Tips To Manage Retirement Funds

It is very frequent (and if it is not so, it should be), that during our active stage we dedicate ourselves with some intensity to plan our retirement. Saving and having private savings to complement our public pension is the best way to guarantee a peaceful retirement and in line with our wishes and needs.

After retirement, another stage opens that we must analyze and plan to properly manage our resources. To get the idea of how you can save your old age financially read further.

Main changes

From the income side: These are reduced compared to the last salary of our active stage by a percentage known as the replacement rate. This rate will depend on the last active salary and the parameters that determine the public pension.

From the expense side: Normally, after retirement, the expense structure is altered. However, it does not have to be reduced compared to the active stage, because what can happen in many cases is that others replace some.

For example, it may happen that travel expenses are reduced, along with eating meals away from home or buying work clothes. However, at the same time, there are previously non-existent expenses, such as those associated with a new hobby to occupy free time.

How to manage savings?

First, it is very important to preserve savings. Once retired, it is not convenient to maintain a speculative saving profile. We do not have a broad time horizon nor do we have high incomes to recover from a bad investment decision. Therefore, it is essential to select our vehicles to channel these savings, always with a conservative approach.

Plan:

At this stage, it is not usual to address large financial objectives such as the acquisition of housing or obviously the start-up of a business. However, it may be necessary to address other issues such as helping a child carry out a project or addressing health care expenses.

In this sense, the planning is important and is based on determining the objective and the term, analyzing the resources we have and establishing how we are going to address that expense while being the most reasonable. If the situation allows it, we set aside little income little by little

The increase in life expectancy causes you to live longer as a retiree. Therefore, the savings should last longer. It is important when planning the stage as retirees to estimate our income and expenses and assess whether the rate of decapitalization (if any) is reasonable. Otherwise, it should be assessed if there are superfluous expenses that we should reduce or eliminate.

Inflation is a silent enemy since it makes our money worth less and less. It is important, without contradicting the conservative approach. The objective of covering inflation is not a priority but an aggressive investment objective. It is relatively simple to achieve in environments of moderate inflation.

The best way to manage our stage as retirees is to have criteria when selecting income and expenses (ideally, the latter do not overwhelm the former). The best we can do in advance in our active stage is to gradually create private savings or a self-managed super fund to complement our public pension and enjoy a comfortable retirement.

If you have additional issues, it is always important to go to your bank or financial advisor. It is never too late to start making financial changes, and if it did not occur to you before it was important to do so, this is the time. Here are four tips so you can make the most of your money at this stage:

1. Train yourself financially

The first thing you should do is learn a bit about finance and the tools you have at hand to save a little more and why not, grow your money. Some banks have programs for the elderly, other institutions also provide courses, you just have to find out and find the right option.

2. Start investing

investment returns

Again, age should not be an impediment. Understand that through several instruments, you could grow your savings to give yourself the odd taste; it will allow you to start investing. One of the easiest instruments to handle is the Term Deposit Certificates. With them, you can deposit the amount you want and not withdraw it until the deadline (for example, one year); when the deadline is achieved, you can withdraw it and collect the winnings.

3. Take advantage of the benefits

There are many places where they offer special rates for retirees. From cinemas, shows, to pharmacies and clothing stores. What you should do is find out which benefit program suits you best and start using it and that is how you can save on your monthly expenses.

4. Don’t try to solve everyone’s problems with your money.

One thing you should remember is that now that you do not work, you should control your income. It does not mean that you can never give yourself a taste, but it also does not have to go through life offering to lend or buy things to others all the time. Now is the time to worry about yourself and start thinking about your finances, dreams, and goals.

Retirement means living without working. It is a stage of life in which, the person for a chronological issue, generally ceased work in a company or organization. He begins to enjoy (in theory) their contributions made during decades of work, or their savings deposited for a certain amount of years in a pension fund. So far, it sounds good, but the truth is that even retirees require careful management of their personal finances.

On paper, the only income a retired worker will receive will be his pension. Nevertheless, beyond that, regardless of the amount of that monthly pension and the mattress that the person has managed to accumulate to face that period, you must consider an important thing.

bills

The retiree will need to put together a budget where you put all your sources of income and expenses. With this, you can keep an efficient control of your money and stick to an elementary rule that does not change even in the third age: always spend less than what you enter.

A person does not choose a single option to keep their money, but rather distributes it into several different risk and return alternatives.

