Major real estate advantages of living trusts

< a href=”http://www.mortgage101.com/partner-scripts/inman.asp?ID=51342″ target=blank>Major real estate advantages of living trusts

Managing, transferring assets becomes a cinch

Two subjects nobody enjoys thinking about are death and taxes. Because April 15 just passed, we don’t have to talk about income taxes until next year. But death is a topic that is difficult to avoid, especially as the huge “baby boomer” generation approaches its golden years.

Shockingly, less than 20 percent of the U.S. population has a written will designating who shall inherit their assets after death. If a person dies without a will, he or she is said to die “intestate.” The state law of the residence then determines who automatically receives the assets, usually a surviving spouse, children, or other close relatives.

Who Needs a Flood Policy?

Who Needs a Flood Policy?

Flood insurance sounds like something only beach dwellers need to worry about, think again.

Flooding ranks as the most common natural disaster in the U.S., occurring in all 50 states, and is surprisingly widespread. For instance, Pennsylvania, which has no oceanfront, had more flood-insurance claims in 2004 than any state except Florida, according to the Federal Emergency Management Agency. The reason? Heavy rains from Tropical Storms Ivan and Frances.

Foreclosures — No Worries, No Vision

Foreclosures — No Worries, No Vision

The lending community will plainly tell you that foreclosures are on the rise — in part because of rising interest levels — but don’t worry. According to the party line, there’s no need for alarm because the overwhelming majority of owners will not be foreclosed.

The alleged logic here is in the numbers: 40 percent of all homes are mortgage-free. Of the rest, 50 percent of the loan originations made during the first half of 2005 were fixed-rate loans according to figures from the Mortgage Bankers Association.

Powerball winner losing home in auction

Powerball winner losing home in auction

It’s a rags-to-riches-to-rags tale, north county style.

David Lee Edwards, a laid-off laborer in 2001 when he won $42 million from a $295 million Powerball drawing in Kentucky and moved to Palm Beach Gardens, appears to have the kind of financial problems that he never should have faced again.

The $1.2 million home Edwards bought in swanky BallenIsles within weeks of his big win — he paid cash, of course — is scheduled to be auctioned on the county courthouse steps May 22.