All Posts Tagged With: "stipulation"
Estate lessons we can all learn from Michael Jackson’s death
Jennifer McClelland | RSS | Wed, Jul 08 2009 | 4 Comments
Kiplinger has a new article out today about Michael Jackson and the sensible things he did to prepare for his death, even when he was such an “eccentric” person. From what he did, we can all learn a thing or two to prepare for our own demise.
Write a will
At any given time nearly two thirds of American’s haven’t taken the time to write out a simple will. So, if they pass away suddenly or unexpectedly, their assets are handed out however a judge sees fit. Jackson’s will had stipulations about who got what (and who didn’t). If he hadn’t of had a will, his assets would have been divided between his kids because that’s what California law states. In a will, name those who you want to receive your assets specifically.
Consider a living trust
Also known as a revocable trust, this tool allows you to give all your property (including intangible bank accounts and non permanent cars) to a separately owned entity like a trust while you can maintain control as a trustee. One of the best parts of having a living trust for some people is that the assets inside the trust avoid probate at death meaning at the time of death, money and assets won’t be public information so those who receive your assets won’t be publicly named. For us “regular” people, avoiding probate can also make sense if you hae significant assets or property in multiple states because it keeps your heirs from going through a long and possibly drawn out legal battle.
Name a guardian
This is important if you have children. If you have children that are minors, there needs to be a guardian named in your will for them, without that stipulation, a judge will determine who gets the children. Judges typically go with whatever the parent wishes in this case. Things that will hurt you in this sense could be: If the other biological parent wants or demands custody or if the caregiver you decide is deemed unfit to raise your children. A majority of lawyers say that custody should be handed to a very close family friend or relative that is close to your age and “circumstances.”
Assemble a good team
In order to make sure that your wishes are carried out to the fullest, make sure that you name lawyers to be on your side in your will and co-trustees. It will make it a lot more likely to have all your final wishes fulfilled.
Related posts:Today’s Ebook – Living Trust Offers
Today’s Ebook – Estate Planning
Pop Culture’s Lessons in Recession
Tags: caregiver, stipulation, revocable trust
Citigroup to lower some mortgage payments
Jennifer McClelland | RSS | Tue, Mar 03 2009 | 4 CommentsAs part of a new program to assist unemployed customers, Citigroup has announced that it will be lowering mortgage payments to an average of $500 a month for three months.
Citigroup will be accepting a $25 billion bailout loan with the stipulation that the government take up to a 36 percent stake in the company. This is proably one of the main reasons for Citigroup’s decision to help out people who are losing their jobs.
The government’s stimulus bill will be changing mortgage terms for some mortagage borrowers that they may actually benefit from.
Unemployed homeowners who may qualify for assistance from Citigroup under the Homeowner Unemployment Assist program include those that are 60 days or more past due on their mortgages or in foreclosure and can pay the reduced amount. Customers must also have a first mortgage loan that is owned and serviced by CitiMortgage Inc. and conforms to government sponsored enterprise limits. The house must also be the customer’s primary residence, with homeowners meeting all insurer and guaranty requirements.
“Our Homeowner Unemployment Assist program is intended to serve as a bridge toward a longer-term solution, helping homeowners stay in their homes and in their communities while they get their feet back on the ground,” CitiMortgage Chief Executive Sanjiv Das said in a statement.
Related posts:What is a Reverse Mortgage?
Tags: government sponsored enterprise, stipulation, first mortgage
Auto industry gets loans, stocks respond
Jennifer McClelland | RSS | Sun, Dec 21 2008 | 0 CommentsThe auto bailout was passed last week for GM and Chrysler. Bush signed the bailout for them to receive $17 billion in loans. There were some fairly steep stipulation to the loans, but at the same time there is still very little structure to the bailout to actually restructure the auto companies.
Stocks did end higher in trading on Friday because of the news.
Merry Christmas GM and Chrysler.
Stocks jump back up as Dubai is thrown a lifeline and Citi announces it will pay $20 billion back.
AIG will likely not be able to pay back all their loans
Tags: stipulation, loan, stocks
