What Is Your Plan?

Avoid Honest Mistakes – Beneficiary Designations Must be Up-to-Date

Retirement plans, annuity contracts and life insurance policies acquired through an employer or owned individually usually have specific named beneficiaries that supersede any instructions in a will. These assets convey directly to heirs, and are not subject to the time-consuming and potentially costly probate process.

A named beneficiary can be anyone you wish to inherit your assets – a relative, friend, trust, charity, university or another institution. You can also choose more than one primary beneficiary and specify the percentage of their assets that each will receive.

In addition, you may want to name secondary beneficiaries who would inherit only if something were to happen to the primary beneficiary before the benefit was actually paid.

Has your situation changed?

Financial institutions may be obligated to transfer your assets or pay insurance benefits to whomever you have named on the official designation forms, even if your situation has changed and there would seem to be an obvious mistake.

·       There have been unfortunate cases when an ex-spouse remained listed as a beneficiary, despite the fact that the account holder had long been remarried and fully intended for the current spouse to receive the funds.

·       Failing to add the latest-born child to the list of previously-named beneficiaries is another regrettable oversight. Also, grown children who previously named their parents frequently forget to make a change once they are married and have their own families.

Are your forms up-to-date?

It’s a good idea to check periodically and confirm that your intended beneficiaries are named correctly on all of your accounts and policies.

If you need to adjust your designations, you can often find the forms on your financial institution’s website, or simply call to request them. Make copies of all the beneficiary forms you have submitted and keep them with the rest of your estate planning documents.

Decisions concerning the naming of your beneficiaries should usually be made in light of your overall estate plan, so you may want to consult an estate-planning professional for advice. If you don’t already have someone you know and trust, feel free to contact your real estate agent who may be able to recommend a qualified individual who can help.

The Cynthia Schmier Team

(360) 894-1164

www.Cynthia-Online.com

Copyright: Buffini & Company. All Rights Reserved. Used by Permission.

Steer Clear of SCAMS!

During the toughest of times, there are always a few swindlers who emerge with shady schemes that serve to make a bad situation a lot worse. The current foreclosure crisis is certainly no exception.
Here are the Top Ten Warning Signs of a Mortgage Modification Scam:

1. “Pay us $1,000, and we’ll save your home.”
Some Legitimate housing counselors may charge small fees, but fees that amount to thousands of dollars are sign of potential fraud – especially if they are charged upfront.

2. “I guarantee I will save your home – trust me.”
Beware of guarantees. Unrealistic promises are a sign that the person making them has not considered your specific circumstances.

3. “Sign over your home, and we’ll let you stay in it.”
Be very suspicious if someone offers to pay your mortgage and rent your home back to you in exchange for transferring the title. Signing over the deed gives another person the power to evict you, raise your rent or sell the house.

4. “Stop paying your mortgage”
Do not trust anyone who tells you to stop making payments to your lender and servicer, even if that person says it will be done for you.

5. “If your lender calls, don’t talk to them.”
Your lender should be your first point of contact for negotiating a repayment plan, modification, or short sale.

6. “Your lender never had the legal authority to make a loan.”
Do not listen to anyone who claims that “secret laws” or “secret information” will be used to eliminate your debt and have your mortgage contract declared invalid.

7. “Sign this now; we’ll fill in the blanks later.”
Take the time to read and understand anything you sign. Never let anyone else fill out paperwork for you. Don’t let anyone pressure you into signing anything that you don’t agree with or understand.

8. “Call 1-800-Fed-Loan.”
Some companies trick borrowers into believing that they are affiliated with or are approved by the government or tell you that you must pay them high fees to qualify for government loan modification programs.

9. “File for bankruptcy and keep your home.”
Filing bankruptcy only temporarily stops foreclosure. If your mortgage payments are not made, the bankruptcy court will eventually allow your lender to foreclose on your home…

10. “Why haven’t you replied to our offer? Do you want to live on the streets?”
High-pressure tactics signal trouble.
Your best bet for making sure that scam artists don’t end up with your shirt as well as your house: Contact a Certified Distressed Property Expert. CDPE agents are tapped into scams as they emerge and committed to keeping clients connected to legitimate solutions.

Cynthia Schmier
RE/MAX Country
206 Yelm Ave W, Yelm, WA 98597
360-400-3475
ShortSalesYelm.com
Disclaimer: The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.

Are you living under the cloud of an UNMANAGEABLE MORTGAGE?

It’s a sign of the times!

Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled. 

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty.  And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

Cynthia Schmier
(360) 400-3475
cynthia@cynthia-online.com