3 Effective Ways to Avoid Inheritance Conflicts

These issues come up mostly while talking with those who have gone through conflicts in their families during property division process in any of their estate settlements. In most of the cases there are references to the input from one of the members of family “once removed”, and not necessarily the ones who are the … Continue reading “3 Effective Ways to Avoid Inheritance Conflicts”

These issues come up mostly while talking with those who have gone through conflicts in their families during property division process in any of their estate settlements. In most of the cases there are references to the input from one of the members of family “once removed”, and not necessarily the ones who are the so called immediate heirs. These other people who are usually spouses or grandchildren don’t always have the similar emotional connection when compared to the ones who are immediate heirs. In most of the cases this may be unintentionally done. But, when children or spouses have things they want and they make demands, they often end up creating situations that finally result into conflicts.

Here are 3 ways that can help in avoiding such conflicts.

Understanding the Personality of other Heirs: It is very important that you try and understand what kind of people the other heirs who are also involved in the settlement issue are. Analyse their basic traits and find out the way to communicate with these heirs. This approach often resolves most complications even before they arise and clears off lot of misunderstandings. Personality difference is often the main cause behind a conflict concerning settlements. It will become more and more difficult to avoid conflict or maintain peace without understanding the differences.

Keep the Home Untouched before Formal Division: It is very important that you don’t claim your right on something that logically belongs to other heirs. It can also mess with their emotional sentiments and can further complicate the case for you. This is why it is important that the house remains untouched or undisturbed till a legal division is announced. An in-depth scrutiny of the property is important before there is any legal division and you can contribute to the process by not disturbing anything. Without the consent of other beneficiaries or heirs if you remove items from an estate or a home it is very much possible that the issue will get complicated. Very often we see people making this mistake of just going into a property and picking what they want without any consent with the concerned people and such actions are often justified by them through some facts or instances of the past. That being said, legally it will only complicate the case.

Only Beneficiaries or Immediate Heirs should be Part of the Property Division: Property division is a sensitive case and hence it should not be made a mass trial. Only immediate heirs or beneficiaries should become part of the process and other outside influences like children of heirs, grandchildren, in-laws, spouses etc should be kept away from the process. This is particularly more important at the beginning of the division process.

High Rate Loans – Pros and Cons

If you do not know the term “Pay Day” or its variations, consider yourself lucky. At least financially.

The term “Pay Day” is a euphemism. Let us first define it for what it really is.

Payday lending is a form of short-term lending without collateral to people with little or no liquidity, or a bad credit rating. Pay Day is a generic term. Companies in this form of lending go by other names, such as Cash and Go, Advance Pay, Loan Up and Cash Carry. Sometimes these are also called Accommodation Loans or Instant Cash.

Whatever the name, here is a statistic to show how prevalent they have become in a few short years (probably last ten years) in the US. There are some 22,000 companies in Pay Day business, making $40 billion in loans and collecting $6 billion in interest and fees. This number may already be dated, since more companies are coming on line.

REASON FOR PAY DAY POPULARITY

Here are the reasons:

As a business model, it is proven to be resilient and profitable. Diverse portfolio, small exposure, short term nature of the loan and catering to a sector few traditional lenders touch.
With Americans’ incomes not keeping pace with inflation, and increasing illegal immigration, there is growing need for Payday type loans as more and more people live from paycheck to paycheck.
While there is State level regulation on Payday practices, this form of lending is highly unregulated and as yet unchecked in any real form by Federal government. And State supervision is spotty. So no wonder new Payday type lenders are cropping up all over.
Because of small loans and not much oversight, entry barriers are low.

PROS AND CONS

Pros:

Easy terms, no collateral
Negative credit history is not an obstacle
Very local
Caters to a segment of population which has no other alternatives to cover their expenditures or budgets

Cons:

Very high rates of interest (although many States have Usury laws, so Payday lenders skirt it by calling these “fees” or “service charges”
Addictive. Since money is easily available, there is less incentive to save and forgo certain expenditures
Does not improve borrower’s credit history–whereas getting credit from a traditional source, even a store, and paying it down regularly will actually improve your credit rating and open up other doors to borrowing

