Having a financial advisor is one thing that can help you manage your finances and make the right business decisions. Many are times when we make financial decisions; we end up messing hence the need for someone who can help us. Here are the essential reasons why you need a financial advisor.
1. Financial Training:
Most of us do not even have a rough idea on why we need to manage our finances and the in and see it of our investments hence the need for us to undergo through some financial training. Most financial advisor Atlanta GA will first start by training you on what finance is all about. Such financial training is vital for it will open you up to the field of finance hence empowering you with business knowledge that is essential even when the financial advisor is not available.
2. Gain from the Financial Advisor’s Experience:
Many financial advisors have helped so many people manage their finances hence they know the best ways to manage personal finances and get fruitful results. With a financial advisor, you can tap into their commercial experience and exposure. This enables you to learn better ways of handling your finances. Such disclosure will help you wisely do your financial dealings, avoiding financial pitfalls that have trapped many.
3. Get Financial Advise:
A good financial advisor is knowledgeable and knows the various elements of the financial industry; hence, can offer you helpful financial advice. With a financial advisor Atlanta GA, you get to know the best places to invest in. Also, the financial planner can show you the various industries that are risky and the ones that are not risky, helping you not to invest blindly.
4. Offering You Tax Advise:
Taxation is one key topic that has remained misunderstood by many, yet it has a significant impact on our finances. By working with a financial advisor, you will get advice on how to manage your tax liability, making you avoid pursuits from the taxman and their associated penalties. With proper tax management, you can even make some tax savings that will help you get some extra money that you can use elsewhere.
5. Research:
Most financial advisors will do intensive research regarding the various fields of finances. By working with such financial advisors, you will get to benefit from their study making you understand the area of funds. You will, therefore, avoid making the wrong financial decisions.
6. Receive Investment Advise:
A good financial advisor will teach you about Investments and advise you on what industries you should consider investing. With such knowledge, you will invest in Investments that will give you returns and not cause you to suffer losses. By investing right, you will get good performances that will lead to a significant increase in your income, the desire of everybody.
7. Leads to Your Financial Growth:
Economic growth comes as a result of knowing what you should invest in, how to manage your outflows, and how to manage your inflows. Working with a financial advisor will expose you to all these areas. You will, therefore, grow financially and you can, as a result, make wise financial decisions.
Conclusion:
Having a financial advisor in your economic life is of great benefit. You will grow financially and get to know how to make wise Investments decisions. You need to get yourself a financial advisor.
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2.4 million funerals take place in the U.S. every year. If you're not in the funeral business, this is a sobering thought.
When a parent dies, the grief and pain you are dealing with can often be compounded by financial pressures if you are named as their executor.
In a way, it is flattering to be named a parent's executor. It means they trusted your intelligence, patience, and fairness enough to appoint you the overseer of their property after they are gone.
In other ways, it is overwhelming to consider the number of debts, unknown assets, and contentious relatives you will need to keep a record of.
If you are unsure what to do when a parent dies and you are the executor, take a deep breath, pick up a pen, and begin to approach your responsibilities in an organized, measured way.
What to Do When A Parent Dies and You Are the Executor:
Right after someone dies, there is usually a period of chaos. During this time, the estate needs to be opened, and the executor is appointed to avoid surprises by debt collectors or the IRS. You may have already been appointed the executor in a will.
No one should begin to take or distribute assets yet.
As the executor, it is your job to decide whether or not the will should go into probate, which is the official "proving" of the will in court. If the estate is larger, or if there is some disagreement about the will, probate may be necessary before you can begin carrying out your duties as the executor.
When you go through probate, you will have to file papers with the local probate court, prove that the will is valid, and present the court with a list of debts and assets. You should also explain how they should be distributed. The probate process could take anywhere from a few months to a year.
If your parent set up a living trust, you won't have to go through probate. The person named as the trust's successor will be able to distribute assets according to the will without having to go through the courts.
Your overall responsibility as the executor is to make sure that all debts and creditors of the deceased are paid off. Then the rest of their assets can be distributed according to their expressed wishes.
An executor is different from a power of attorney, who makes decisions about life-sustaining medical treatments while a loved one is still alive. Once they have passed, the power of attorney is no longer valid.
If there are any dependent children or pets, you will need to be certain that guardians are appointed in accordance with the decedent's wishes. These are often complicated things to handle, you might want to enlist the services if an expert right away. Thomas Church, Florida Will Contest Attorney is one of the best Estate Litigation experts in USA.
