August 3, 2016

5 Estate Questions to Ask About Real Estate

Preparing your estate in advance is one of the greatest gifts you can give your family. Many estates include real estate in the form of a primary home, vacation home, and other family properties. While inheriting a property can be a wonderful legacy, it also comes with obligations that heirs may be unprepared or unable to fulfill. If you intend to leave real estate to your heirs, ask yourself these five questions to help avoid creating problems for your loved ones. 5 Estate Questions Will the Property Have a Mortgage? If the property comes with a mortgage or home equity loan, your heirs will need to negotiate with the lender to satisfy the terms of the loan. In many cases, they may need to sell the property to pay off any loans if financial provisions aren’t made elsewhere in the estate. Life insurance is one option for giving loved ones the cash needed to satisfy final debts. What Are the Tax Considerations? If you leave a large estate, your heirs might end up owing state and federal estate taxes on their inheritance. Make sure that your heirs have the financial resources they will need to satisfy the tax bill. If […]
March 24, 2016

Four Measurements of Wealth – Financially Simple

Four Measurements of Wealth There have been numerous articles written on the correlation between money and happiness. A quick Google search will turn up 650,000,000 hits in 0.56 seconds. Most of these articles will offer similar conclusions, like this February 2015 article in the Huffington Post, that while money can provide you with a certain level of comfort, it will not make you happy. That got me to thinking…your bank accounts may tell you what you can and can’t afford, however, can they really tell you how wealthy you are? Today the Merriam-Webster Dictionary defines wealth as: 1. a large amount of money and possessions 2. the value of all the property, possessions, and money that someone or something has 3. a large amount or number. However, I found it quite interesting when I looked up the definition in an old dictionary—Webster’s 1828 Dictionary—it was defined like this: 1. Prosperity; external happiness. 2. Riches, large possessions of money, goods or land; that abundance of worldly estate which exceeds the estate of the greater part of the community; affluence; opulence. The second definition certainly lines up with what many would measure their status of wealth by today, but the first intrigued […]