Conclusion

Speaking of expenses, the final advice for retirees is to avoid excessive disbursements that subtract capital. For those daily or recurring expenses, it is best to use the money they receive as profit. The savings deposited in a financial institution must be allowed to grow and generate profitability.

All You Need To Know About Business Car Insurance

Are you aware of your duty to maintain your employees’ car insurance policies? Do you know that you require business car insurance if you use your vehicle for work-related activities? If no, you and your business may be at legal risk for not ensuring that your ‘grey fleet’ is covered.

A grey fleet means a fleet of drivers who use their own vehicles for business purposes. Though it cuts the maintenance costs, the risk your business might face overweighs the benefit. Many of the grey fleet drivers don’t have proper insurance coverage, which puts the businesses at risk of being prosecuted under the UK organizational policy.

Even if you drive your employees or colleagues around, or commute to different locations for work, or anything that you use your vehicle for on behalf of your work-business car insurance is necessary.

What If You Drive Without Business Insurance?

In the UK, there are thousands of uninsured business drivers on the road. Around 31% of the total car crashes in Britain involve someone driving for work. It depicts that people are still unaware of what constitutes the business use of a car. If you ever get involved in a road crash while driving for business, you may not get the compensation unless you have proper coverage.

When Do You Need Business Car Insurance?

A standard car insurance policy covers your car for domestic, social, or personal use, including commuting to and from your workplace. To be on the safer side, you can inform your insurance company that you use the vehicle for this purpose. The insurer will add the designation to your policy to address driving.

Further, if you work for a company that regularly sends you out to different locations, in that case, you need to purchase specific insurance coverage. For this, check with your employer if their company’s insurance covers you in this regard.

What Are The Different Levels Of Business Car Insurance Plan?

There is no one standard business car insurance policy. Depending on your requirements, UK cheap car insurance companies provide a range of options. You need to decide which option works the best for you-

Business Car Use By You

If you drive to a few different places for work, or switch between sites of locations, you can choose this option. This policy covers you, along with the option to add a spouse or a salesperson.

Business Car Use By All The Drivers

Choose this cover option if your vehicle will be driven by you, as well as by the other people for business purposes. They can be your employees or spouse.

Commercial Traveling

If you have to drive frequently to different locations as a permanent part of your business or job, choose this option.

Why Does Business Car Insurance Charge Higher Premium?

Business car insurance premiums are higher than the standard ones. The reason is, a driver who drives a car extensively for business, as well as domestic purposes, is considered riskier. He / She has to cover long distances often on unfamiliar roads or heavy traffic. This leads to an increase in the annual insurance premium rates.

However, finding a very cheap car insurance company UK isn’t a dream! You can compare the rates of the insurance providers and settle for the one that suits your needs and budget.

How To Get A Cheaper Car Insurance For Your Business Use?

There are so many factors that affect the insurance premium rates of a car that you use for business purposes. The cheapest car insurance in the UK provides customers with better deals to help them bring the price down.

Insurers place each car in one of the 50 car insurance groups, and the car placed in group 1 is the cheapest to insure. Further, the security of your vehicle also has a great impact on the insurance price. If you put an alarm or an immobilizer and keep the vehicle in a garage overnight instead of parking it out, you can bring down the cost.

Moreover, the insurers provide careful car drivers with a reward of lower premiums. Try not to claim; it will make you eligible for no claims discount and may cut the cost up to 75%.

Find A Cheap Car Insurance Company

Though business car insurance is a bit expensive, by conducting thorough research, you can get your insurance plan tailored easily!

A good car insurer can answer all your doubts or queries and offer a range of plans to fit your needs. Don’t just settle with one quite! The best way to find cheap car insurance in the UK is to compare quotes, services of different insurers, and go for the one that offers an affordable insurance plan.

Also, make sure that the insurer provides full coverage if something unexpected happens.

Bursting Confusions: Here is the difference between LLC vs. Series LLC

As an entrepreneur and startup owner, a lot of choice await you when you enter the realm of business.

You may follow large successful companies and choose a corporation, or you may structure your business as an LLC or a Series LLC.

Whatever choice you make, in terms of legal entity for your business, it will significantly impact your personal and business life.

LLC and Series LLC

If you own a business, either as a partnership or a sole proprietorship, you should consider setting it up with a Regular or Series Limited Liability Company.

The two business forms have their similarities and differences, which can make the decision between the two quite confusing.

In this blog, we’re going to demystify the subject and help you decide what might best suit your business.

Limited Liability Company

A limited liability company, or shortly LLC, is a type of business structure that offers businesses limited liability but is easier to establish and maintain.

