Estate Planning Saves Money and Avoids Problems

Estate planning is one of those tasks that we tend to put off. We don’t like to think about end of life issues. But keeping these matters organized can be a big help to your loved ones should you die before them.

Make a Will

One of the most obvious steps in estate planning is to prepare a last will and testament. It’s the primary way that your wishes are to be understand and your estate probated properly. Without a will, the potential expenses could be much higher, to say nothing of the legal battles if one of your heirs (or someone who expected to be an heir) has a dispute.

Anticipate Tax Consequences

Most estates do not have significant issues with taxes. But estate taxes will need to be reckoned with for individuals with net worth in the millions of dollars. Don’t forget that this also includes prior gifts made to family members. There are certain thresholds that you can gift with no tax obligations each year. This is a complex issue, so search tax accountant near me Long Island NY to find someone who can help with this.

Discuss End of Life and Funeral Plans

While not as central to the financial side of estate planning, another component of estate planning is to prepare for end of life and funeral plans. Discussing these decisions with family members can save some misery if you become incapacitated. A living will and advance care directive can help avoid unnecessary healthcare expenses and extended time spent on life support if you have no hope of recovery. This also spares your loved ones from having to make these decisions.

Funerals should be planned for in advance as well. Notify your family members of your preferences.

By planning ahead, you’ll be making things easier for your family members. You can avoid unnecessary expenses and problems during a difficult time.…

3 Advantages of Getting Mortgage Approval Before Making an Offer

When you’re ready to buy a home, it can be tempting to focus all your energy on finding the perfect property. Before you start negotiating an offer, however, you may want to consider going through the steps to get approved for a mortgage. While having mortgage approval isn’t usually required before making an offer, you may enjoy several benefits by getting your loan first.

1. Finding the Best Lender

Choosing the right Mortgage Lender can be a complicated process. It’s important to learn about a lender’s policies and experience in the industry. You will be trusting your lender with a large portion of your financial assets, so it is essential to find a lender you know you can rely on.

2. Understanding Your Budget

If you start looking at houses before you have a firm budget in mind, you may fall in love with a home that’s out of your price range. By securing approval for a mortgage first, you can know exactly how much you can spend on your new home.

3. Making an Attractive Offer

In a competitive housing market, you may need to work hard to encourage a seller to choose your offer. Having mortgage approval may let a seller know you are serious and likely to make it to the closing table without issues.

Getting approval for a mortgage is a great first step toward buying a home. Working with a lender like Sun West Mortgage lets you understand your budget and make an offer that’s likely to catch a seller’s attention.…