WAYS TO AVOID PAYDAY

Get in the habit of budgeting your income and expenses and do it conservatively. This will help you manage your cash flow and enable you to predict it—that way you can find ways to either boost your income or reduce expenses. It also will help you to prioritize your expenses
Diligently note down your expenses
Try to put internal limits on when to use a credit card. I advised someone to not use a credit card for single-shop charges below $25. It is amazing how quickly she realized money was flowing through her hands. She never appreciated this when flashing credit cards, and making minimum payments.
Pay off all or most of credit card balance each month. Credit card companies are only a slightly softer version of Payday lenders.
I prefer loan from a friend or from family although I realize it is not always possible
Treat Payday as the absolute last resort, before bankruptcy. That will help you strengthen your resolve to avoid them as long as possible
Get Credit Counseling. Like someone who wants to lose weight must seek professional help, if you are unable to balance your checkbook, you need to see a professional financial advisor.
See if you have an asset that can be monetized. It may be jewelry you do not use or a house bigger than you can afford. This is the absolute first step to repairing your financial health.

Don’t Dream MLM, Live It

You may have been looking at various MLM ventures and want to join one, but there seems to be something bugging you. The nag is at the back of your mind and you cannot seem to shake it. You have worries and fears about joining a business that seems to have an equal amount of fans and enemies. The fears and the constant nagging of negativism can only hold you back so far. There are too many what if’s involved and why miss something that you want to do. It makes little sense to give in to the naysayers. You have done the research, spent the time chatting and emailing various recruiters. Now you cannot decide what to do and here you are, looking for more advice.

Overcome the Fears of MLM

You may have a certain level of fear that is hampering you from joining an MLM opportunity. It is OK to have a certain natural resistance to something new. Life is about change and change can scare the beans out of most people. While it can be difficult to take a step forward, if we do not, we may never truly fly. How much do you want a better life? A life that is open and free to your own interpretation and not to others. Overcome the fear and jump into the sky. Your chute will open; you are not alone on this path. Others want a better situation, a future free from oppression. “De Oppresso Liber” or “To Free the Oppressed” comes from the U.S Green Berets. Liberate yourself from a dull life, take that step forward or be left behind.

Find the Right MLM Opportunity

If you have decided to move forward, congratulations are in order. If not, the rest of this post is not for you. Now there are plenty of MLM opportunities on the internet that are solid and good, but only one may be the right fit. You will have to narrow down the prospects carefully, create a list of what you want and a list that you do not want from an opportunity. This will help you find the right ones to pursue.

Living an MLM Life

After signing up and completing training, you are free to live a full and enriching MLM life. While the journey may have been rough to get here, it is still easier than becoming a Green Beret.

Buy Personalized Mugs – Things to Remember

Buying gifts is never an easy task. Any festival, holiday or occasion just puts an added pressure on us. It is frustrating to research and dig for a gift that the other person is more than okay with. You can’t really leave getting gifts to luck and wait and see if your loved ones like them when they are unwrapped. Mostly, you do not want to disappoint them because they mean something to you.

Keep in mind that shopping is fun and there are gifts that can warm the hearts of anyone with just a touch of personalization. If you are not a planner, you will most probably succumb to frustration that one undergoes when it comes to last-minute gif shopping.

Personalization of mugs

When you are puzzled for a gift idea or have hit a wall thinking of ideas of gifts, you can always go for a personalized mug. It is something all of us every day, it can be custom-made and it can be useful. Coffee cups are most considered impersonal. It’s usually a gift considered appropriate for a colleague, boss, teacher or an acquaintance.

But that’s old story. These days there are a multitude of ideas to personalize mugs and make it special for your loved ones. Mugs can be personalized irrespective of the gender or age. Mugs can be made as appealing to your friends as to your family. If you are creative and have an idea about their likes and dislikes, making the mug unique is an easy task. Here are a few ideas how you can convert coffee mugs into amazing personalized gifts that would be cherished by your loved ones.

Photo mugs

One of the easiest ways to make your mug personalized is adding a photo to it. Mugs can be personalized by simply adding images on them. Photos can be printed on the mugs easily. All you need is a digital copy of the image. An image or a collage of images that will bring back fond memories can be added to the mugs. Another great thing about these mugs is that they will remind the person for whom the gift is intended about you every time they use the mug, which can be every day.

Quote mugs

Sometimes, when you are not very sure what gift you should buy; mugs can seem like a great idea. They can be great gift for employees, colleagues or clients. They can be personalized with your company logo, tag line or quotes praising people.

