An Easy Way For Heirs To Inherit Your Home

February 24, 2014

A life estate is a deed that entitles you to remain in your home for the rest of your life and allows your designated heirs to inherit it without probate court proceedings when you die. All they have to do to take possession is present your death certificate at the county courthouse. “It’s kind of the […]

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FEMA Delays Rate Increases On “Grandfathered” Properties In Manasquan, Belmar

February 12, 2014

The Federal Emergency Management Agency has announced it will delay flood insurance rate increases on properties that have been “grandfathered” for as much as two years. Grandfathered properties are those that have had continuous policies that were in effect prior to the recent post-Sandy elevation and zone changes to the agency’s flood maps used in determining […]

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Jumbo Loan Landscape Changes in 2014

January 16, 2014

For jumbo-mortgage borrowers, new mortgage rules which go into effect on January 10, could limit choices. Other regulatory actions are also expected to kick in that could make credit access on the high end more expensive. Despite the changes more lenders are competing for their attention, which means that rates on jumbo mortgages could rise at […]

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When to Decant a Trust

January 6, 2014

It is getting easier to change irrevocable trusts, thanks to a process known as “trust decanting.”  Such trusts used to be difficult and costly to alter even if the trustee thought a change could be in the beneficiary’s best interest.  Decanting lets trustees change certain terms by pouring the assets from an old trust into a […]

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Lenders luring upscale home buyers with tempting deals on mortgages

December 10, 2013

For much of 2013, lenders have been courting wealthy home buyers with enticing terms on private jumbo mortgages, which exceed $417,000 in most parts of the country and are larger than $625,500 in pricier housing markets such as New York and New Jersey.  They have been discounting mortgage rates and closing costs, lowering down payment […]

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Should You Dismantle a Trust?

November 19, 2013

Setting up a trust can be complicated but it can be even trickier to unwind one.  Many trusts were set up over the years to help protect wealth from estate taxes. But the federal estate-tax exemption has risen steadily in recent years, to $5.25 million, or $10.5 million for couples, from $1 million in 2003.  […]

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A Will Is Not Always the Last Word

November 12, 2013

Titling errors in brokerage accounts can undermine estate plans . Most people assume that their wills are the ultimate guide on who gets their bank or brokerage accounts after they die. But a person’s last words may not, in fact, be the last word. An estate plan can be undermined by the way an account […]

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Banks offering mortgages with only 5% down payments

November 8, 2013

After the housing bubble burst, buyers needed to come up with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan. But now banks like TD Bank, Bank of America, and Wells Fargo are loosening the purse strings and offering loans with down payments that are as low as 5%. […]

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N.J. Among States You Shouldn’t Be Caught Dead In

November 6, 2013

Unlike most states, New Jersey has not only an estate tax, but also an inheritance tax, which makes it one of the worst states in the nation to die in.  Fortunately, with proper planning, steps can be taken to reduce the impact of such taxes. Wall Street Journal, October 26, 2013

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Real Estate Purchasers Seek Long Term Rate Locks

November 4, 2013

Jumbo-mortgage applicants are demanding long-term rate “locks” while they close on their homes.   Rather than settle for the standard lock of a month or two, they’re asking lenders for commitments of half a year or longer. Wall Street Journal, October 31, 2013

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Jumbo Borrowers Who Defaulted Find Few Lenders

October 18, 2013

Affluent home buyers attempting to get back into real estate after defaulting on their home loan are finding that few lenders are willing to work with them.  Those that do often impose long waiting periods, higher down payments and higher interest rates. Wall Street Journal,  October 18, 2013

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Estate Planners Turn Focus to Income Tax

September 10, 2013

Top income-tax rates have risen to more than 43% for some people, while the federal estate tax affects fewer people because of a $5.25 million individual exemption for estates, up from $1 million in 2003.  For couples, that means an estate must be worth more than $10.5 million to face a federal tax, and that […]

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