Understanding the Extrajudicial Settlement of Estate in the Philippines

Not a lot of people know what an extrajudicial settlement of the estate is. Well, not unless they have experienced losing a member of the family and dividing his remaining properties.

Extrajudicial settlement of the estate simply means drafting a contract where the properties are divided among the heirs, as the latter may see fit. Enumerated in the contract are the properties left by the deceased, collectively called the “estate”. The properties may range from real properties such as parcels of land, buildings, or personal properties such as money left in the bank, cars, jewelry, furniture and even shares in a corporation.

It should be well-noted that an extrajudicial settlement by agreement is only possible if there is no will left by the deceased. Even if there is a will but the will does not include all of the decedent’s estate, then those not covered can by extrajudicially partitioned by agreement.

Moreover, extrajudicial settlement is not possible if the heirs cannot agree on how the properties will be divided. In that case, they can file and ordinary action for partition.

Publication requirement

After the settlement agreement is signed, the heirs should cause the publication of the agreement in a newspaper of general circulation to ensure that interested parties, if there are any, such as creditors and unknown heirs, will be given due notice.

Payment of Estate tax

After the publication, transfer of title may follow. Upon the transfer of the estate, the Estate Tax must be paid in accordance with Section 84 of the National Internal Revenue Code of the Philippines.

Estate tax is defined as a tax on the right of the deceased person to transmit his estate to his lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. It is a form of transfer tax, not a property tax. More particularly, it is a tax on the privilege of transferring the property of the decedent to the heirs.

The Estate Tax Return must be filed within six (6) months from the decedent’s death. The deadline may be extended by the Commissioner of the BIR, in meritorious cases, not exceeding thirty (30) days.

It is interesting to note that the estate itself will have its own Tax Identification Number (TIN). The BIR treats the estate as a juridical person.

The Estate Tax Return is filed with Revenue District Office (RDO) having jurisdiction over the place of residence of the decedent at the time of his death.

If the decedent has no legal residence in the Philippines, then the return can be filed with:

1. The Office of the Revenue District Officer, Revenue District Office No. 39, South Quezon City; or

2. The Philippine Embassy or Consulate in the country where decedent is residing at the time of his death.

For estate taxes, the BIR imposes the pay-to-file system which means that you have to pay the estate tax at the same time the return is filed.

In cases involving a huge estate where the tax imposed can get too high, or in cases where the decedent left properties which are difficult to liquidate and they do not have the cash to pay the taxes, the BIR Commissioner can extend the time of payment but the extension cannot be over two (2) years if the estate is settled extrajudicially. If an extension is granted, the BIR Commissioner may require a bond in such amount, not exceeding double the amount of tax, as it deems necessary.

The estate tax is based on the value of the net estate as follows:

1. If not over P200,000, it is exempt

2. If over P200,000 but not over P500,000, then tax is 5% of the excess over P200,000

3. If over P500,000 but not over P2,000,000, then tax is P15,000 PLUS 8% of the excess over P500,000

4. If over P2,000,000 but not over P5,000,000, then tax is P135,000 PLUS 11% of the excess over P2,000,000

5. If over P5,000,000 but not over P10,000,000, then tax is P465,000 PLUS 15% of the excess over P5,000,000

6. If over P10,000,000, then tax is P1,215,000 PLUS 20% of the excess over P10,000,000

In computing the net estate, allowable deductions shall always be considered. These deductions include funeral expenses, share of the surviving spouse, medical expenses incurred by the decedent within one (1) year prior to his death, family home deduction of not more than P1,000,000.00, standard deduction of P1,000,000.00, among others. It is best to consult a lawyer or an accountant to determine to ensure that the heirs can properly indicate the deductions and exemptions and thereby determine the accurate net estate of the decedent.

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How to Properly Insure Your Concrete Pumps

The business of concrete pumping comes with many challenges, one of them being being perfectly insured when something goes wrong. Many concrete pumping companies have pumps and assume they're automatically insured under their general liability policy, unfortunately they are not.

