Articles

Why more millennials are opting for adjustable-rate mortgages

Cash-strapped millennials looking to keep interest-rate costs down are opting for adjustable-rate mortgages (ARMs) instead of the more traditionally popular fixed-rate mortgages. ARMs are particularly attractive for young homeowners who do not plan to retain property long term. Experts say the best way to select an ARM is to match the fixed period to the time the buyer plans to be in the home. For example, millennials planning to move where their jobs take them within

When can a tenant legally withhold rent?

Although it’s never ideal, sometimes it may become necessary to withhold rent until problems with a rental unit are corrected. Tenants need to be very careful when doing so. A tenant must provide notice and be sure to follow state or local laws. Not following the rules can lead to an eviction for failing to pay rent. First, always give the landlord a reasonable opportunity to fix any problems. But if you have repairs that need

Precautions to take before starting a home-improvement project

You’ve selected the right contractor, picked out the materials and set aside the necessary budget. It might seem like you’re ready to embark on that home-improvement project. But have you contacted your insurance agent? Experts recommend that homeowners get in touch with their insurance agent before a home-improvement project to make sure they have sufficient coverage, and after the project is done to see if policy limits need to be increased to provide for enough insurance

Weigh the risks in contractor disputes

Construction projects can get tense, and when a dispute arises mid-project it takes some finesse to maintain working relationships or at least get the project done. It’s always best to bring up any concerns right away and see if by talking it out you and the contractor can find resolution. Often contractors will be willing to redo work, or make changes to completed work, for a discounted price. That can be the most cost effective way

U.S. Supreme Court rules on regulatory takings

Property owners forced to hash out regulatory takings in court may lose out more often thanks to a new test used to determine whether two adjacent properties with a single owner could be considered a larger parcel. The U.S. Supreme Court’s decision in Murr v. Wisconsin found that the properties in question were a single parcel, and because the owners were not deprived of all economically viable uses of their property they could not establish a

IRS now allows private debt collectors to dun taxpayers

In a move that could be confusing to seniors who are vulnerable to scams, the IRS is using private debt collection agencies to collect past-due taxes. The new program began in April 2017. Pursuant to a law Congress passed in December 2015, the IRS may now contract with private debt collectors to collect certain debts. The private collection agencies can work on accounts where the taxpayer owes money but the IRS is no longer actively working

Five things to know to reduce your tax on capital gains

Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize the most through planning is the tax on capital gains. Here’s what you need to know to do such planning: What is capital gain? Capital gain is the difference between the “basis” in property (usually real estate or stocks, but also including artwork and collectibles) and its selling price. The basis is usually

Using a prepaid funeral contract to spend down assets for Medicaid

No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your passing, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid. A prepaid or pre-need contract allows you to purchase funeral goods and services before you die. The contract can be entered into with

Estate planning for a single person

If you are single, you may not think you need to plan your estate. But single people have as much reason to plan as anyone else. Estate planning not only involves determining where your assets will go when you die, it also helps you plan for what will happen should you become incapacitated, perhaps as the result of a stroke, dementia, or injury. If you don’t make a plan, you will have no say in what

The best way to avoid an audit: Preparation

Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS’s gaze if you make one of several common mistakes. That means your best chance of avoiding an audit is by doing things right before you file your return this year. Here are some suggestions: Don’t leave anything out.

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