What is a Reverse Mortgage
Video Summary
What is a reverse mortgage? A reverse mortgage is one that you do not have to repay, uh, during your lifetime, uh, unless you sell the property or you, or you move out of the property. So, it’s one that you don’t have to make any payments for. It was set up so that you could keep people in their homes. So senior citizens who could not afford making their mortgage payments or, it was set up so that you could receive periodic payments. And so rather than you’re making payments to the mortgage company, the mortgage company would send you a check every month or every six months or whatever, and you’d receive payments. And that it would then mean the mortgage amount would grow with each payment that you would receive. And that’s the reason why they called it a reverse mortgage in that you would be receiving payments rather than to the party that you borrowed the money from. So, we would be borrowing money incrementally as you go, most reverse mortgages. The parties take the full amount, out as soon as they close on the reverse mortgage. These mortgages become payable upon your death. And or if you vacate the property for a period of six months, it becomes doing, payable, or if you sell the property, there are also a, an adjustable rate interest rate. So ,it’s interest rate wise. It can be a lot more expensive than a fixed rate loan. If you have any questions, we’ll give a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos
Why Would I Need to Open a Trust Account
Video Summary
Why would I need to open a trust account? If you set up a revocable trust for state planning purposes, you should set up your bank account. So. it shows you as trustee of your revocable trust. The reason for that is, is so that the provisions, the trust will control because if you leave the, the accounts just in your name, well then particularly if you set it up to avoid probate, you would have to probate your estate in order to have the accounts be placed in your name, either your successor’s name as trustee of the trust, so that they could then be distributed. So if you want your trust to control your bank accounts on who it goes to upon your death, you need to title them in your name as trustee under your revocable trust. So that is the reason why you would want to open up a bank account and the name of your name as trustee of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos
Can a Portion of a Will be Invalid
Video Summary
Can a portion of a well be invalid? The answer is yes. it can be. One of the reasons I primarily see it being invalid is whenever you make out a will, husband and wife and you leave everything to your spouse, and then you later get divorced, the law provides that, portion of the will, where you left everything to your wife is ineffective. A divorce interprets the will as if the ex-spouse predeceased you. And it would go to the alternate beneficiaries. Another reason is, if you put some provision in your will as to your homestead property, and you don’t leave it outright to your spouse, or if you have minor children, you try and devise it to someone. That portion of your will may be invalid since the Florida constitution governs who you can leave your home to, what you can leave to and to whom. And so, that may be another reason why a portion of the will would be invalid. Another one, which we don’t see very often is whenever you have a device against public policy, an example of that says, well, I leave, $10,000 to my daughter provided that she does not get married. And so that would be a, the buys would still be valid, because that would be a provision against public policy. So if you have any questions, give me a call its (727) 847-2288.
Does A Durable POA Enable The Sale A Home Without The Owner’s Consent?
Video Summary
Does a durable power of attorney enable the sale of a home without the owner’s consent? The answer is yes, a power of attorney appoints an agent to act in behalf of someone. So that person is supposed to act in behalf of in this case, an owner for their benefit. And so they’re authorized by the power of attorney to sign the documents, which are authorized in the power of attorney. They’re usually very thorough if they’re prepared and they’re prepared and would authorize the person and they’re now called agents rather than attorney in fact, to sign in behalf of the owner and the owner has consented by executing the power of attorney and putting their trust in the agent attorney. In fact, you any questions about a power of attorney give me a call (727) 847-2288.
- Published in Real Estate – Selling, Videos, Wills
Once You Are Eligible For Florida Medicare Can You Live In Any Assisted Living Facility?
Video Summary
Once you are eligible for Florida Medicaid, can you live in an assisted living facility? The answer is yes, you can. As far as qualifying for Medicaid, you must meet certain criteria, which is an asset test and also an income test. You cannot rent out your, if you own a home and then you’re going to move to an assisted living facility, you can’t rent out your home or sell the home. You can also obtain Medicaid assistance as far as going into an assisted living facility. Although there is a wait list , I don’t know, a year or 18 months or whatever, and you should contact an elder law lawyer. The question all had the were also had words in here about Medicare, which it doesn’t matter if you can live anywhere you want to with Medicare, that does not prohibit you from where you live or what you in anything as far as your economic, income or your assets, as far as receiving Medicare is concerned. So if you have any questions about this, you can give me a call at (727) 847-2288.
- Published in Medicaid Planning, Videos