Trailer concrete pumps should be insured under what is called an inland marine floatater. This type of insurance policy provides comprehensive coverage for your pump, insuring it from perils such as theft, vandalism, and damage you may cause it in the event of a car accident. This is similar to the coverage you may have on your car.

Just like any other trailer, liability coverage is automatically extended from the vehicle to the trailer it's towing. For example: If your trailer sideswipes another vehicle, your auto policy will provide liability coverage to repair the vehicle you damaged. Repairs will only be provided up to your policy limits. Keep in mind if the auto policy your truck has not include business coverage the insurance company will most likely deny your claim. Make sure you have a proper commercial auto policy before you toward anything for business use.

What about concrete pumps you can drive, how are they insured? Because these type of pumps are self-propelled they would need to be insured under a standard commercial auto policy. Make sure to mention any custom equipment you have to your agent. Just like on any auto policy custom equipment should be stated as such and approved into the coverage limits. Custom equipment can include any aftermarket stereo systems, hose reels, ladder racks, etc.

Always provide the replacement cost you'd like if your pump is stolen and ask for it to be stated in your policy. This way you'll be sure you have enough to replace the pump in the event of a loss. Some carriers provide the actual cash value for your pumps without otherwise requested. This means you'll get the replacement cost minus depreciation to compensate you on your pump. Actual cash value may not be enough for you to buy another pump if yours is damaged, this option is not recommended.

Always consult your insurance agent before making any final decisions on your insurance policy. Each concrete pump is different and may have specific needs. Keep these points in mind when shopping for your insurance policy and you'll be well on your way to protecting your business in the event of a loss.

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Construction Insurance – Importance and Coverage

Construction involves large number of manpower and huge investments of money. The workers at a construction site risk their lives working at great heights, with dangerous tools, toxic materials, heavy equipment, under tunnels, etc. Hence, construction is associated with high amount of risk for money and lives. A slight negligence or bad fortune on part of the worker or owner may prove too costly. It may lead to a huge financial loss. These unfortunate events require tools, which can bail the company out of the situation. Here arises the need of ‘Construction Insurance’, the risk management tool, customised specifically for the construction industry. Construction insurance is like any other insurance, which is used to protect the various parties associated with construction process.

A comprehensive construction insurance policy covers all the expenses that may occur due to property damage or personal injuries at the construction site. This insurance not only includes the organization owner, but also workers, employees, tenants, sub-contractors, sole proprietors and business partners.

Importance of construction insurance

As discussed above, construction involves usage of heavy equipment, materials, labour, etc. and is more prone to accidents. Since the business stands liable for any accident on the construction site, it is the business owner or the contractor that should pay for the medical treatment charges of the injured or compensation to the families, in case of death of the worker.

Material costs associated with construction are very high. Any damage to the structure or the materials leads to huge financial loss. Insured with the construction insurance, one can seek financial assistance from the insurance company.

The buyers of the flats or the constructed property will have all rights to sue the construction company, in case of faulty construction. In such cases the construction company has to pay for the remodelling or repairing the constructed site. Construction insurance protects the builders from those claims, by providing financial assistance.

Apart from the above circumstances, construction insurance provides wide coverage, providing security to the business in case of unpredicted events.

Four main areas it covers

Construction insurance is very significant in terms of its coverage. It is very comprehensive and is specifically designed to cover every aspect of construction process, to make the business process flexible. Construction insurance covers four major areas of business insurance. They are:

Public liability insurance

Public liability insurance is a general insurance to be possessed by any business which involves interaction with the customers or people in general. Public liability insurance as part of construction insurance helps the businesses in case any damage to third party property or individuals is caused by employees or the tools used in construction.

Employers liability insurance

As the construction industry involves lot of risks, any worker can get injured or die at any point of time, due to the faulty equipment or negligence of supervisors or co-workers. Employers are responsible for the health and safety of their employees at construction site. Moreover, the employees will have every right to sue the owner and claim for compensation. In case of such unexpected events, the employer or the owner can benefit from the construction liability insurance, as the insurance company pays the medical costs or the compensation associated with the claims.