Sharpie mugs

While sharpie mugs are a very successful DIY project you will see around the internet, it doesn’t mean they do not make excellent gift. These mugs carry messages and can be ordered online or be your own DIY project. The best thing about these mugs is that they can carry your unique message and will always stand out from other gifts. Also, these mugs are affordable.

Other personalization

The person whom you are going to gift the mug will have hobbies, interests or passion. Why not choose a mug or personalize a mug that talks about their work, quirks or something unique about them. Are they Harry potter or Spiderman fan? A mug with a quote or picture can be a great option. For photography fans, there are lens shaped mugs. The possibility is endless. With a little creativity a research, mugs make an awesome and unique gift.

Pay For Delete Letter – Does It Really Work?

If you look on any financial website on how to remove a negative item from your credit report you’ll more than likely see the ‘pay for delete’ option listed. Pay for delete is a negotiation strategy to get a negative listing or trade line removed from your credit report. You negotiate a full or partial payment in exchange for a complete removal.

Do they work? It really depends on who you ask! Some will state they know from experience that it works and they’ve been able to get from under their debt while simultaneously improving their credit from the deletion. Others will vehemently deny its effectiveness saying the creditor will get their money and leave you hanging. To add, if you look at one of the credit bureaus website; they’ll even hint that it is illegal to remove a negative item via this method (go figure, huh).

Honestly, it has worked on occasions yet I would be lying if I stated it works all the time. I can also state that I have not found anything in the law that flags the practice as illegal; the reason credit bureaus are against the practice is because it cuts into their profit. Bad credit is big business. Of course, they’ll state that the integrity and authenticity of the report is ruined by this practice, but so is their inability to accurately report true and authentic information on a credit report so that theory is out the window. I will admit, I personally am not a fan of the pay for delete method. And I’ll share why.

First and foremost, it really only works with collection agencies or 3rd party debt collectors. So, if you have negative information on your report from an original creditor the chances of them deleting anything for payment is pretty slim. They’ve more than likely already charged off your account, have gotten their tax and insurance claim benefit from the write off and sold your debt to a collection agency, so their cool. Why make your life easier?

So, what you’re really doing is negotiating with a company that purchases bad debt to make a profit. You’re offering to pay them money to delete the negative item from your credit report. Let’s say they accept. You get their agreement to delete in writing and send them the money. Now you wait, and wait and wait. Hmm, they haven’t deleted anything! You have it in writing so you send a dispute letter to the three credit bureaus with a copy of the agreement that they promised to delete for payment and… the credit bureaus refuse to delete as well. There’s nothing you can do about this. Collection agencies can revoke their ability to access or report any information with the credit bureaus if they delete what’s believed to be accurate information from your report. Further, by giving the credit bureaus proof that you paid the debt, you pretty much have admitted the debt is yours and can forget about disputing it with them for removal. Now, if it’s in writing you can sue them for violating the Fair Debt Collection Practices Act; which states that a collector cannot lie or use deceptive practices in order to get payment for a debt. But, as one of my clients stated: “Who has time and money to go through that?”

The goal is to rebuild your credit and to restore your score. If you settle a debt with a company, they legally have the right to send you a 1099 tax form for the remaining balance; the IRS views the amount you did not have to pay as income; which you have to pay taxes on. Thus, you’ve just created another bill.

Another thing to mention is that if your debt is being reported by the original creditor and by the collection agency, paying for a deletion will not remove both debts; just the collection. Your score will still be negatively affected by the charge off that is reporting.

If you do decide to go ahead and offer a Pay for Delete, please do so after you have asked them to validate the debt. What you are asking them to do is prove that you owe the debt and that they own the debt and can provide documentation to back it up. If they can’t provide this, they have to delete it anyway. In addition, check your state’s statute of limitation to see if they can legally collect from you according to your state laws. The time frame for a creditor or collector to enforce payment of a debt is limited, if you pay less than the full amount you risk restarting that time limit to day one. You also want to see when the debt will be deleted from your credit report. If it’s going to fall off soon why pay anything towards it? By paying, you risk them adding an additional trade line to your credit report that details the payment received and possibly a new negative ‘Paid Collection’ notation on your report. Lastly, send everything certified mail return receipt and keep copies of everything!

Hope this helps!

If you’d like assistance pinpointing the items that are negatively impacting your credit score, please do not hesitate to contact me! We’ve helped thousands of people successfully removed over 700,000 derogatory items from their credit reports.