It limits personal liability by legally separating the business from its owners. So, if you have business debt or your business partner is accused of negligence, your personal assets such as home and bank account will not be at risk.

This makes it different from sole proprietorship or partnership, where business debt is also considered your personal debt.

It also avoids double taxation by providing businesses with the pass-through treatment of income for taxation. The owner/s of the Limited Liability Company report their operating results on their personal income tax returns without filing any returns separately for the LLC.

Series Limited Liability Company

The Series LLC or SLLC organizes several businesses under a single business group. Each business in the LLC operates as an independent business, also called cell LLCs. Each cell LLC’s members are liable for their own debts and obligations while the master LLC manages all the LLCs in the series.

The IRS requires each LLC in a series to file federal taxes as separate businesses, and many states follow these requirements when collecting state taxes on profits.

Differences between LLC and Series LLC

The LLC and Series LLC have some major differences in terms of ownership, organizational structure, and availability. It is vital to understand these differences because they will largely guide the nature of the business and how it grows in the future.

Formation and availability

To set up an LLC, the members of the LLC must create and file Articles of Organization.

It is a simple form that asks information such as the LLC’s name, names of the owners, and address. When choosing a name, it is required that the LLC’s name does not match with an existing LLC’s name in the state.

Some state regulations may also require the words ‘LLC’ or ‘Limited Liable Company’ to appear in the business name.

A series LLC is formed in two steps. First, you will need to register the business as an SLLC with your state. Then you will create the cell LLCs in the series through a process described in the operating agreement.

However, series LLCs are not available in all the states. Delaware was the first state that allowed Series LLC, and many other states have followed suit. As of 2019, the following states authorize the formation of Series LLCs.

  1. Delaware
  2. Iowa
  3. Utah
  4. Alabama
  5. Texas
  6. Oklahoma
  7. Nevada
  8. North Dakota
  9. Illinois
  10. Kansas
  11. Montana
  12. Missouri
  13. Indiana
  14. Wisconsin
  15. Tennessee

The state of California doesn’t register a Series LLC; however, you can form a Texas series LLC or a series limited liability company in any other state that allows Series LLC and do business in California.

Ownership

How to recognize fraud and undue influence in wills and estate.

There is no restriction on the number of owners (members) of an LLC. Not only US citizens, but non-US citizens and even non-US residents can become a member of an LLC. A corporate entity can also own a limited liability company.

A series LLC can have as many LLCs (cell LLCs) in it as you want. Each LLC would be distinct and administered and treated separately for their debts and obligations; however, the parent LLC will oversee and control all the cell LLCs in the series.

Registration and Taxation

LLCs can adopt the tax status of a partnership, sole proprietorship, or corporation depending on how it is structured.

The IRS classifies it either as a partnership or sole proprietorship based on the number of owners. This benefits the owner because they only have to pay personal income tax on their profits without paying any corporate or LLC taxes.

In the case of Series LLCs, only the parent/master LLC is required to file tax returns. Additionally, only the parent LLC needs to be registered with the state, which significantly reduces the registration fees and other legal costs. However, all the cell LLCs must be registered in the same state.

Partying thoughts

LLC and Series LLC are simple and less expensive to build and maintain. They are adaptable structures well suited for small and medium-sized businesses. If you are a novice entrepreneur, you should definitely understand both the structures to enjoy the tax benefits, flexibility, and lesser legal requirements.

Author Bio:

About Ashley Rosa: Ashley Rosa is a freelance writer and blogger. As writing is her passion that why she loves to write articles related to the latest trends in technology and sometimes on health-tech as well.  She is crazy about chocolates. You can find her at twitter: @ashrosa2.

Five Reasons to Invest in a Second Passport

Imagine having the freedom to travel, work, live, and enjoy all the world has to offer, unbound by country lines and travel restrictions. This type of freedom doesn’t have to be wishful thinking.

Thousands of individuals globally are taking advantage of a second passport as a means to open up a literal world of opportunities. This is especially useful for those coming from “restricted” countries in the Middle East or where other travel restrictions abound.

Not only can it increase global mobility, but a second passport can also create business opportunities, open you up to an expanded networks of people, and improve your quality of life.

Accordingly, so many professionals, business owners, and travelers are reaching out to companies like Bluemina to explore their options for obtaining a second passport in any one of the top global destinations.

This guide will outline 5 reasons you should invest in a second passport, how to obtain a second passport, and which countries are the easiest to obtain citizenship.