Get the Right Paperwork:
Your first duty as the executor is to find your parent's will. It could be filed away with important paperwork or in the hands of their attorney. It is usually necessary to file with a probate court, even if it is determined that probate is not necessary.
If there is a will in place, you will receive letters testamentary, which is a legal document authorizing you as the executor to take control over the decedent's estate. If there is no will, you will receive letters of administration. You can then begin your work as an executor.
You should also be certain that a pronouncement of death has been filed. This is a letter filled out by a medical professional stating where and when the decedent died.
A death certificate should become available after the funeral. You can obtain it from your funeral home, county registrar, or health department. About 10-15 copies should be sufficient to cover your administration needs.
You will need the certificate to prove the situation to insurance, credit card, and mortgage companies. If you find you need more copies, they can be obtained from the Department of Vital Records.
It is important to begin keeping a list of assets and liabilities before liquidating assets, paying off debts, and distributing funds among beneficiaries.
Acquiring credit card statements, mortgage statements, vehicle registrations, a social security card, and copies of insurance policies will also make the process smoother.
You should be sure to punch a hole in the decedent's driver's license and passport to help prevent fraud.
Giles & Robinson, P.A. explains that an ancillary administration can take six to nine months to finalize.
Hire Some Help:
An estate attorney, like Verhaeghe Law, can help you avoid mistakes that could cost you money in the long run. A financial consultant can help with asset transfers. An insurance agent can assist with claims forms to help make sure beneficiaries are paid.
The costs of the funeral, as well as getting the decedent's affairs in order, are taken from the estate. Don't be afraid to ask for help to make sure the process goes smoothly and does not end up making you liable for problems that may arise.
Stop Payments:
The decedent's estate is responsible for any debts that arise after death. Heirs and beneficiaries are not responsible, although some feel a sense of moral responsibility to pay them off.
You should notify all credit card companies, government agencies, utility companies, and mortgage banks of the death. This will help you to avoid late charges, and accounts will be transferred to decedent status. Doctors and other health professionals who may be owed fees should also be notified.
Check the decedent's credit card statements and be certain to cancel any payments with "auto-renewal," such as those for magazine subscriptions, AARP, AAA, and clubs. You may want to wait a month or two before closing the decedent's primary credit card so that you can view the companies that need to be notified.
Be certain to contact the three main credit reporting agencies: Equifax, Experian, and Transunion, immediately. They can flag the decedent's account so no one will try to steal their identity. It is also a good idea to check back two months later to be certain no fraud has occurred.
You should be sure to notify Social Security so they will stop payments and you will not be responsible to pay back posthumous checks.
If your parent was employed at the time of their death, you will need to call their employer. You can find out about any payments due to them, death benefits, life insurance policies, and beneficiary benefits.
Pay Off Debts:
Keep a list of how much your parent owed to mortgage companies, credit card companies, car payments, etc. You may need to liquidate assets, such as selling houses or cars, to pay off these debts.
Check with a CPA to see if your decedent's taxes have been paid. Money from the estate can be used to pay any money owed to the IRS.
You will also need to file taxes for your parent from the day of the year they passed until the date of death. If the estate is large, there may also be state or federal estate taxes to pay.
Consolidate Assets:
The executor should open a separate bank account for ongoing bills, as well as incoming checks. Keep valuables safe in a safety deposit box.
You should hire an assessor to see how much their property is worth. It is your duty as the executor to maintain the decedent's property until it is sold or bequeathed to the proper beneficiary.
Distribute Assets and Maintain Healthy Communication:
After all known debts are paid, you can begin distributing remaining funds to the family as specified in the will. It is important to get and keep a signed receipt from each beneficiary after they are paid.
Many arguments and breakdowns during the asset distribution process happen because folks feel that they are being overlooked or marginalized. It is important to let them know what the timeline is so that they will know exactly what is being done with the funds and when they can expect to receive funds that are due them.
It is a good idea to take some time before making investments with estate funds, as grieving can be an emotionally overwhelming time for most.
Close the Estate:
You may be required to file a petition in court before distributing assets and closing the estate. As the executor, your duty is complete.
Take Care of Yourself:
Losing a parent can be one of the most confusing, disheartening times in an individual's life. If you are overwhelmed by the complications of what to do when a parent dies and you are the executor, be sure to enlist the help of qualified professionals.
By keeping detailed records, liquidating assets, paying off debts, and distributing assets, you can be assured that your parent's affairs have been handled properly and you can begin taking steps toward the next chapter in your life.
For more lifestyle advice, read our blog today.
