Law Offices of C. Guy Bond, P.A. : News Blog

Friday, August 28, 2009

Most bankruptcies are the result of health related bills

Over 60% of all personal bankruptcies filed in 2007 were because of health related issues.

Almost 80% of those declaring bankruptcy had health insurance. What does this mean to you? Unless you are wealthy, it means that you might be only one serious illness away from filing bankruptcy. If this is worrisome to you, contact us and let's see what we can do to protect your assets against the losses that might result from serious illness. Source: Businessweek

Posted By C. Guy Bond At 3:49 PM •

Thursday, August 20, 2009

Make sure your financial arrangements are (still) in order

Things change. Especially after you've completed an estate plan. Children and grandchildren are born, parents and spouses die, and, values in investment accounts take a nose-dive.

What do you need to do:

1. Keep an eye on who you've designated as beneficiaries on investment accounts. If you want your grandchildren to inherit an account, make sure they are designated properly and are all accounted for.

2. Update your legal documentation. Because the values of investment accounts have declined so drastically, make sure that your estate plan logic is still supported by the plan. For example, if you wanted your grandchildren to receive a certain sum, say for education, or a certain percentage of your estate, make sure the values of the assets left to them achieve the desired result.

3. Make sure the division of assets in trusts still accomplish the desired result.

Posted By C. Guy Bond At 10:08 AM •

Monday, August 17, 2009

Don't make "first time" homebuyer mistakes

The tax credit for first time homebuyers expires on November 30. That means there's lots of new buyers in the markets right now. In fact, due to the tax credit and new home buyers, house prices in the $250,000 and under category are rising, those over $250,000 are declining (but that's a different issue). Three rookie mistakes to avoid:

1. Don't make a buying decision on just the offering price. Just because the listing price seems too good to be true you need to dig a little to make sure its really a good price. Have the property inspected. Have a sales agent value the property for you using comparables. If you don't have an agent, spend the money on minimal appraisal. If its a condominium, inspect the condo's finances to determine that adequate reserves are being funded to pay for deferred maintenance.

2. Don't buy the first house you see. Take some time to shop around.

3. Read the contract carefully and understand it. Spend a few hundred dollars for an attorney to explain it to you. We'll do that for free if you close with us and mention this blog.

Posted By C. Guy Bond At 2:45 PM •

Thursday, August 06, 2009

Should you go to a title company or a lawyer to handle your closing?

Wow, this is the ongoing debate of our time. Most people think that lawyers will charge more than a title company to close a loan or a sale and they wonder whether the additional cost would have value to them. Since we offer lawyer closings and are closely affiliated with a title company, we think we can fairly answer that question.

First of all, I cannot promise you that lawyers that run closing mills spend any more time on your closing than would a title company. In fact, most lawyer closing mills are operated just like title companies who have no lawyers. So if you are going to make a choice between a lawyer closing and a title company closing, you should limit your choices between a lawyer who will actually spend real time on your closing and a title company.

At our firm, lawyer closings are slightly more expensive than title company closings. The lawyer in charge of your closing will have substantial experience and will be familiar with your file and will have reviewed it. At closing, a lawyer will explain the legal ramifications of what you are signing. A title company closing agent, if not a lawyer, is legally prohibited from doing that for you.

On the other hand, lawyer closings can be overkill for a client who has substantial experience with closings. These folks have closed several transactions and have a pretty good handle on what they're signing. In those cases, a title company closing is a good choice, but only if there is a real savings in cost.

There is a third choice that we offer. We have a close working relationship with a title company and they pay us to supervise their closing function. That means that we, without additional cost to you, are available to them to answer questions and resolve routine issues. If we determine that your closing would be benefitted from our involvement, we will consult you, explain the situation, quote you a price, and let you decide if you want to pay us to be involved. What that means to you is that you can safely choose our title company to handle your closing knowing that we lawyers are right there if the need should arise or if you should have questions the title agent is not allowed to answer.

Posted By C. Guy Bond At 12:09 PM •

Monday, August 03, 2009

Estate Planning Strategies for Everyone

You don't have to be Michael Jackson to provide for who you leave behind when you die. You could have nothing to leave to anyone, but who will decide who will raise your children? If you have some assets, how do you spend as little as possible to ensure your wishes are honored? There are four things anyone should consider in dealing with these issues:

1. Make a will. This basic document will express your wishes on a number of issues. They are relatively inexpensive and are absolutely necessary for just about everyone.

2. Consider a living trust. This is a tool to avoid the expenses of probate. For people with larger estates it is a tool to divide joint assets so as to take maximum advantage of exemptions that will lower or eliminate estate taxes.

3. Appoint a guardian for your children. Make sure you get to choose who raises your kids and avoid putting them through the possibility of a custody battle.

4. Assemble a team. Who do you want in charge of ensuring your wishes are fulfilled. Its better that you make that decision than a judge who doesn't know anything at all about you.

We can counsel you about all of these issues. The cost is much less than you imagine. Spend 20 minutes with us and let us help you with this very important part of your life.

Posted By C. Guy Bond At 11:05 AM •

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