Top Five Reasons to Consider this Investment

Travel Freely without Hinderance

Did you know owning a second passport makes it harder for your home country to place restrictions upon you? Having a second passport grants you access to other countries and allows you to travel Visa-free.

For Example:

  • Dominica Passports: allow visa-free travel to over 130 countries
  • Antigua and Barbuda Passports: allow visa-free travel to over 140 countries
  • Cyprus Passports: allow visa-free travel to over 160 countries
  • Malta Passports: allow visa-free travel to over 180 countries
  • Saint Kitts and Nevis Passports: allow visa-free travel to over 160 countries
  • Saint Lucia Passports: allow visa-free travel to over 120 countries

Imagine opening up a world of possibilities with second citizenships that provide you and your family the ability to travel freely when and where desired. For work or business, the ability to travel visa-free is an important and valued benefit of obtaining a second citizenship in the previously mentioned locations.

Business Opportunities & Reduction of Tax Liability

If you’re an entrepreneur or own a business, making the investment into a country that has a second citizenship program could prove highly beneficial. Doing so will allow you the opportunity to freely conduct business not only in your home country but in other countries as well. It also unlocks a variety of new business connections that you may have otherwise not had access to.

Another key aspect of second citizenship and second passports involves the reduction of tax liabilities. Many countries participating in these programs place an emphasis on tax incentives and privacy in order to attract discerning investors, business and professionals interested in reducing their tax liability while protecting their privacy.

Safety and Security

Having a spare passport may be a literal lifesaver if your home country’s political climate takes an unexpected turn for the worse. Make sure you and your family can easily start a life in a new country (if necessary) without the worry of safety or financial security.

Improved Quality of Life

Being a dual citizen means you can take advantage of your second home country’s healthcare, social services, recreation, and education. Some countries like Portugal have generous programs for its citizens including world-class healthcare and free education.

This is an impressive advantage for those currently residing where healthcare or education systems are lacking in quality, affordability or accessibility.

A Gift for Future Generations

Once you gain citizenship in another country, you will be able to pass on your citizenship to your children and possibly grandchildren. This gives you a lot of security in the event of emergencies. You can easily settle in a new country and not have to worry about getting Visas for your family.

How to Obtain a Second Passport

There are several different ways to get a second passport and the good news is it’s not as difficult as you may think.

  • Relatives or Ancestry: You may be able to gain citizenship by your family’s bloodline. Some countries allow you to apply for citizenship based on your family ties going back to even grandparents.
  • Natural Citizenship: Becoming a natural citizen can take up to 5 years so if you have plans to start a life in another country this may be the best option. Making long-term commitments
  • Economic Citizenship: You can obtain citizenship in another country by making an investment like starting a business, investing in a property, or making a payment to the government. This process is much quicker and more robust than the two mentioned above.

Popular Countries Offering Such Programs

Antigua and Barbuda

  • $100k-$400k investment
  • Asset: Contribution or real estate
  • 4-6 months to citizenship

Cyprus

  • 2.5M Euro investment
  • Asset: Real Estate
  • 6 months to citizenship

Dominica

  • $100k-$200k investment
  • Asset: Contribution or real estate
  • 4-6 months to citizenship

Greece

  • 250k Euro investment
  • Assets: Real Estate
  • 7 years to citizenship

Grenada

  • $150k-$350k investment
  • Assets: contribution or real estate
  • 4-6 months to citizenship

Malta

  • 1.2M Euro investment
  • Assets: Real estate, government bonds, and contribution
  • 6-8 months to citizenship

Portugal

  • 350k-500k Euro investment
  • Asset: Real Estate
  • 6 years to citizenship

Saint Lucia

  • $100k-300k investment
  • Asset: Contribution or real estate
  • 4-6 months to citizenship

Saint Kitts and Nevis

  • $150k (contribution), $200-400k (real estate)
  • Asset: Contribution or real estate
  • 4-6 months to citizenship

Closing Thoughts

For many individuals and entrepreneurs who looking to become global citizens, a second passport is a very worthwhile investment. They can open up the doors for new and interesting opportunities in travel, business, and life.

If you’re contemplating participation in one of these programs, there are a number of companies such as Bluemina who specialize in facilitating the process.

Budgeting for Irregular Income

It may be a popular belief that budgeting is only for those that have steady income, but budgeting for irregular income is encouraged!

Starting a budget plan can be beneficial for people from all different financial backgrounds. You may have commission-based employment, or contract work that can experience low hours.

Regardless of your current financial status, a budget can help you determine where you stand on your financial journey and help you obtain financial stability when you receive irregular income.

