Page 12 - Palm City Spotlight - August '19

Page 12, Palm City Spotlight

estate planning

Your Living Estate Plan someone who had a tragic accident and was severely designation which conforms with health care privacy laws
injured. A heart attack or stroke can happen suddenly
allowing physicians to talk with close family members
By Carrie Lavargna, Esq. causing severe physical damage requiring long-term or friends who can then make medical decisions for the
When you hear “You rehabilitation or nursing care. young adult if he or she cannot make them. If your child
need an estate plan” you If you do not have the Living Estate documents in is going away to college, I strongly recommend you get
probably think of a Last place then a court appointed guardian is required when the health care surrogate form signed because universities,
Will and Testament which you cannot make your own decisions. Guardianship and their medical facilities, can be very strict on privacy
states who gets your money proceedings are time consuming and expensive and can compliance.
when you die. Right? Well cause controversy among family members. In guardianship This spring the Midwest was hit by several severe
that is an important part of the court will decide who will make your decisions. tornados that struck people by surprise and caused great
an estate plan, but equally Medicare and health insurance do not cover everything damage. We are in the midst of hurricane season now,
important is who and how and provides little coverage for assisted living and but we know when the storm is coming and have time to
someone can take care of nursing homes. When a tragic illness or injury causes take precautions. A tragic accident or sudden illness is
you while you are alive. incapacitation and long-term care will be required an like a tornado, which suddenly occurs and causes long-
The H ealth Care elder law attorney should be consulted who can assist with term damage to people. Take your precautions and get
Surrogate and Living Will give a trusted person the ability planning for these unexpected costs. A Power of Attorney your Living Estate documents in place. You need these
to make health care decisions for you if you are too sick signed now can also provide your trusted agent with power documents now.
and unable to give consent for medical care or procedure. and flexibility to make those long care decisions for you. This column is an overview of the subject matter and
The Power of Attorney gives a trusted person the ability The Living Estate Plan is for every adult. When a child is not intended as legal advice. Carrie Lavargna is an
to make legal and financial decisions for you. turns 18, medical professionals are not legally permitted attorney practicing law in Stuart and is Board Certified
I call these documents “Your Living Estate Plan” to speak to the parents, without the young adult’s consent in Real Estate law by The Florida Bar and is designated
because they provide for you while you are alive. This becomes a tremendous problem when your child has an Accredited Estate Planner (AEP) by the National
I’ve had people tell me they don’t need these documents a medical emergency. Association of Estate Planners & Councils.
right now. Yet we have all heard about or known about Young adults should have a Health Care Surrogate