Contractors all risks insurance

Contractors all risks insurance is customised for construction businesses. It provides assistance for contract works of new houses, theft of materials or tools, damage to the materials or tools due to unexpected events, sudden stoppage of on-going works of new houses, owned or hired plants, etc. This insurance acts as a perfect help for the most commonly incurred accidents in the construction process.

Personal accident insurance

This insurance is specifically designed for managers, sole proprietors or business partners. This is useful in the cases, where the person injured can’t blame any other person for the injury caused to him. This is helpful in providing assistance during the period for which the injured person cannot get income.

Construction insurance is very important for construction businesses as the damage or the financial loss occurred is very hard to be recovered. Businesses should realise that the cost of premiums for insurance is less when compared to the compensation costs. Therefore, it can be concluded that, construction insurance is very valuable in making the business sustain for long run.

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Cancun Weather – Best and Worst Months to Go

Cancun weather is one reason why this Mexican resort enclave is the second most popular vacation destination in the Caribbean region.

Other reasons why Cancun draws so many tourists include its hotel, shopping and restaurant strip; the inexpensive bus transportation system; plenty of things to do; and convenient access to and from U.S. airports. It is 1.5 hours flight time from Miami and four hours from Chicago.

The best time to go to Cancun depends in part on whether you prefer to spend a lot of time on the beach and in the water, or if you like to spend most of your time shopping, dining and visiting the various attractions in the region. Some fabulous Mayan ruins are located nearby.

Cancun weather is generally warm throughout the year — in fact many hotels and resorts have open air lobbies — but offshore breezes can make the air and water more chilly in winter months.

Average Temperatures

The average year-round high temperature for this resort destination is nearly 88 degrees Fahrenheit and the average low temperature is just less than 74 degrees, according to the World Meteorological Organization.

Cancun weather in May through September is the warmest time to visit when the average high temperature exceeds 90 degrees each month — peaking at 92.5 in August.

Cancun weather in December, January and February is coolest when the average high temperatures are about 83 degrees.

The average low drops below 70 degrees in January and February, and barely breaks 70 in December.

Average Rainfall

The average rainfall is 4.4 inches per month and the average number of rain days per month is 9.6.

The rainfall and rain days are about average for a Caribbean destination.

February, March and April are the driest months when it rains less than 1.8 inches a month. It also rains only five days a month during that time.

Total rainfall increases in June, drops in July and climbs during the most active hurricane season months of September and October, when it rains nearly nine inches per month.

November also has a higher than average amount of rain.

Best Times to Go

Vacationers will find that the best time to go to Cancun is February through May, while they should avoid it in September and especially in October.

However, be aware that water temperatures in February and March are chilly and not comfortable for swimming for any great length of time.

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Real Estate and the AMT: Rental Or Investment Property

The Alternative Minimum Tax is a very important consideration for taxpayers who own real estate because just about every tax rule applying to real estate is different for the AMT than it is for the Regular Tax. This article on Real Estate and the AMT will address those situations where the individual holds the real estate as an investment, typically as rental property. The differences in tax treatment between the Regular Tax and the AMT can be significant.

Interest expense

Interest paid on the mortgage taken out to acquire the property is fully deductible, both for the Regular Tax and the Alternative Minimum Tax. Unlike itemized deductions that allow a tax benefit for what amounts to personal expenses, the tax law generally allows all deductions a taxpayer has to make in the pursuit of business income. Thus, the limitations discussed in the previous article on home mortgage interest do not apply.

If, however, the equity in the rental property is used as security for an additional loan – a second mortgage, for example – then the taxpayer must look to how the proceeds of that loan are used to determine interest deductibility. If the proceeds are used for a car loan or to finance a child’s education, for example, then the interest is nondeductible personal interest. If the proceeds are used to improve the rental property, the interest is deductible.

Suggestion – it is best that taxpayers keep personal borrowings separate from business borrowings. Mixing the two creates recordkeeping challenges and can result in disputes with the IRS.

Property taxes

Property taxes paid on rental or investment property are allowed in full both for Regular Tax purposes as well as for the Alternative Minimum Tax.

