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12 Money Saving Tips in the Home

 

Whether you are saving for a house deposit, or perhaps something a little smaller, there are things that you can do at home to save money.

 

Try these tips and watch your savings grow:

 1. Make a shopping list. How many times have you gone to the grocery store and ended up buying things you think you wanted rather than the things you actually needed?

  •  If you use a magnetic whiteboard and put it on your fridge, you can keep it updated with the items you actually need. Only stick to these items and avoid buying anything you don’t currently need.

2. Eat more fresh produce. You may think that buying fresh food is expensive, but this is not the case.

  •  You can even prep meals to get them ready for those days where you know you are going to be busy. Therefore, you are also eating healthier too, rather than opting for junk food and ready meals.

 3. Stick to drinking water. Rather than opting for a soda, tea, or other beverage, choose...

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Top Reasons to Revise Your Will

 

Perhaps you, like many others, believe that once your will has been drawn up, that's the end of the process. While wills have never been anyone's idea of fun, it’s important to review your will on a regular basis. There are many reasons to pull out your will and give it a thorough review.

Let's examine the most common reasons:

 

  1. New family members. In general, if a will is worded properly, any children that are born after the will has been signed will be entitled to the same share of the estate as the pre-existing children. Even so, if you have a new child, check with your attorney just to be sure everything is worded according to your wishes.

 

  • Also consider how your wishes might change based on other new people in your life. What if you re-connect with a family member? What if you make a new best friend? Maybe one of them would be the person to take good care of your boat when you're gone. Consider all new people who've entered your life since you...
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The Financial Implications of Adopting A Partner's Child

Uncategorized Sep 01, 2021

Adopting a step-child is an extremely special decision a step-parent can make. This decision shouldn't be made lightly, though. The financial responsibilities that come with adopting a child should be taken into consideration and planned out before jumping in.

Keep these points in mind about your financial responsibilities if you decide to adopt:

 

  • It’s always best to talk to an attorney in these matters. State laws dominate family law. Be sure to contact an attorney in your state.
  • You’re legally obligated to provide for that child. As a general rule, an adopted child becomes just as much your responsibility as your own biological child would be. This one tip is really all you have to keep in mind, as it covers everything else.
  • In the event of a divorce, you would still have to provide for the child. In most cases, this would mean child support. On the positive side, you would also get certain rights, including visitation, should the relationship end with your...
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What Debt Collectors Can and Can't Do

Uncategorized Aug 25, 2021

 Debt collectors are like mosquitos. They can be annoying and they’re hard to dissuade. Fortunately, there isn’t a whole lot a debt collector can do besides call you and send you mail. The Fair Debt Collection Practices Act (FDCPA) spells out the actions that a debt collector may and may not undertake in the process of collecting a debt.

 

Your state has additional laws that may limit debt collectors even further. It’s worth investigating these laws, so you understand the rules and can play the game accordingly.

 

What Debt Collectors can do:

 

  1. Call you directly between the hours of 8 am and 9 pm. However, you have the right to request not to be contacted by phone again in the future. This request must be done in writing. You can also insist that the debt collector only contact your attorney instead.

 

  1. Contact you via mail. However, it can’t be obvious to someone looking at your mail that the correspondence is from a debt...
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How to Avoid Inadvertently Leaving Money to Your Ex-Spouse

Uncategorized Aug 18, 2021

 

Odds are that you’re not pleased with your ex. The last thing you want to do is leave your ex-spouse your money if you die. But it happens all the time. And it’s not just your most recent ex, you could end up leaving money to your first wife or your second husband. It’s enough to make any adult shudder.

 

It’s quite easy to assure that this doesn’t happen:

 

  1. Review your will or trust. If you haven’t rewritten your will or trust since your last divorce, it will be necessary to make some changes. Sit down with your attorney and create a new will or trust. You can even make your own will if your finances aren’t too complicated.

 

  • Be sure to destroy all copies of your previous will and let the appropriate people know the location of your current will. Of course, your attorney will have a copy. Ensure your family knows the name of your attorney.

