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By Lisa Cunningham, Director of Communications
It’s a new year, which means you have a new chance to do all those things you put off last year. Like, say, writing a will.
Do I hear crickets?
Let’s face it: no one likes to think about writing a will. It is the most final of all documents, the one piece of paper which reminds us that our time on earth will, inevitably, come to an end.
But if we change the way we think about a will — not as a reminder of the end of life as much as it is a document to protect those we love and the things we’ve worked so hard for — we may not feel so unsettled in creating one.
The truth is, a will is just one of three documents every adult should be sure to have. In this post, we’ll briefly describe the three essential estate planning documents every adult needs — and why you shouldn’t put off creating them — not one more day.
Last will and testament
Did you know that more than half — 70 percent — of Americans do not have a last will and testament? Not having one ensures the government will divvy up your assets through a process called probate, and almost always ensures infighting among family members.
A will is simply a legal document which specifies all of your last wishes — everything from your funeral and burial to how you would like property distributed to beneficiaries. It also allows you to name guardians for minor children.
Living will
A living will allows you to make important healthcare decisions for yourself in advance, while you are still of sound mind and in good health. These decisions include whether or not to continue your life in the event you are ever placed on life support and what should be done with your organs in the event of your death.
Durable power of attorney/Durable power of attorney for healthcare
These documents allow you to appoint someone to make financial and legal decisions on your behalf. The healthcare power of attorney takes effect in the event of your incapacitation.
A durable power of attorney can be put in place for any number of reasons, such as when you travel out of the country for work or vacation. A durable power of attorney will allow your appointee to:
And almost any other legal task you can imagine.
How do I create these documents?
You can consult with an attorney of your choice to create these documents, purchase software and create them yourself, or create them online for a nominal fee, via the website legalzoom.com.
But the bottom line is, whether you spend thousands of dollars on a private attorney to draw them up or use online software, you just need to get them done. After all, it’s not a matter of if you’ll need them, but when.
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By Lisa Cunningham, Director of Communications
Happy New Year from Pop-A-Lock Locksmiths!!
It’s a new year, and you know what that means: New Year’s resolutions. For many Americans, those resolutions typically include things like getting in shape, dieting, and getting their finances in order. In fact, with the holidays just behind us and tax time right around the corner, you’ll likely soon be bombarded with TV commercials and internet promotions from companies promising everything from rapid tax refunds to credit repair.
While rapid refunds may be attractive to those needing a quick cash fix to pay off holiday bills, credit repair is the more ominous threat. Firms offering that service specifically target individuals who may have a hard time financing a large purchase, such as a new car, because of previous — and in many cases — on-going, poor money management habits.
But if you are one of millions of Americans who are seeking to repair your credit, don’t be fooled. There is no quick fix to better credit. In fact, according to the Federal Trade Commission, no one can remove accurate, negative information from your credit report. The only solution to a less-than-stellar report is work, time, and exemplary financial management.
According to the FTC, you should beware any credit repair company which does the following:
All these things are sure signs of a credit repair scam. According to the FTC, it’s better to save your money and repair your credit legally–yourself. If your finances are on your list of things to improve in 2011, follow these simple tips to get started:
Remember, anything a credit repair firm can do to clean up your credit, you can do for yourself. All it takes is a little time, patience, and resolve to manage your finances differently — better — in 2011.
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This article is the third in a series of posts about predatory lending, or “get cash now” programs.
by Lisa Cunningham, Director of Communications
After the spending frenzy which accompanies the holiday season ends, the first thing most people start thinking about is how to get extra money to pay their extra bills. For many low- to middle-income or cash-strapped consumers, impending income tax returns provide that solution.
Tax preparation firms have picked up on that desperate need for cash and introduced the refund anticipation loan (RAL) to meet that need. A RAL is a short-term consumer loan which is secured by a taxpayer’s expected tax refund. While most firms don’t promote these loans until after New Year’s, a few push their “get cash now” message during the holidays.
Here’s how RAL’s work: you pay a tax preparation company to pay your returns. The company, which has already partnered with a bank to make the loans, arranges for you to secure a 7 to 14-day loan based on your expected refund. Sounds easy enough, right?
It is, but RALs come with a very high cost, several hundred dollars, in most cases. The fees, as well as the amount of the loan, are deducted from your anticipated refund. In 2008, American taxpayers paid more than $800 million in fees in order to get their money through RALs, according to the Consumer Federation of America and the National Consumer Law Center.
Earlier this year, consumer complaints about outrageous fees prompted the Internal Revenue Service to announce plans to examine RALs and other tax-time financial products.
If you’re thinking about applying for a RAL, consider this: by having your tax refund deposited into your checking account via direct deposit, you’ll receive all your money in about two weeks. Without direct deposit, you’ll still receive all your money in six to eight weeks.
Need money sooner? No problem. File your taxes early, by the end of January or early February. The IRS is able to process these returns sooner, as many taxpayers put off filing until spring.
And, to avoid refund anticipation altogether, consider adjusting withholdings. Simply visit your company’s human resources department for help in revising your W-9. That way, you’ll keep more money in your pocket during the year, the way it was meant to be.
Have you ever received a refund anticipation loan? What was your experience? Please share it with us in the comments below. And for more relevant articles just like this one, remember to subscribe to our blog.
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