Getting Started on Budgeting for Irregular Income

While getting started on budgeting may seem like a daunting task, it is not as complicated as you might think–especially if you have the right resources. Budgeting can be broken down into a few simple steps for convenience.

Here are a few questions to keep in mind about budgeting for irregular income:

What is the Lowest Predicted Amount for Your Monthly Income?

bills

One of the easiest ways to start budgeting is to estimate the lowest possible amount of income you receive, rather than calculate an average. By planning for the worst outcome, you can find a more flexible starting point for your lifestyle budget.

Go through your pay stubs from the past year and find your lowest monthly earnings. Use that amount as a guide for your budget plan. You want to start with a lower number, as it can be easier to add money to the budget rather than deduct it. For example, if you took out a title loan, you can add the funds into your budget at the end of the month.

Effectively Create a Budget Based Off that Number

Creating a budget is much simpler when you have an estimated income to go off of. Once it is established, the next step is to determine your expenses throughout the month. Your expenses can be separated into two different categories:

  • Fixed Expenses
  • Variable Expenses

Your fixed expenses will not change month to month. These expenses should be a priority, such as your rent, car payments, utilities, and any loan payments you may have.

Your variable expenses usually change throughout the month. These can be costs such as clothing, groceries, gas, and entertainment. Usually, when you are adjusting your budget, these are the expenses with the most variance.

Adjust Your Budget and Track Your Spending as Needed

As the month goes on, be sure to track your expenses and look out for any changes in income. One helpful tip for doing so is to carry your budget with you, either in a physical ledger or through an app on your phone. By having easy access to your budget, it can be easier to adjust or document your purchases.

The first few months will be a test drive for you, as it’s going to take time for you to get comfortable tracking your own finances and establishing a sense of responsibility.

Create a Safety Net within Your Budget

One of the most important steps in creating a budget for irregular income is to formulate a safety net for when business may be slower, or when you may have an emergency expense.

What you can do to secure yourself financially is designate at least 10% of your income into a savings account every month. This will ensure that you have a backup plan for when finances are tight!

Could You Be Saving More On Household General Costs? Top Tips Revealed

Having bills to pay is just one of this life’s hard pills to swallow. We work hard and earn a decent living, but to watch that money slip away from your bank account is never an easy thing to witness.

But we have our bills to pay, and that’s what keeps a roof over our heads. However,  what if I told you that you could be spending more than you should be? Would you want to know where you could make those savings?

Our hard earned money is best lining our pockets. With that in mind, here are some of the ways you could save money on those essential household bills. 

financials

Image source – Pixabay – CC0 License 

Take a long hard look at your outgoings and budget

One of the first things you need to do is look at your outgoings and make a budget. You need to see exactly where your money goes each month. What this might do is unearth some costs that you no longer need to be paying. You would be surprised how many people are still paying for a gym membership they no longer need. Cancel those unnecessary debits and already you have made a saving. What a budget does is enable you to see where you can potentially make some savings. 

Take control of your expenditure

You need to take ownership of your spending. Some of those essential outgoings are completely in your control. For example, your food bill. Changing the way you shop for food and how you prepare each week could be a vital way you save a great deal of money. Meal planning can also reduce the food wastage and ensure that you only buy what you need. Many people have reported that they can reduce their food bill by half, just by making a few changes. 

Work on more frugal shopping habits

a woman with shopping bags

Some essentials need to be purchased, things like clothes and items for the home. So instead of not buying those things it’s worth changing your current shopping habits. Buying things in bulk in the sales is a great way to save over the year. You may also want to consider utilising discount codes and vouchers. Searching online for specific codes like kohls coupons can often give you some great results. They can offer huge savings on full retail price. 

Spend some time hunting out savings

For some people, savings are just waiting to be made on their existing bills. Things like internet payments and energy bills can be reduced, without sacrifice. Often companies will offer great deals and incentives for new customers. So switching providers could reduce your monthly payments. 

Be organized and avoid financial problems occurring

It pays to be organized and to think of worst case scenarios. This is where some of the biggest future savings can be made. Ensuring things like appliances and heating systems are checked over, and keeping notes on payments will all work in your favor in the long run. 

Save money on those debt payments

Finally, debt payments can mount up. But paying several providers is not cost efficient to you. You end up paying multiple interest payments and never reduce your actual debt. Consolidating to a more manageable sum saves you a lot of money per month. 

Let’s hope this has inspired you to save some money on your household bills.