Planning idea – if you have an opportunity to pay your property tax bill either this year or next, pay it in a year when you have enough income from the property so as not to generate a rental loss. This strategy can help avoid triggering the passive activity loss limitations described below.

Example – in Florida property tax bills are mailed in October, and are payable under the following discount schedule: November – 4%, December – 3%, January – 2%, February – 1%. If you have a loss from the property in 2010 but expect to generate income in 2011, do not pay your bill in November or December – forgoing that small discount could help you avoid the loss-limitation rules.

Depreciation

Depreciation is allowed for property held for investment. The portion of the cost allocable to land is not depreciable, but for the building itself and the furniture, appliances, carpeting, etc. a depreciation deduction may be taken.

Real property (this is the legal definition of the house or other building) held for rental/investment may only be depreciated for Regular Tax purposes under the “straight-line” method, over a useful life of 27.5 years. Thus, a property with $275,000 allocated to the building would be depreciated at the rate of $10,000 per year.

Personal property (this is the legal definition of things such as furniture, appliances, carpeting and the like) may be depreciated for Regular Tax purposes under an “accelerated” method over a useful life of five years. An accelerated method allows a larger depreciation deduction in the early years, in recognition of an obsolescence or decline-in-value factor that you see in new property (cars are a good example).

For purposes of the AMT, however, personal property may be depreciated only by using a straight-line method. Thus, an AMT item will be generated in the early years if the accelerated method is used.

Planning idea – for personal property consider electing the straight-line method for Regular Tax purposes. While giving up a little tax benefit from the greater depreciation in the early years, it could mean avoiding paying the AMT.

Active/passive investment rules and the “at-risk” rules

A taxpayer who is not “active” in managing investment property may not use losses from rental property to offset other income such as salaries and wages, dividends, interest, capital gains, etc. Instead, these losses are deferred until the taxpayer either sells the property or generates passive income from this or other passive investment sources.

The at-risk rules similarly deny using these types of losses to the extent the taxpayer has acquired the investment with borrowed money and does not have personal liability on the debt.

Planning idea

If these loss limitations apply, consider the planning ideas mentioned above to minimize the losses being generated each year. They are not doing you any good anyway.

Sale of the property

Several different AMT issues can arise on the sale of rental/investment property. One is that your gain or loss may be different for the AMT than it is for Regular Tax purposes. This would be caused if different depreciation methods were used. For example, if the personal property was depreciated using an accelerated method for Regular Tax purposes, then the basis in that property when calculating gain or loss on sale would be different because the straight-line method had to be used for Alternative Minimum Tax purposes.

Gain on the sale of investment property generally is capital gain, although a portion may be treated as ordinary income depending on the accelerated depreciation method was used. Capital gains in and of themselves are not an AMT item, but nonetheless they can result in AMT being paid. This is because the AMT exemption amount is phased out for taxpayers at certain income levels, so this additional income can have the result of reducing the exemption which in turn increases taxable income for purposes of the Alternative Minimum Tax.

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Plannet Marketing Review – Is This Travel Company The Real Deal?

So lately, I’ve been getting a few messages about a new Travel-based Network Marketing company called Plannet Marketing. And chances are if you’re reading this, you’re probably thinking about joining and you’re doing some last minute research on the company. If that’s the case, then look no further. In this Plannet Marketing Review, I’ll cover all the essential details you’ll need before you join. With that said, I do want to disclose that I am not a Plannet Marketing distributor. In all honesty, it really doesn’t matter to me one way or the other if you join so you know you’ll be getting a truly unbiased review.

Who Is Plannet Marketing?

Plannet Marketing is a company that sells travel through a Network Marketing business model. The company is based out of Atlanta, Georgia and as of this writing Plannet Marketing is just over 6 months old. The company was founded by Donald Bradley, formerly of YTB and Paycation Travel. Bradley brings with him 20 years of experience in Network Marketing. Before starting Plannet Marketing, Bradley was the Master Distributor and #1 Income Earner in Paycation Travel. He literally had everyone in Paycation in his downline and was responsible for bringing in the company’s top leadership group. I’m not sure what happened, but around the time Craig Jerabeck and Barry Donalson left 5linx and joined Paycation was the same time Bradley decided to leave. Maybe he didn’t feel good about those guys joining and being sponsored by the company when he was the Master Distributor. Who knows? And who really cares? Regardless of the reason, it looks like Bradley was willing to walk away from everything he built to start from scratch again. Overall, the company looks pretty solid. And while it’s too early to tell if they’ll even be around for the long haul because they’re only a few months old, Bradley and the other members of the Corporate team bring a ton of experience in Network Marketing and Travel, which is a good thing.

