What Is Not Covered By Insurance After A Hurricane
Video Summary
What is not covered by insurance after a hurricane? Well, the first answer the question is, whatever’s not covered by your insurance policies as far as what’s not covered. So let’s start with, do you have flood insurance? Flood insurance is necessary to cover your loss as a result of rising waters or flooding. If you don’t have flood insurance, you don’t have coverage for rising waters or flooding. If you have homeowner’s insurance, again, you need to look at what coverages you have. And, if you don’t have wind coverage, well then you not gonna be covered for any wind damage to your home. Also on your homeowner’s insurance, there’s a hurricane deductible damage caused as a result of a hurricane. And I believe the smallest percentage of your policy is like 3%. So if your home is insured for a hundred thousand or, let’s say $200,000, the first $6,000 of damages is not covered by your, your homeowner’s insurance and that there’s a hurricane deductible. My suggestion is that you might wish to contact your insurance agent before you have a problem, or if there’s a hurricane coming your way, give them a call and ask them what exactly what coverages you do have. I’m not an insurance expert and don’t practice insurance law. And this is more of a practical approach to your insurance. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate, Videos
How Do I Handle An Inherited 401k
Video Summary
How do I handle an inherited 401k? Well, the, whenever the decedent passes away and you’re designated as the beneficiary of 401k you need to deal with the company’s custodian or whoever is handling the 401k, and they’ll explain to you what your options are. I think one of the primary options you’ll always have the 401k paid out a lump sum right after the death of the decedent. And so you take it in a lump sum. The disadvantage of that, of course, is that you have to pay all the income tax on the money that you receive. You can then discuss with the provider or the one who is managing the 401k as far as your other options whether or not you can roll it into your own IRA and spread it out over your lifetime. And some of the other questions: are they already receiving some of these distributions? Also are they what their age are and whether or not you’re the spouse. All these are factors which would need to be discussed with the provider or whoever manages the money on in the 401k. I can’t tell you that I’m an expert in this area but if you give me a call, And as far as that’s concerned, my phone number’s (727) 847-2288.
- Published in Estate Planning, Videos
What Do I Need To Include In My Will
Video Summary
What do I need to include in my will. It is very simple. A Will says that you leave whatever you have, wherever it’s situated, whether it be real property or a personal property to, and you need then designate whom you would like to receive your assets when you pass away. The Will will only cover assets that are just titled in your name alone. If you have designated a beneficiary, let’s say on a bank account, the Will will not cover that. The account card will cover that and whoever’s designated will receive it. Likewise, if you have any asset or jointly owned, your Will will not cover that. So you really just need to know whom you would like to leave the assets and also designate who you would like to be your executor. It’s rather than just having the will done, I suggest you do estate planning and talk to an attorney to find out about taxes and also, your other rights, or other people’s rights in your estate. If you have any questions, give me a call (727) 847-2288.
- Published in Estate Planning, Videos, Wills
Is There A Redemption Period After The Foreclosure Sale In Florida?
Video Summary
Is There A Redemption Period After The Foreclosure Sale In Florida? Yes, there is, but it is very, very short. After the sale the redemption period must, must be redeemed before they issue the certificate of sale, which is usually very shortly thereafter. So as a practical matter, no there isn’t. I understand that in states that have non-judicial foreclosures, that the redemption period is a considerable amount of time. However, in Florida where a judicial foreclosure state and foreclosures take a long period of time and the property is sold at a judicial sale which is an auction, and then you have third party bidders and they have to make a deposit. And then once they, the successful bidder, deposit the balance of the money into the register of the court the same day that they are the successful bidder. So your redemption period needs to take place prior to the foreclosure sale because the certificate of sale is issued shortly thereafter. If you have any questions, give me a call at (727) 847-2288.
- Published in Real Estate, Real Estate - Foreclosure, Videos
When Should I Get A Living Will?
Video Summary
When should I sign a living will? My suggestion is you sign it now because you won’t know when you’ll pass away. The purpose of the living will is to authorize the discontinuation of life’s support in the event that you have a terminal condition and state’s condition or a permanent vegetative state. So since you don’t know when you’re going to pass away, you should go ahead and sign this document this time. If you do not wish to be kept alive on a ventilator by or by artificial means the forms are readily available. Usually at doctor’s offices, probably been hospitals. So of course that may be too late if you’re at the hospital. But those are available and I also prepare those and have them sign whenever I do a state planning documents along with the designation of a healthcare surrogate durable power of attorney and your will. So if you have any questions, you can call me at (727) 847-2288.
- Published in Estate Planning, Videos, Wills