August, 2018 Archives

Archives for 2018

CFPB Rules Can Help You Keep a Mortgaged Property When Your Loved One Passes Away

The new guidelines from the Consumer Financial Protection Bureau (CFPB) make it easier for people to assume an existing mortgage when their loved one dies. While the 2014 rule requires loan servicers to provide certain information about the mortgage to heirs, the 2018 rule requires lenders to have procedures in place to quickly identify "successors in interest" and communicate with those who have the legal interest in the property. Entitlement to Loss Mitigation Options The CFPB rules make it … [Read more...]

Don’t Leave Your Family Hanging When You Die

When a person becomes incapacitated or dies without an adequate estate plan in place, his or her loved ones are left trying to make decisions based on what they believe the person would want. In some cases, loved ones may not be able to make any decisions at all. An estate plan provides guidance to friends and family members about their loved one's desires regarding the end of life care, after death plans, and property distribution. The Last Will Dying intestate can leave property and even the … [Read more...]

Housing Affordability: There Is No Crisis

While a housing affordability crisis has taken the blame for holding back home sales in the United States, homes in America are more affordable than ever despite increased prices and rising interest rates. New data provided by First American Financial Corp. suggests that today's home buyers are actually experiencing a much more affordable housing market than their parents did four decades ago. Historically low mortgage interest rates and consistent income growth have provided Americans with more … [Read more...]

If You Died Tomorrow, Who Would Get Your Kids?

It is imperative to decide who will care for the kids well in advance just in case the parents don’t survive long enough to see their children become adults. Naming a legal guardian to take custody of the children and provide for their daily needs, basic health and education can be done by adding the information into a will. While the court has the final say, the parents' choice will typically be honored when a will exists. In the absence of a will, or when a guardian is not named in a will, the … [Read more...]

Identify Potential Conflicts When the Family Business Is Sold

Selling the family business is often complicated due to the various interests and conflicting positions that may arise and identifying potential conflicts in advance can help ensure that the sale goes smoothly. Many people engage the services of a business attorney help to identify and manage issues like non-compete agreements, indemnification clauses or contract provisions that could cause conflicts, while others decide to go it alone. Regardless, a few elements that commonly cause conflict in … [Read more...]

Estate Planning Checklist for Everyday People

An estate planning checklist can help everyday people ensure that choices about medical care, asset allocation, and even who cares for minor children are honored. Regardless of age, assets, or health status, nearly everyone needs an estate plan. By creating a checklist, people can make sure that important elements that pertain to their situations are considered and that all bases are covered. There’s More to Estate Planning than Drawing Up a Will An estate plan comprises a person’s wishes … [Read more...]

Duty to Serve Program Brings Homebuying Options to Low and Middle Income Americans

Owning a home is a source of accomplishment. Unfortunately, affordable homeownership remains a pipe dream for many low and middle-income Americans. Homeowners are often burdened by the weight of mortgage repayments. The Duty to Serve Program was established by the Federal Housing Finance Agency to make homeownership affordable through the introduction of more home buying options. Those who are either struggling to make their mortgage payments, or are falling behind ought to work directly with … [Read more...]

Dying Without Direction (The Nasty Consequences of Dying Without a Will)

Drafting a will is arguably the most significant stage of the estate planning process and failure to create one often comes with nasty consequences. When someone dies, the assets that are left behind are typically distributed to heirs. When a will is not available, decisions about who will receive property, who will take care of the kids, and even who will execute the deceased's estate are left up to the state. Dying Intestate in Illinois For those who are thinking about a will, people who … [Read more...]

Prepare An Exit Strategy Before You Sign that Contract

Every entrepreneur should develop an exit strategy to limit losses and ensure the business owner has the ability to sell or transfer ownership of the business should the need arise. Exit strategies are crucial if the entrepreneur wants to retire, travel, or move on to a new idea. An effective exit plan allows entrepreneurs to address problems and cleanly disentangle from their business. Basics of the Exit Strategy The three common types of exit strategies are: Strategic acquisitions; … [Read more...]

Asset Protection Trusts Offer Peace of Mind for Your Financial Future

Asset protection trusts are effective tools to protect a person's property from judgments, creditors, and lawsuits now, and in the future. Property held within an asset protection trust is not considered to be the property of the beneficiaries, so it can typically escape seizure for debt collection. Learning more about the features of domestic and offshore asset protection trusts can help ensure that an appropriate type of trust is established. The Basics of the Asset Protection Trust Asset … [Read more...]

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