Accumulative vs Cumulative Investment Returns – What’s the Difference?

It’s time for a vocabulary headache. Today’s guest stars are “accumulative” and “cumulative”. We’ll get to what those words mean in the context of investment return in just a moment.

Before we can do that, though, we have to sort out precisely what those words mean and how they differ from each other. There is a very fine line between them in the way that they differ, so pay close attention.

The Definitions

investment

Accumulative: Accumulative is an adjective that applies to something gradually growing or increasing over time. Synonyms for accumulative may include snowballing, amassing, intensifying, etc.

Cumulative: Cumulative is an adjective that applies to something that is increasing due to a combination of independent reasons. Synonyms for cumulative may include chaining, piled, grouped, etc.

Notice: The main difference in the two words are the fact that cumulative encompasses one increase after another, while accumulative refers to one growth as a whole. For example, one might refer to “their cumulative GPA,” which one collects after adding together all the increases or decreases of their separate grades in each class.

On the flip side, someone might talk about “the accumulative damage of rainfall,” which would refer to the gradually increasing damage caused by rainfall over time, with no other factors and no additions to be considered.

In the Context of Investment

investment returns

Now, we can discuss what you all came here to learn: What the difference between accumulative and cumulative investment return is.

The first thing to understand is that there is no such thing as an accumulative investment return. Save yourself the trouble searching for advice on accumulative investment returns by not doing so at all. Nothing will come up in your search.

In the context of investment, cumulative investment return is what’s usually talked about. As you might guess by the definition that we discussed above, you find the cumulative return by factoring in all the different gains and losses made over time to show the current total investment return.

The data can then be analyzed to decide whether or not it’s a smart idea to continue your investment – alternatively, an analysis can help you determine how much more – or less – money you want to put into the investment if you choose to continue.

Cumulative investment returns can be roughly calculated by subtracting the original investment amount from the current value of the stock and then dividing that number by the initial investment amount again. Lastly, subtract one from that number. After converting the final result to a percent, you have your cumulative return for any given any.

While an “accumulative” return isn’t correct terminology, a term usually mentioned in comparison to cumulative returns is the “annualized return,” which looks at the investment return in any given year rather than any point in time like cumulative returns can do.

Annualized returns must be compared side by side while cumulative interest maps out the gain for all time. Comparing the two against each other provides valuable information on the patterns of how poorly or how well your investments are holding up.

Conclusion

In summary, knowing the difference between accumulative and cumulative can be important when working in an economic context, and your cumulative investment return is a valuable tool in monitoring the ups and downs of your investments.

When you are thinking about investing somewhere, you should look through some other articles as well that I wrote about:
Investors Hub Review

Bulls on Wall Street Review

Finviz – A Full Overview

How to Recognize Fraud and Undue Influence in Wills and Estates

It is a challenging and stressful time losing a parent who has lived a long life.  So many arrangements have to be made and so many things have to be taken care of.  One of those things is the estate that was left behind.

After a will has been probated the executor begins the process of distributing the assets to the beneficiaries.  This can be straight forward or wrought with disagreement and dispute.  In the case of the latter, you need to be on the lookout for fraud, dishonesty and questionable behavior.

These matters can be complex and here are 4 situations to consider.

What was the relationship between the testator (the person who made the will) and the beneficiary or any others who may benefit?

Some examples of fraud can be pretty obvious.  If your Father or Mother had a properly executed will in place for years, were still living in their house and being cared for by a neighbor or friend. And that person suddenly is the primary beneficiary in a new will, that you didn’t know about this should obviously be questioned.

Undue influence is a species of fraud that occurs where a person makes a testator execute an instrument they would not have otherwise executed.  If the new will leaves nothing to the children who were beneficiaries in a previous will then the new will can be challenged and nullified.

To contest a will, you must retain a probate or estate litigation lawyer who can file a lawsuit on your behalf.

What was the physical and mental condition of the testator before death?

Unfortunately, when our parents get on in age and into their 80s and 90s some conditions can affect their minds.  A once healthy, brilliant and sharp mind can change and parents can begin to struggle with short and long-term memory.

If a will was changed or a new one was executed when one of your parents was suffering mentally, that will can be contested.  In these instances, your lawyer would look for proof that your Father or Mother was suffering from a cognitive illness.

Medical records or testimony from the specialist doctor, who treated them before the will was changed, is the strongest evidence to secure in order to have a will thrown out.

Be aware of the conduct, character and actions of the person that benefited the most in the will or trust.

