Video Summary

 

Is a home warranty worth the price when purchasing a home?  Well, that is a real great question, and I do not think I have a good answer for it.  I guess if any of the appliances go out, the answer is yes.  If none of the appliances go out, well, the answer is no.

 

So that is the nature of the beast whenever you are talking about insurance.  Any time that you get insurance, well, if you do not have a casualty loss, you have paid the premium and therefore it was not a good deal.  However, you are getting the home warranty or buying the home warranty to have peace of mind so you do not have an unexpected expense.

 

If you want to further analyze the situation, look at how old the appliances are.  And if they are relatively old, there is a higher possibility of them breaking down, well then you can go ahead and buy a warranty so you are not surprised later on.  I suggest that you really understand the warranty so you know how much it is going to pay, whether you have to pay a service call or any of the deductibles, and whether there is a maximum they have to pay, let’s say, for an air conditioning system.

 

Also look at the value of what you are trying to insure against.  As far as an air conditioning system, you are looking at thousands of dollars.  If you are looking at a refrigerator, well, that could be depending on the refrigerator – could also be in the thousands.  And then look at how long the warranty runs for.  Because if you are paying $500.00 to insure a $1,000.00 refrigerator or a couple of thousand dollars worth of appliances, well that is a pretty steep premium to be paying for that.

 

So hopefully I have answered your question, and I do not think there is a cut-and-dry answer.  You need to look at the circumstances, and what your tolerances are as far as whether or not you could stand the surprise or have the money to pay for it.  You might also ask that the seller provide you with the home warranty whenever you purchase the home and negotiate that into the contract.

 

If you have any more questions about it, please give me a call at 727-847-2288.

 

Video Summary


Can a home equity loan be used to purchase investment property?  The answer is yes.  You can use the proceeds from a home equity line of credit to purchase investment property.

 

Once you obtain this line of credit on your home, the bank does not monitor what you use the money for.  You can use it for entertainment, to pay off credit cards; you can use it for anything you like.  The downside of it is, you put a mortgage against your home.  So if you do not repay it, your home is at risk.

 

So yes, you can use the proceeds from your home equity line of credit to buy investment property, or for that matter, to take your bride out to dinner.

 

If you have any questions about a home equity line of credit, give me a call at 727-847-2288.

 

Video Summary

 

What recourse do I have if my builder does not finish my home by the agreed upon completion date?  This is a very troublesome problem whenever builders do not complete the houses or complete the improvements by the specified date.  Most contracts on new construction have a clause that says that the builder does not have any responsibility, and you cannot charge them with any expenses.

 

If they do not complete it on the agreed upon date, it is great if you can negotiate it in the contract what the damages are.  That is called a liquidated damage clause, and say, $100.00 a day.  If you can prove your damages, you can probably sue the contractor for damages for delaying completion, which is a difficult lawsuit.  So the best thing to do is try and cover that in the contract whenever you contract with the contractor to say how much it is going to cost them.  And there is a great deal of pushback by builders on not agreeing to put a liquidated damages clause in there.

 

What I have found is, whenever the builder really drags their feet and they have not shown up and have pretty much abandoned this job, then it is my suggestion you contact an attorney, send them a notice of termination, tell them that you are going to hire somebody else, and then sue them for any damages that you have if it is going to be worthwhile.

 

So if you have any problems with your builder and need some guidance, well, give me a call at 727-847-2288.

 

 

 

Video Summary


Medicaid Application Process.  A Request for Assistance, which is also commonly referred to as an RFA form is generally used to apply for most Medicaid programs.  With this form, the applicant must file permission steps to allow DCF to check Medicaid, medical and financial records, a form to specify which program is being applied for, and also a doctor’s statement showing the medical necessity of the applicant.

 

Following receipt of the RFA, the applicant will be notified by a letter containing a request for records the applicant needs to assemble in order to complete their application.  Most records requested are bank statements and other financial records tending to show the financial status of the applicant, such as estate planning documents.

 

After all information is assembled, the case will be decided and a letter will be sent to the applicant informing them of the grant or denial of aid.  Usually the decision letter is sent within 45 to 60 days of the application date.  It is important to note that it is always best for a lawyer – your lawyer – to handle this process from start to finish, rather than attempting to complete this process individually or through a family representative.  Organization and proper presentment of information is necessary, as is the knowledge of laws, rules and regulations, in order to successfully complete this process.

 

Also, it’s very important to know that the date of your application is key to determination, since in most instances the grant of benefits will be retroactive to the first day of the month in which the application is processed.  If the applicant is eligible for one day of the entire month, then entitlement is good for the entire month applied for.  Also, the Institutional Care Program entitlement date is the date in which the institutionalization began and the applicant is otherwise eligible.  Another component of the application process is verification of U.S. citizenship.  Another component is verification of residency in the state of Florida at the time of the application.

 

What types of financial records must be gathered to ensure complete financial disclosure for the Medicaid application process?  Such types of documents include: VA benefits forms and letters, pension benefits, life insurance records, security statements, bank records, deeds, accounts payable such as notes and mortgages, tax bills such as real estate tax bills from the preceding year, vehicle registration, title papers, insurance information such as homeowner’s insurance, disability insurance, life insurance, funeral records, burial accounts, funeral and plot contracts as well as funeral deeds, prenuptial and postnuptial agreements, powers of attorney, utility bills, receipts and other records showing current utility needs, HOA statements and dues, leases annuities, personal services contracts are also very important to include.  It’s very important to note that the list I just provided is not an exclusive list of all the documents that must be provided in the Medicaid application process.

 

If you would like us to help you with your Medicaid application process, we would be honored to do so.  Please give us a call at Waller & Mitchell, 727-847-2288.

 

Video Summary

 

Can family members have me removed from the Will of my late parents?  No, they cannot.  Once someone passes away the Will cannot be changed.  The only time a Will can be changed is while someone is alive and they can always have a last Will and they can choose who they wish to leave matters to.  There are various challenges that can be made to Wills, which can divest you or eliminate you as a beneficiary if the Will was procured by undue influence or the testator, that’s the person making the Will, was not competent.  That is a Will contest and if you were a beneficiary under the Will that was procured by undue influence or the person was not competent, well then you could possibly lose your inheritance.

 

But just because they want to remove you as a beneficiary under the Will they cannot do that unilaterally.  There has to be some legal basis as to why you would not inherit.  Along the problems that we are seeing, as far as trusts are concerned, the trust is not published and if someone is appointed as a trustee under your parents trust and they passed away, the trustee has the power to distribute the property to whomever they want and cut you out because you do not know what is in the trust, which is a real problem, particularly when you come see an attorney to ask him to do something about it and you do not have a copy of the trust so you do not know whether you are included or not.

 

If you have any questions about that, about your Will or trust and you being a beneficiary, well give me a call at 727-847-2288.