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Equity release allows you to borrow money now that you don’t need to pay back any time soon. When you die, it is the time when the equity release provider will take the money back. They will sell the property and deduct the loan from the property value when sold.
You don't need to opt for regular loans when there is an option that lets you borrow money without the need to pay immediately. The only downside is you could end up losing the entire value of the property depending on the amount you borrow, the rate of interest, and your time of death.
It might look simple on the surface, but if you dive into the details, you will realise that things can be quite complicated. Therefore, you need help from equity release experts to explain to you all the issues that you don’t quite understand.
They have years of experience:
These consultants have been around for several years and worked with people who also wanted to get equity release. They have connections with various equity release companies, so they understand the terms and conditions they set. You can count on them to tell you what you need to know regarding equity release, including updates if there are changes in the policies. Even the legal terms that you find confusing will also be understandable after their explanation.
They can simplify things for you:
It is quite tricky understanding all the various concepts when they are all unfamiliar to you. It is even more complicated at your age since you are no longer as sharp as you used to be. With the help of these experts, they can simplify the concepts for you. They will show you some numbers, but they will also explain to you what they mean. After talking to them, you will feel enlightened regarding equity release and might even decide to go ahead with it.
They can explain to your children too:
Even if you already understand the equity release schemes, your children might worry that it is not the best choice for you. They might think that you are not getting a good deal out of equity release. You can let them speak with the consultants too, so they will know the details and not worry about what will happen next. After you die, your children will be the ones to deal with the equity release company. You want them to understand the details so that they know what to do, and they can stick with the terms agreed.
Apart from paying the equity release advisers, you have nothing else to pay at the time when you get equity release. The payment will come later once the property is up for sale. Some companies might even penalise you if you decide to repay before they sell the property.
As long as you stick with quality consultants who know the details of equity release, it will be fine. Find someone you can trust and who has a good reputation in the industry.
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For a long time, people are confused between various investment options that can help them get better returns. You may also have the same confusion in your mind: the best investment option that can help you achieve your goals. There are two primary kinds of investments; one is stock, and the other is real estate.
A matter of fact is which is the better form of investment stocks or real estate, from where you can get better returns from your investments. The best thing that you can do from your end is to compare the two to understand the better possibilities of returns.
Stocks Vs Real Estate From Where You Can Gain More-
There are several forms of investments but selecting the best among them is the challenge. Stocks or Real Estate which one can prove to be better for you. Let’s explore the two investment options to get a better idea about them.
1. Creation Of Wealth:
When you are investing your money in stocks, the chances of getting higher returns are there. The reason behind this fact is you are holding the share of a company. As the company grows, the return on your investment grows simultaneously.
Now, when you are investing your money in real estate, then chances are there that you can get a stable return from your investment but not higher returns. The process of wealth creation is slow compared to investments in stocks.
2. Paper Work & Stress:
You have to do lots of paperwork if you want to purchase a real estate property. You have to handle midnight phone calls and have to use your references enough to sell or buy a property; the entire process is stressful and cumbersome.
Whenever you wish to invest your money in stocks, you can do it easily through various stock trading apps, and you can contact a broker or a financial planner who can guide you to make your investments in the right way. Ensure that you give plans for the best stocks to buy.
3. Stability In Return:
When you invest your money in stocks, you must be aware of the market risk and volatility. The stock prices of the company can fall or rise as per their current profitability rate. You have to analyze the market well before you make your investments in the stocks.
No such requirement of heavy market analysis is not there in the case of the investment in real estate. You just need to compare the prices of various real estate properties, and you can earn a stable return on your entire life without any stress or tension as the market volatility rate does not impact it.
4. Impact On Debt:
If you have debt in the market and invest your money in the stocks, you are putting yourself in a high-risk zone where it is challenging to get over it. You have to plan things in the correct order to get better returns to pay off your debts. The market volatility rate of the stocks is high, so you may not get anything if the company suffers losses.
In the case of real estate, you can enjoy a stable return from your investments. It can help you to get better returns to pay off the debts on time. Stable returns ensure better returns from your investments.
5. Cash Flow:
Rent from real estate properties can help you get a steady return from your investments, and the cash flow of money remains smooth every month. You have to consider these facts while planning your investments.
The returns from the market may become unstable if you face the loss from the company where you have invested your money as stocks. Keep these things in mind while you plan to make your investments.
Key Take-Aways:
Hence, these are some of the crucial factors that you need to consider while trying to compare stocks and real estate. Remember that both can provide you the better returns from your investments, but the difference lies in the rate at which you get the returns from your investments. You have to think analytically while you are making your investment decisions.
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