How Do You Make Money With Plannet Marketing?

The actual compensation plan provides several ways for distributors to get paid. But the crown jewel of the compensation plan is the 3X9 Matrix. With a Matrix model, it’s critical that you get a spot early on if you want to capitalize on spillover. If you’re positioned underneath a strong builder, you can benefit from their efforts as they place people under you while they’re filling up their Matrix. With a fully filled 3X9 Matrix, you’ll have 29,523 distributors underneath you. If they’re all active and you get $4 monthly from each distributor, you can make up to $118,092 monthly. In addition to your Matrix pay, you can also earn a 10% Match on the Matrix pay of your personally sponsored distributors.

In addition to the Matrix, the company provides monthly bonuses to Directors. Here’s a simple breakdown of how the Director bonuses work:

1 Star Director – 100 active distributors – $500/month

2 Star Director – 300 active distributors – $1,000/month

3 Star Director – 500 active distributors – $2,000/month

4 Star Director – 1,500 active distributors – $5,000/month

5 Star Director – 4,000 active distributors – $10,000/month

6 Star Director – 10,000 active distributors – $16,000/month

7 Star Director – 25,000 active distributors – $30,000/month

8 Star Director – 50,000 active distributors – $50,000/month

9 Star Director – 100,000 active distributors – $100,000/month

Between the Matrix Pay, the 10% Match on your personals and the Director Bonuses, it’s pretty clear that there’s plenty of money on the back end. If you’re a strong team builder and you have a knack for creating good culture, Plannet Marketing might be a very lucrative opportunity for you.

Should You Join Plannet Marketing?

Well, only you can truly answer that. The company certainly looks solid. Travel is a very marketable service that’s easy to talk about. And the compensation plan is generous and lucrative. All those things together should guarantee success, right? Unfortunately, nothing could be further from the truth. At the end of the day, it is your ability to sponsor people into your business on a consistent basis that will lead to your success. This is why I recommend that you learn Attraction Marketing. If you can position yourself in front of prospects that are already looking for what you’re offering, you’ll have no problem getting leads online. And if you have an abundance of quality leads, there’s no telling how successful you can be.

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Best Loans For Single Mothers – Learn How to Get Approved Fast

If you are a single mother, you may be among the many single parents who struggle to make ends meet each and every month. Many single mothers have no credit, slow credit, or even bad credit. Many single mothers are young and have not yet had a chance to establish positive credit history. There are different types of loans that you can qualify for as a single mother regardless of you past credit performance and bad credit history.

Personal Loans For Single Mothers

A bad credit personal loan is a loan that allows you to meet any needs that you might have. Perhaps you need money for major purchases like furniture or a computer. Or maybe you want to take a trip, pay for a class, or even buy a car. You can barrow amounts from $ 5oo up to as much as $ 15, ooo when you are applying for this kind of loan. Your personal loan can be ether secured or unsecured. A secured personal loan requires you to pledge collateral.

An unsecured personal loan does not require you to pledge collateral. However most single mothers do not have adequate collateral to pledge, and their only option is the unsecured version of the personal loan. To improve your chances for getting approved in the amount that you need, you can always ask a creditworthy cosigner to apply alongside you. This person can be a parent or other relative, friend, or anyone who will agree to pay your loan payments should you become unable to do so. Many lenders will allow you cosigner to be released from liability of payment once you have paid a certain number of payments on your loan.

