Assets are everything that you own that can be used for the payment of debt. Assets could include cars, a house, land, bank accounts, stocks and bonds, even items like furniture, clothing, jewelry and collectibles. To calculate net worth, subtract everything you owe from the sum total of your assets. Learn more about your assets and what they mean in different transactions on this page.
Setting Up Real Estate Business As LLC
One way to set up a real estate business is using a limited partnership, corporation or limited liability company (LLC). For real estate purposes, most people agree that a limited liability companies gives its organizers the most flexibility in terms of structure and for income tax purposes. An LLC shields its members from claims from creditors and litigation matters and permits the tax benefits of the LLC to flow directly to its members.
Life Insurance Provides Cash After Death
Why should you buy life insurance? If you have a family or people who depend on you, life insurance can protect them if you die. Life insurance provides cash to beneficiaries you designate to help them with daily expenses and large bills such as mortgages.
Life Insurance: How Much Do You Need?
If you have a family you may be thinking about buying life insurance. But how much life insurance do you need? To figure out how much of a life insurance policy to buy you need to take into account your daily expenses. If you don't want to buy life insurance as financial protection you should consider other types of investments.
Ilyce Glink on WSB Radio – July 31, 2005
Ilyce kicks off the show talking about taking significant amounts of time off to travel around the country or around the world. Ilyce then takes calls on the topics from finding a financial planner to take an investor's "small" account to when should some get a trust to protect assets for a child.
Transferring Rental Property To LLC
Most rental property owners put the title for their property in their own name is the standard, but holding title in the name of a corporation can make sense in certain situations. The advantages of holding a real estate investment in a corporation or limited liability company is to insulate the shareholders from lawsuits that may come about from the ownership of the property.
Revocable Trust Administrator Duties
If you're thinking of setting up a revocable trust for a parent or have been asked to be an administrator of one, you will need to make sure you retitle assets that are placed in the trust. Assets include primary residences, vacation properties or even stocks and bonds. Trusts are often used in estate planning.
“No Source, No Seasoning” In Mortgage Lending
"No source, no seasoning" is a term used in the underwriting process of mortgage lending. The mortgage lender's underwriter must make sure the prospective borrower has properly obtained the funds to buy a home. The mortgage lender also must ensure the home-buying funds have been in an account for some time.
Personal Finance and Declining Dollar
As the U.S. dollar declines in value it makes American assets such as the Chicago Skyway more desirable to foreign investors. How does a declining dollar value affect your pocketbook? When you travel you may get less currency in exchange for U.S. dollars. In addition to a declining dollar, Americans have been able to borrow money to buy items such as cars at low interest rates.
Protect Assets From Lawsuit On Rental Property
When you own rental or investment property you may be concerned about liability. You may want to transfer your property into a limited liability corporation (LLC), but that could cause your mortgage lender to call your loan in for full payments. There are other ways to protect yourself from lawsuits when you own rental property and aren't ready to pay off the mortgage.
Straighten Out Home Ownership For Children
A man wants to leave home for his disabled son and grandson, but there are six people on the home's title. An estate planning attorney will be able to help sort out the title and other assets the man hopes to leave for his family. An estate plan will assure the man's assets are left to his son and grandson as he planned.