The real estate has no mortgage left on it and we want a life time income stream. Are there fees involved in effecting the transaction. From what I can tell… If you plan to donate your property to a church or a small charity, you will have to make arrangements mostly on your own, after discussing it with the charity, of course. Some large charities can set this up for you. But while they will normally do it without a fee, I think you are still better off working with a trusts and estates lawyer that you hire (and pay) on your own. The main problem is that the creation of the kind of trust you are talking about here (called a charitable remainder trust) immediately creates two conflicting interests. You want to get the profits (income) for as long as possible. Obviously, you hope for a long life. The remainder beneficiary–the charity–wants to get at the money as soon as it can. For example, suppose someone wants to build a shopping center in your neighborhood and needs your land to make the deal. The charity, which will ultimately own the property might want to sell. You might not. That’s a potential conflict. A lawyer can set things up the way you want, so that YOUR interests are protected. In addition, a good lawyer can advise you on the best way to accomplish your dual goals of helping the charity and ensuring your financial well-being. Maybe you should rent out the property, with you getting the rents and the charity getting the real estate after you pass away. Maybe you should donate the property now, have the charity do the renting, and you get a set rate of return from the charity. (This would eliminate your having to find tenants. ) Or maybe the property should be sold right away, and the proceeds put into a trust account at a bank or brokerage, where you get the interest and the charity gets the principal when you die. You need someone smart to help you think through all the choices. In the end, the fees you might have to pay will be worth it in peace of mind. If you don’t know a good lawyer, try asking at the trust department of your bank. Most banks have one. I hope this helps. .
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June 15th, 2013 in
It seems like there are always some things that can be done to make your house better. Maybe you have put off projects because of money or you just don’t know how to do it. If you have those reasons, continue reading for some good advice.
Prior to beginning any customizations on your home, find the style that you truly like. Figuring out what your decorating style is will help you decide what improvements to make on your home. Without a plan, you can easily end up with mixed styles. If this occurs, you’ll end up spending lots more money making adjustments.
TIP! Look out for sales on carpet installations at your local home stores. In order to gain customers, they will install carpet for cheap prices.
Write a list before visiting your local home improvement facility that contains all the items you need. Making a list of all the items you need to purchase ensures that you will not need to make multiple trips to the store and also helps to keep you organized.
If you are considering the use of a conventional wood fireplace for heating your home, understand that this may not be the best route. Compared with other systems, a wood-burning fireplace retains heat far less efficiently. Even worse, maintaining a fire consumes a great deal of oxygen from the air in your house.
Don’t ever hire an unlicensed contractor. Contractors are required by law to have some certifications. The certification doesn’t guarantee satisfaction, but they are an added assurance. Do not hire anyone without a license or certification, since they might not have a professional insurance, which would become a huge problem if the job goes wrong.
One way to make your life better is by improving your living space. There are many things you can do that are not at all costly. There are a number of different little things you can do. Whether you have a large or small budget, keep researching to find out ideas for good projects.
For more interesting tips on your remodeling or mold related interests or to learn about mold in a house, please go here: http://moldedge.com/ or try mold and mildew removal. As stated above, home improvements are important because they increase the home’s value. There is always something that could use some fixing in a home. By integrating the above tips into your research, you can locate all the right information you need to pull off a successful project.
June 14th, 2013 in