Car Loans For Single Mothers

Single mothers who are in need of a new or used vehicle can qualify in most cases for a car loan. Because a car loan is secured by the car itself (or other vehicle), lenders are more lenient when approving car loan applications. A car loan of this type is usually funded for a period of four to seven years, depending upon the purchase price of the vehicle and whether or not you have a down payment. Having a down payment is the best way to purchase a car because it will make your monthly payments lower and easier to manage. Car loans are usually for $ 20,000 or less.

Cash Advance Loans For Single Mothers

Another option is the cash advance loan. This type of loan requires no credit check, making it the easiest to get loan not only for single mothers but for anyone with insufficient credit history. This loan is made for a short period of time, usually a month or less, and typically around the time of your next pay date. The only requirements to receive a cash advance loan is that you have a checking or savings account and a job that allows you to bring home a weekly, bi-weekly or monthly paycheck. Single mothers who receive benefits from Social Security, SSI, or other programs can also qualify for the cash advance loan. Cash advance loan amounts are available in amounts from $ 350 to $ 1,500, and the amount you can borrow will be based on your income.

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Homeowners Guide to Home Insurance Discounts, Reduced Rates and Savings

In today's economy, many homeowners are juggling higher bills on less earnings – facing tight family budgets in the wake of rising costs, credit limits or even job loss. Yet there's no need to struggle with the cost of home insurance. Despite industry increases, homeowners may be able to reduce their insurance rates by as much as 30 percent.

Neverheless, many homeowners are not using insurance discounts to lower rates – even those who apply discounts may qualify for more savings than they're getting. And lowered rates are still possible, even in today's economy.

Consider the findings reported by independent insurance agent association, Trusted Choice, in a 2009 national survey:

"53 million household responders 'admitted they are probably not taking advantage of all homeowners insurance discounts or said that they simply did not know' about policyholder discounts they are reasonably qualify for."

The survey also found that the largest percentage of respondents, about 26%, estimated they save 6-10% on their insurance premiums by using discounts. In fact, many insurance consumers could be saving significantly more-as much as 30%, according to independent insurance agencies, which often shop on behalf of consumers and help them find discounts and compare rates.

Homeowners are usually aware of the more common discounts – such as a multiple policy discount to insure both home and auto under one carrier. But there are other discounts and savings they miss.

How savvy are you as a homeowner and insurance consumer?

Find out using this quick list to explore or measure your potential for insurance discounts. It's also the knowledge you and your insurance agent need to reduce rates for savings:

  • Dual duty – Do not overlook the most common discount available: multiple policy discounts. When the same company insures your home and car, you can probably reduce your overall insurance costs by 10 to 15 percent.
  • New home, new homeowner? The same criteria used to qualify your home for a specific mortgage is often the same that qualifies your policy for discounts.
  • Living in a gated community? Then you may be eligible for discounts. Be sure to ask about auto insurance discounts if your car is evenly 'protected' to boot.
  • Rooftop savings – Some insurance companies offer hail resistant roof discounts for Class 4 roofs – naturally these credits may vary with locale. Moreover, be sure to ask your insurer about potential discounts before putting a new roof on your house – you'll probably want to capture savings if available and a flat roof without roof warranty may disqualify you from your current coverage alike.
  • Be a new policyholder – You may find additional savings extended to new customers based on new rating models that offer a 'sign up' discount. If your insurer extends this discount, your insurance agent may be able to capture it by applying for a new policy with the same company.
  • Your track record counts – make sure you discover discounts for home insurance customers who have a claim-free track record … when was the last time you filed a home insurance claim? A 10-year history typically qualifies you for this discount; If you've never filed a claim, you may save as much as 20 percent.
  • Risk reductions – Ask your agent to identify risk reduction discounts addressing a range of interior and exterior factors: fire and smoke alarms, electrical wiring, fireplace / chimney safety, heating apparatus, burglar alarms, curb and gutter system and landscaping elements. Proximity to a fire hydrant and your community's fire department also applies.
  • Preventive maintenance and home security – Make sure your insurance agent is aware of any alarm systems or preventive measures you take to secure property and to keep your home safe. Although discount criteria varies, you may be able to get savings of 10 to 15 percent for a combined system that may include two or more measures: deadbolt locks, lockable garages and storage buildings, fire alarms, fire sprinklers, fire extinguishers, a burglar Alarm or home security system.
  • Good breeding gone bad – Like it or not, some pets have a reputation. You may adore your family pet but if Fido is a dog breed considered bite-happy or dangerous, your insurance rating may be affected or your coverage in jeopardy. Choose your pet wisely – be aware of the little issues that can turn your insurance into a big issue.
  • Score card – Expect your credit score to impact your home insurances rates. If married, you may be able to reduce your rate by listing the top scorer as the first named on the insurer's application. Plus, if you've had a less-than-score score and recently improved your numbers, let your insurance agent know. You may be able to get a policy adjustment: a lower insurance rate is still possible without the need to write a new policy.
  • Raise the limit – consider the difference a deductible makes. You can probably lower your rate by raising your deductible – $ 2,500 is the standard deductible and you can expect a lower rate if you raise it to $ 5,000.
  • Agent vs. Agent and the extended marketplace – Is your insurance agent an independent who can tap a broad product range? Or an agent affiliated with a name-brand company? Know the difference. Independent agents can shop around – explore options across the marketplace. Brand agents do not usually have the same agility – they're usually limited to the company practice or limited to brand products. Loyalty counts. Still, if you're committed to one company brand you may be just as limited as the insurance agent who is equally missing rate rates, discounts and savings offered by the brand's competition.
  • 'Home pride' and stewardship are vital – Even many insurance agents do not understand the role that stewardship plays in harnessing the broadest range of discounts possible. Why? The better care you take of your home, the more attractive you'll look to insurance carriers. And the best way to harness discounts is to identify as many discounts as possible – it stands to reason that more companies mean more potential for discounts.