 

  1. An up-to-date will isn’t sufficient. A will can decide who...
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How to Avoid Debt Relief Scams

Uncategorized Aug 11, 2021

As a law firm that specializes in bankruptcy, we've seen clients that have tried to lower their debt by going through a debt relief company. This can be a legitimate way to get relief, but there are many scams that take advantage of those who are on the brink of bankruptcy. Learn the signs of debt relief scams and how you can avoid them while going through a stressful time. 

How to Avoid Debt Relief Scams

There are few things more stressful than drowning in debt. With all that stress, many consumers are swayed by debt relief company claims that are frequently too good to be true. Thousands of people are taken advantage of every year and left with the same debts they had before – after paying out hundreds or even thousands of dollars for some debt relief.


Don’t fall victim to their scams! Become knowledgeable about the most common
scams and how to avoid them.


Debt Settlement Scams

In this type of trick, the debt settlement company advises you to stop paying your
bills....

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Filing for Bankruptcy as a Retiree

Uncategorized Aug 04, 2021

Filing for bankruptcy is an option you might consider if you are in debt and can no longer pay your creditors. Bankruptcy is becoming an increasingly popular option among retirees, but there are a few things you’ll want to know before deciding if bankruptcy is your best course of action.

 

Consider these aspects:

 

  1. Look into other options, such as negotiating with your creditors. You might be able to settle a debt for a fraction of what you owe and make low monthly payments without having to go through the bankruptcy process.

 

  1. Calculate what your income is. Your income will determine if you qualify for Chapter 7 or Chapter 13 bankruptcy. Income qualifications vary from one state to another, however, so it’s important to check the requirements for your state.

 

  1. Ensure your debts will be erased if you file for bankruptcy. Debts can be secured or unsecured, and some types of secured debts won’t go away when you file.

 

What is Chapter 7...

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Estate Planning Essentials for the Self-Employed

Estate planning is an uncomfortable subject for many. For the self-employed, the topic can be even more sensitive. Estate planning can be quite complicated when you own a business. There are business assets, business accounts, and the ever-looming threat of bankruptcy.

Health issues are another concern. Entrepreneurs are often unable to afford good health insurance or long-term care protection. Business assets are at risk if you become unable to work.

Business owners can also have a much larger estate tax burden. Minimizing these taxes requires thoughtful planning and expert guidance.

 

If you’re self-employed, consider these ideas regarding your estate planning:

 1. Power of Attorney. For the more conventionally employed, all that’s usually needed is someone you can trust. For the self-employed, remember that the person with power of attorney will be making business decisions if you become incapable.

  •  Can you find someone you trust with the...
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Making Joint Custody Work For Your Family

A growing body of research confirms that kids are usually better off with both parents in their lives as joint custody becomes the preferred solution to child rearing after divorce. Familiarizing yourself with the benefits of shared custody and learning these strategies can help you make the best arrangement for your family.

 

Basic Principles to Keep in Mind

1. Understand the difference between physical and legal custody. Physical custody refers to which parent the child lives with. Legal custody refers to a parent's right and responsibility to make major decisions that affect their child on issues like education and health care.

 

2. Appreciate the benefits of joint custody. Shared custody is currently awarded in approximately 20% of divorces and that figure is likely to grow. Kids who spend substantial time with both parents appear to have fewer physical and emotional health issues. Their self-esteem is higher and they do better in school.

 

3. Put your children's...

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Trust 101

Trusts are important financial instruments in estate planning. Unlike a will, with a trust, you can legally arrange your estate in a way that saves your family a substantial amount of money on taxes, avoids probate and those expenses, and distributes your assets according to your wishes after you're gone.

 

What is a Trust?

The most common type of trust is a legal arrangement that someone sets up to designate what will happen to their assets upon their death. Typically, such trusts name a “trustee,” a person who’ll be responsible for carrying out the trust’s instructions.

The person setting up the trust, known as the “trustor” or “grantor,” also names beneficiaries of the trust funds. Beneficiaries are the people who’ll receive the assets when the trustor dies.

 

A trustee is legally appointed by the trustor to be responsible for managing the funds for the beneficiaries of the trust. You probably know that beneficiaries...

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