In this day and age, it is not uncommon for families to include step-brothers, half-sisters and others. In most cases expanding familial relations leads to a happier and more fulfilling family experience for everyone.

In some cases, it presents challenges especially with large estates that include ranch property, houses, vacation homes and large financial investments. If a will or trust was changed late in a testator’s life and new beneficiaries were introduced, it should be questioned.

It is important to know if the main beneficiary has any history of fraud, deceitful or untrustworthy behavior. As surprising as it may seem there have been cases where a testator, in their late 80s or early 90s was driven to a law office where a prearranged meeting was organized for the sole purpose of changing a will.

An experienced estate litigation attorney will listen to your concerns and uncover the facts behind another person’s behavior and actions.

Was the will executed properly?

A will or change to a will, known as a codicil, must be executed properly.  In Texas, there are strict rules that must be adhered to.  Unless the will is written entirely in the testator’s handwriting, a holographic will, there must be two witnesses present when the testator signed the will.

The two witnesses must be over 14 years of age and must sign the will in the presence of the testator.  The signature of the testator must be valid and not the product of forgery or fraud. The dates, page numbers, signatures and formatting on a will should be correct.  If the document looks suspicious or odd in any way it may be the product of undue influence.

An experienced estate and probate litigator can represent you in these matters to ensure that the wishes of your parents are achieved.  Don’t let yourself be bullied or taken advantage of, most lawyers offer free phone consultations so take the first step and make the call.

Chapter 11 Can Save Businesses That Face Financial Difficulties

There’s been a recent wave of corporations filing for Chapter 11 bankruptcy, with big names like General Motors, United Airlines, and K-mart choosing to go this route. Despite the fact that Chapter 11 was originally envisioned to serve just those types of major players, it can prove very advantageous to small and medium-sized businesses as well as individuals with large assets. In fact, small, family-sized firms make up the vast majority of Chapter 11 filings every year.

What Is Chapter 11?

Court Chapter 11

Also known as a reorganization bankruptcy, Chapter 11 allows debtors to restructure their business in order to better fulfill obligations to creditors under court supervision. During the proceedings, they obtain the legal quality of debtors-in-possession, and in most circumstances retain full control over their business operations.

This is arguably the most attractive part of Chapter 11 from the perspective of the debtor, as the feeling of constantly having to answer to someone for every decision can be extremely unpleasant for any business owner, not to mention that outside interference can even hinder the firm’s ability to turn a profit.

There are instances in which a debtor’s authority over the firm can be stripped away if fraud, dishonesty or gross incompetence are found by the court. In such cases, a trustee is appointed to run the business until out of debt. It is highly advisable to hire a good lawyer to ensure this doesn’t happen.

How Do You Go About Filing For Chapter 11?

Filing for Chapter 11

Filing for Chapter 11 is usually done at the initiative of the debtor, who has to first submit a petition of relief to the court, as well as schedules of his assets and liabilities, creditor information, statements of financial affairs and any other documents relevant to the proceedings.

Once these are filed, he can formulate a plan for reorganization that can involve anything from downsizing, cutting expenses and reducing personnel, down to liquidating company assets. This is to be sent to the creditor for approval, together with any relevant disclosure statements.Most negotiations take place at this stage, as both the debtor and creditor are looking for ways in which the restructuring might better serve their own interests.

Finally, the two parties reconvene for a confirmation hearing, where the court analyzes any objections to the plan, and decides on whether or not to give course.

Something To Keep In Mind

Chapter 11 small business

Although Chapter 11 is intended to provide a business with a sort of “new lease on life”, courts usually consider that the restructuring program should favor the creditor, at least for the short term, as getting out of debt a little earlier is nothing a small business owner would frown upon.

What Can The Creditor Do While Chapter 11 Is Active?

Chapter 11 can also be filed by the creditor, in which case the debtor is the one who would have to agree with the proposed reorganization, in the limits set by the court. You can make out for your own that this might not usually be the ideal position for the business owner or representative.

While normally unable to intervene in the company’s decisions, the creditor can use the court to conduct examinations, which include obtaining documents and interviewing the debtor or third parties under oath, as well as soliciting proofs of claim.

The creditor can also object to the claim of relief itself, asking the court to dismiss the filing entirely, and as we’ve mentioned previously, to the restructuring plan.

Conclusion

Chapter 11 is considered to be neither very speedy nor very cheap. However, as opposed to the other options usually available to business owners by the stage filing for 11 becomes necessary, it offers some invaluable perks: a clear way out of debt, control over their own business, and most importantly, an opportunity to keep alive the company they’ve invested time and effort in.