real estate

Treasure Coast Real Estate First, people are simply staying in their homes longer. home or condo will sell quickly and at top dollar.
Report Before the housing crash, when properties were going up in So when is a good time of year to sell? The answer is
value 30 percent a year, it was not uncommon for people to
pretty much anytime. We are no longer as dependent on the
sell their primary residence every two to five years and pocket “snowbirds” as we once were. On the Treasure Coast we have
Real Estate Heading Back the profit. That is because the tax laws allow an individual to a steady supply of buyers all year long from down south, trying
To A Seller’s Market keep the first $250,000 in profit tax free. A couple got to keep to escape the congestion and social issues down there.
By Jim Weix $500,000. As for next year? See my comments about predictions
As most people know, it is Another factor is that many people presently have a very above.
difficult to predict the stock low mortgage interest rate. Even though rates are still very low, Jim Weix is a Broker Associate with The Keyes Company.
market. The same thing applies any increase acts as a deterrent to selling and buying another Jim has 23 years of experience selling real estate full time.
to real estate. The inventory of home, with a new mortgage. If you have questions or want the services of an experienced
existing homes and condos A lower inventory is good news for sellers however. expert, you can reach Jim at (772) 341-2941 or jimweix@
had been increasing, yet prices Because there are still plenty of buyers, a properly priced jimweix.com.
were leveling off and sales
were declining from the year
before. Some people were Wealth ManageMent
predicting a minor end to the
latest housing price bubble
and a new era of a “buyer’s market.” The Cliffs Notes on Going inquires happen within a relatively short span of time (such
Although prices may remain stable, it looks as if a predicted as one to two weeks), the credit bureaus will treat them as a
decline in the supply of inventory may protect sellers from Into Debt for Millennials single credit inquiry.
price declines. With low interest rates, there is a still a Once you have established some credit for yourself, how do
good supply of buyers. Factors that seem to be fueling the For a generation that will be you give yourself the best credit score possible? Your credit
predictions of a declining inventory are a number of things. leaving college with more score can range from 300 to 850. A score of 620 is typically
student loan debt than any the minimum you will need to buy a home, and a score of 750
before it, the notion that a or above is considered excellent. It goes without saying that to
certain amount of debt can raise your score you need to make payments on time. But how
be good may be difficult to much of your credit should you actually be using? With credit
grasp. There is a life outside cards, the answer is pretty straightforward, and it surprisingly
of student loans, and chances is not 0%. To have the biggest impact on your credit score, you
are if you want to purchase a should limit the amount of outstanding debt at around 30% of
car or buy a home, you will your credit cards’ limits. If you don’t like the idea of paying
not have the funds available interest every month, you could even make a small purchase
to pay cash for these things. every three months and pay it off. The idea is that you need
This means you will have to show lenders that you use credit and know how to do it
to finance them, and when responsibly. Generally, your total debt-to-income including
it comes to financing debt, your mortgage (your total monthly debt payments divided by
it all comes down to your your monthly gross income) should not exceed 36%. Having
credit score. a debt-to-income ratio under this amount will allow you to get

Banks need to know you before they will lend to you. And the best interest rates. For your mortgage payments alone, as
a rule of thumb, you do not want these monthly payments to
Answer for the way that banks get to know you is through your credit exceed 28% of your monthly gross income.
score. This score lets them know how you handle debt, how
Crossword Puzzle responsible you are, and how much debt you have. The higher Now, how can you get the most out of your debt? One of the best
your credit score, the better the interest rates and the more credit
ways is to find a credit card that offers a rewards program you
you will have available. If you took out student loans while you like and pay the balance off every month. If you do not carry
were in college, you already have a credit score. a balance, you will not pay any interest. This is a great way
However, you may need to establish credit before then. Perhaps to earn rewards on your day-to-day purchases. A lot of credit
cards will even offer you additional points just for getting
you were able to get through college without taking out loans.
All is not lost, as there are other options for you. The first one of their cards. And you can either carry a small balance
on this card every month to build credit, or you can have an
would be to apply for a secured credit card. This is a great
option, especially if you are in your late teens or early 20s. additional credit card (remember the more open lines of credit
the better) that you carry this balance on and that offers you
With secured credit cards, you make a deposit of cash, which
becomes your credit limit. For example, if you gave a lender additional rewards.
$250 as collateral, then $250 would be your credit limit. Once Lastly, don’t forget to monitor your credit score for free at a
you close the account, you get this money back. Another option web site such as Credit Karma. Your score will update monthly.
would be to have someone with established credit co-sign a Unless you order a credit report from one of the three credit
loan for you. Some credit card companies even have special agencies (Experian, TransUnion, Equifax), there will be no
lines of credit for college students. Generally, the more lines negative impact to your credit score for checking.
of credit (credit cards, auto loans, student loans, etc.) you have,
the better. Keep in mind that each time you apply for a credit Article provided by Bob Sander, Senior Vice President/
card or a loan, you will be subject to a credit inquiry. These Investments, with the Stuart branch of Stifel, who has attained
credit inquiries can potentially lower your overall score if they the Certified Financial Planner™ (CFP®) designation and the
become excessive. The exception to this is if you are applying Accredited Investment Fiduciary® (AIF®) certification. He can
for a larger purchase, such as a home, and you plan to compare be reached at (772) 403-8305 or sanderb@stifel.com. Stifel,
rates with a few lenders first. As long as these multiple credit Nicolaus & Company, Incorporated Member SIPC & NYSE