So, you'll want to make sure your home qualifies for coverage from every company that offers coverage in your locale since increased competition generally decreases rates and opens your access to discounts.

In a nutshell, homeowners applying the discounts above will soon realize the many ways they can save on their home insurance – even when times are tough.

Get started on discounts for savings ….

  • Shop around to compare insurance company providers and rates – what companies provide home insurance in your community?
  • Get guidance on the details – an independent insurance agent is not tied to one brand, so these agents can help you see the whole marketplace and get the apples-to-apples lens you need to compare products, coverage and rates.
  • Identify discounts – make sure you identify the common discounts most homeowners hit, along with other discounts that frequently miss.
  • Do the 'homework' – the work at home that demonstrates stewardship makes you eligible to select from the broadest insurance product range possible.
  • Optimize selection, and then maximize discounts to benefit from reduced raters and savings.
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Types and Examples of Larceny

When someone is talking about larceny crimes they are talking about the crimes that are associated with personal property. Property has two different titles, which are personal or real. Personal property is any real property that has been cut from the ground. Personal property can become a real property if it becomes attached to the ground. Real property is any property that is affixed to the ground like an apartment or house. The definition of larceny is liable to definition changes that are determined by severance or attachment. When someone is charged with crimes against property, it means a crime in which the defendant acquires property which belongs to someone else. These can include extortion, receipt of stolen property, larceny, false pretenses, robbery.

If you are charged with larceny it means that you have illegally taken of someone’s property, with the intention of permanently dispossessing the owner of their property. It could be goods or money. There are many different forms of larceny, which can include:

• Petty-this is where the property amounting to a smaller prices is being stolen. For a crime to be considered petty larceny the object stolen has to be less than four hundred dollars. If they are convicted of this crime they will have to pay a fine or do jail time.

• Grand-this is also known as felonious larceny and occurs when the property stolen is more than four hundred dollars. In New York, the amount of the robbery has to be more than one thousand dollars for it to be considered a felony. If you are convicted of this misdemeanor are subjected to time in prison. If the crime committed is a crime of a large magnitude can result in longer prison time. In addition to going to prison, you are also liable for fines related to the crime, court fees, and restitution payments.

Examples of larceny

• Snatching a purse-if the offender uses force to snatch the purse and instills fear in the victim it is known as robbery. If there is no force or fear in the victim then it is larceny.