About the author:

Kevin S. Neiman is a Denver-based attorney with over 20 years of experience in pursuing finance-related lawsuits, often of a very complex nature. The Law Offices of Kevin S. Neiman have a wide area of expertise, including but not limited to Chapter 11 and Chapter 7 bankruptcy, commercial litigations in state and federal courts, and appeals to bankruptcy matters throughout the United States.

Snap Finance Review – Everything You Need to Know About Them

It’s been a tough month … your child got sick, spent the weekend in hospital, and was released Monday morning on a “special diet”. Since you had to miss work on Monday, your employer didn’t accept your excuse and will be docking your pay this week. I’m not going to mention the child support money is late… again!

As much as you wish you didn’t have to, you will look for a quick finance company, and leave your mother out of this one. You’ve been warned about them, but life happens! Snap Finance is one you’ve heard about a lot – maybe give them a try.

What Is Snap Finance?

Snap Finance Company is a finance broker that offers service to businesses and individuals. They serve businesses by offering a finance facility for the business’ customers that require payment terms to complete an in-house purchase. They also serve individuals by offering loans to those unable to get traditional credit. It describes itself as a “digital-finance company that specializes in providing consumer financing and rent-to-own purchase options”.

Here are some general features of finance companies. They are not full-service banking; they are strictly consumer loans. The loans they carry may not be available everywhere; low credit scores are easily entertained. They are not the cheapest loans, but often are better priced than payday loans.

Here’s where this type of facility gets tricky. They concentrate heavily on collections. Whereas a bank may give you leniency for the three months you are late, finance companies are keen to follow up on a single payment missed. Taking possession of the collateral good can happen quickly!

On the other hand, CSRs at finance companies tend to be more personable than bank officers. So yes, when you have a temporary setback, you can make that call, and your voice will be heard, as long as you do what you say you will. They often have special concessions to get you back to meeting your commitments honestly.

Snap Finance Company is actually the middle-man for your loan – they don’t lend their funds, but find finance companies that are willing to do so. From your point of view that fact matters little, since once you get the loan, where and how you pay will be decided. The website of Snap makes all the details simple – at least not your worry.

Why You’ll Love Them

a woman with a credit card

Simply put, if you’re in a financial jam of sorts, these high-risk loans are a good option, if you know how to manage it well. With Snap Finance, the first 100 days are interest-free; I’d say, do your best to meet this timeline. But if you’re going to be just a little late, an extension may be considered. Just call.

The customer service at Snap Finance is often described as “helpful” and “informative”. So many customers report that when their financial situation became more difficult, Snap Finance CSRs made it a little easier.

The website facilitates the easy application process of Snap Finance. Honestly, you already know from the home page that the interest is at least 11.8%. So if you have other cheaper options, explore those first.

Direct debit to pay the loan is a convenience offered by the lender. As long as you agree to a date that you can commit to, you will re-build your credit along with this convenience.

Why You’ll Not

coints stacked on paper

Most people who simply can’t adjust their lifestyle to improve their finances will always blame another entity. Late payments, not reading the contract thoroughly, and non-communication are common factors in clients’ frustration. After the contract is signed, your best bet is to abide by the terms, and only worry about what you can control.

That said, consumer financing can be addictive. Borrow only what you need to get by. If a purchase can wait, try to save before expending just to look good and pay more than is necessary.

Sometimes, in the haste to get funding, consumers don’t focus on all the charges that could happen during the life of the loan. Paying as agreed, these extra charges will be little to nil. You can expect to pay a charge for being late with your monthly payments, but there are a lot of complaints from former customers that these are exorbitant.

Remember, finance charges could be as high as 32%. And with additional charges that may not be apparent at the outset, this could drive the total cost of borrowing up to 100%. You should always make all calculations to know the full cost of the funds before signing any loan.

What I first described as a positive feature, could also be your detriment, if you don’t manage effectively. Should you have the funds in your account on time, direct debit is a wonderful convenience; otherwise, it’s a strike against your credit, among other things.

Finally, collection calls you choose not to answer may end up at your friend’s, your parents’, or your employer’s. All this can be avoided, as already alluded to in this article.

Conclusion

money

All in all, as with everything in life, there are pros and cons to whatever you choose. A short-term loan may be a good choice if you’re willing to be a model borrower.

Of all the finance companies and pawn shops and payday loan facilities you may be able to access, Snap Finance is a good one among many. They may actually help you in your weak moments.