The court of law is one that covers so many different types of civil lawsuits and court cases. It can cover real estate closings and real estate lawyers, writing a will, special needs trust, and even bankruptcy. If you are on the outside looking in, in terms of an advanced directive and other types of law, here are random facts you should try to be aware of.
Nearly 51% of all Americans between the ages of 55 and 64 do not have wills and just about 65% of the general public does not have a will as well. Anyone that has assets in the six figures or higher should probably seek out to have a trust in addition to a will. This can help you to minimize estate taxes and also helps them to avoid probate.
As of 2015, you can leave bequests that can be of a value of nearly $5.43 million, free of any federal estate tax. These bequests are considered to be gifts to an individual upon your death and are the estate-tax exemption. You are normally exempt from federal estate taxes unless your estate is valued at more than $5.43 million, or $10.86 million for couples that are married. This is just a start to the random facts that surround advanced directive.
In the United States, there are just about 7.4 million mortgage borrowers in the United States with a rate of 4.% or higher and these people can greatly benefit from simply refinancing their mortgages. More than 3 million borrowers, who had little or no equity in their homes were able to refinance into cheaper mortgages over the past five years.
The most popular fixed-rate home loan is the 30-year loan because it makes your payments the lowest, but there are other plans that last 10 years, 15 years, and even 20 years. The most common rule applied to your monthly mortgage payment is to avoid exceeding 28% of your gross income. There are even more facts surrounding advanced directive to come.
You can easily buy a house with as little as 4% down if you work with a Federal Housing Administration mortgage, just about 5% with a conventional mortgage, even though 20% is considered a rule of thumb. It will cost anywhere between $500 and $1,500 to have a qualified estate attorney working to draft documents that nominate both a Durable Power of Attorney and a Health Care Proxy.
From 2000 to 2010, the number of seniors with living wills rose from 47% to 72%. These living wills are the subject of this article, the advanced directive. If a deed reads, Owner 1 and Owner 2 JTROS, then when the owner dies the other owner will come to own 100% of the deed. Understand as well that the cost of your insurance can vary depending on the property you own and also the level of protection you want. It will normally end costing less than 1% of the total value of the property.
In Conclusion
If you are under the age of 40 and have not crafted a will make sure you get to it. Do not wait until it is too late to settle what types of assets you want to spread throughout your family. Work with experienced lawyers that are of a high quality and will work hard to get you the best results you deserve. You should always work to protect your family and an advanced directive will help you do so. You can distribute the right assets throughout your family with great ease.