• Shoplifting-this crime occurs when an individual shoplifts certain items from a store and does not pay for them. It also happens if you switch price tags so you are paying an lesser amount that what the actual value is.

• Embezzlement-this crime is when there is misappropriation of funds from an account that belongs to the victim.

• False check -this is a crime when the person issues bad checks to an owner for acquiring the property.

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The Importance of a Balance Sheet

An individual has two primary tools for managing personal finances. The Personal Balance Sheet is ignored and the Budget is the darling of Financial Consultants and the media. The key to understanding personal finances is that you have to understand your Budget and Balance Sheet individually and also how they work in combination to give you a complete snapshot of your personal finances.

Your balance sheet is extremely important because it shows you where the gold is. It is your personal Fort Knox. It is also extremely important because you need to have a stash of gold in your personal financial picture. The gold in your Balance Sheet is not the Assets. They are the positive side of your Balance Sheet but the real picture of how much gold you have in your Fort Knox is your Net Worth. So just as important to your Balance sheet is your Liabilities. The total of your Liabilities is subtracted from the total of your Assets to give you your Net Worth.

You fill out your Balance Sheet and total up your Assets and Liabilities. You subtract the total of your Liabilities from your Assets. That number, your Net Worth will come out to either a negative amount, an amount of or near zero, or it will be substantially positive. These are the only 3 scenarios possible.

• If your net worth is a minus number, you are not managing your financial resources properly. Your Balance sheet is your report card and you are failing. It is that simple. If you are managing your money to deal with life's challenges and planning your personal finances with your retirement in mind, your Net Worth should be positive and growing. If your net Worth is positive, you can ride out financial storms like the current situation. At the time of your retirement, your Net Worth must be substantially positive so that you will be able to keep costs down and have investment income to replace your working income. During your working years, your Net Worth should be growing steadily because a retirement nest egg does not grow without years of nurturing.

• There are circumstances where where it is acceptable to have a Net Worth of Zero or near Zero. The first is when you are just starting out. It just makes sense that it would be zero. You may have student loans but that is offset by some form of education that will allow you to make more money in the course of your lifetime. The key is that this is the best time to start building your net worth. It allows the principal of compounding value to work its magic on your assets for decades. That saves you a lot of work later in life. However, most of us are not that wise and we find ourselves in our 30s and 40s with little or no Net Worth. This means you have less time for compounding to work. So you have to work harder and especially manage your money smarter to prepare for the financial challenges you face going forward. The nice thing is that you have probably made some mistakes that have made you much wiser. You should be able to recover much faster than you would have in your undisciplined youth.

• If you have a positive net worth that means that you are building assets. Just as important is that you are controlling your debt. This is the key that has probably gotten you to this situation. The key to a positive Balance Sheet is that debt offsets the value of your assets when you look at your personal finances as a complete picture so your debt / equity ratio should be less than one and get smaller and smaller. Debt servicing saps cash flow on your budget that could have been used to build assets that can be used to produce income in your retirement years. Clear title ownership of assets such as your home reduce cash draw and this is incredibly important as you approach retirement.

The financial crisis we are in now is described as a Balance Sheet crisis. We are in this crisis because nobody was paying attention to their Balance Sheets, not even at the rising heights of our financial infrastructure. The symptoms were everywhere. While researching I found that the top sites on the internet for Balance Sheet are those who want to sell you something so that they can gain access to any assets on your balance sheet that might be left after this disaster. Before the disaster, the only thing that had any importance was whether a potential buyer of anything could afford to make the payments on whatever he was buying assuming he made 120% of his declared income. The most outrageous symptom was that people would take appreciating home equity and borrow against it to buy depreciating assets and consumer goods. They overbooked their budgets and now they have gutted their balance sheet.

The resulting loss of home values ​​is the disaster we have now where people have either a zero or minus Net Worth. The other aspect is that we are now wiser. For the good of our society and our financial infrastructure we had better be. Going forward we must pay attention to our Balance Sheets and recognize that is where the gold is. You must save and protect your gold. Net Worth is where financial power is and that is the Importance of a Balance Sheet.

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