have.
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm has a map so you can start locating a counselor in your area.

Here a this website you might also want to read the information in the money section on why you need a budget, and how to create one. Do you really need all those cable channels every month? How much can you save if you brown bag lunch every day and give up takeaway?

A credit counselor will also help-there is a lot of free advice on the internet which you can learn to apply to your own situation without spending a small fortune.

Once you look at your foreclosure situation and general financial situation, you should be able to draw up a workable plan to get yourself out of financial trouble with the bank so you will no longer be in danger of foreclosure.

Again, the bank does not want to see you out on the street, and if you were a terrible customer or risk, they would never have given you the mortgage in the first place. The bank’s job is to make sure that if a customer is having difficulty keeping up with their monthly mortgage payments, to make all attempts to try and help that customer resolve the matter at hand.

The HUD counselor should be able to explain the most important aspects of your situation to you, in such a way that your bank will be happy to work with you on whatever plan you’ve come up with to get out of arrears and all of your payments back on track to prevent foreclosure.

For more information, visit:

http://www.hud.gov/foreclosure/index.cfm
for step by step practical advice and resources.