Estate planning involves distributing your assets after death to such people or causes according to your wish with minimum legal complications and the least tax incidence. And estate planning is not just for the wealthy; nor is it something to be contemplated when you reach the ripe old age of eighty.

Anybody, irrespective of age, with considerable assets and the desire to provide for dear ones even after death would be doing a great service by planning one’s estate. And the best time to plan your estate is now when you are still alive and have the requisite mental health to make rational decisions. An estate plan made during an illness affecting contracting capacity can be challenged, complicating matters for beneficiaries. Remember, death or a debilitating illness affecting your legal capacity to contract might strike you any day; therefore, you should prepare for that eventuality beforehand. ¿da

The first step in planning your estate is to take stock of all your material possessions (technically referred to as ‘estate’), and then determine their value. Typical items comprising the estate include: house(s) and land; bikes, cars, planes and boats; cash-in-hand; savings accounts, pension accounts; certificates of deposits; stocks, bonds, and mutual funds; insurance and annuities; employee benefits; jewelry, furniture, art collections; ownership rights/interests in businesses; and claims against others. Mind you, the list is not exhaustive and your debts and obligations to others are also a part of your estate.

Next, line up the details of your beneficiaries – names, addresses, and ages. In addition, you should determine who should be the trustees/guardians in case the beneficiaries are minors at the time of planning the estate. Also, you must identify an executor of the estate. It would be easy if you line up pre and post nuptial agreements, divorce decrees, previous wills, deeds of real estate property, and latest tax returns before you consult a professional estate planner.

Though small estates might be easy to plan, it is advisable to take the help of professional estate planners, including attorneys and CPAs, to explore all the possibilities to reduce tax incidence.

Remember, estate planning is not a one-time affair. Any change in your marital status, death of beneficiaries, a birth of a child, or changes in the law will require a review of the plan.

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Do you want to profit from the real estate market? Even if you are classified as an inexperienced buyer, now is the best time to turn a profit. Whether you opt for owning and renting or real estate flipping, it is a buyers market.

Most looking to profit from the real estate market opt for foreclosures. These properties are typically auctioned. In some cases, the lender regains ownership of the property. This is known as a lender owned or real estate owned sale. Either way, you will find dirt-cheap prices. However, it is important to familiarize yourself with short sales. Although they cost more than foreclosed properties, buyers do get a better value for the money.

Short sale properties are sold for less than the outstanding mortgage due. How much less depends on a number of factors. One being property value. If a mortgage lender believes they can get more for a property by letting it enter into foreclosure or by selling it as REO home, they may out for that route and deny all short sale offers. The next being the lenders ability to take a loss. A $100,000 loss on a home is a lot to sallow. If an agreement is made where the delinquent borrowers repay the difference through a standalone unsecured loan, more flexibility is likely.

So, as a first time short sale buyer, what should you expect?

A good value for your money. As previously stated, properties are sold for less than the outstanding mortgage due. In most cases, this does result in a good deal. Although foreclosed properties are usually cheaper, think long-term. If a borrower owes $100,000 on their mortgage, you may pay $85,000. Although a relatively high amount, it works out well if the property is valued at $175,000 or more.

The run around. Unfortunately, mortgage lenders try to avoid short sales. Most only use them as alternatives to foreclosures. For that reason, a lender may wait until foreclosure is right around the corner before accepting a short sale buy offer. Buyers experience the biggest delay with properties with two mortgages. Both lenders must approve the sale. One lender will get all of their money and the other will be shorted. No one wants to lose money; therefore, lenders will exhaust all other options before turning to a short sale. This may mean a delay.

Various calls to mortgage lenders and real estate agents. Either the lender or a real estate agent sells short sales. Either way, be prepared to apply pressure. As previously stated, some lenders give short sale buyers the run around. They are trying to buy themselves more time. During that time, they will wait to see if the borrower’s financial situation improves, if they receive a higher short sale offer, and they will compare short sale with foreclosure. Even if you can, don’t wait forever. Contact the lender and real estate agent to apply pressure. If you go two months without a response, demand one within two weeks.

Difficulty of getting a proper inspection. All homebuyers want to inspect homes before the sale goes through. Most lenders give you the chance immediately before the final signing. Unfortunately, the home occupants may have vacated the property by this point. This may mean no functioning utilities. Your hired inspector will be unable to test the electricity. Try to schedule a showing or inspection ahead of time. Get your real estate agent, ask the mortgage lender, or approach the current home occupants to let you inside sooner.

The possibility of repairs and upgrades. If you are able to buy a short sale property, be prepared to spend more. Borrowers often suggest short sales. They do this because they are concerned about their financial future. They know the impact a foreclosure and bankruptcy can have. These individuals truly care about their homes; they just can’t afford them any longer. Typically, you will get a clean and well-kept home. What you may find problems with is needed upgrades or repairs. If a homeowner couldn’t afford their mortgage payments, they may have been unable to fix that leaky faucet, lose tiles in the bathroom floor, and so forth.

So, there you have it! You now know what to expect when buying a short sale property. Despite the various bumps you may experience along the road, it is easy to profit from the buying and reselling or renting of foreclosure short sales.

There is no doubt that there is a decline in home building. This has been reported in the news by the various land developers but should you worry?

If you are looking at the big picture, yes because it has disastrous effects. The country’s GDP or gross domestic product will go down and so will consumer spending. People will be out of work and some businesses may even go bankrupt.

Should construction be your line of work and selling these materials is your business, yes you should also worry because construction firms will not buy the same volume of goods from you since there will not be many people who are willing to buy or build a house right now.

But what if you have a stable job in another industry and think it is time to build your home now? If that is the case, then there is nothing to worry about. If you have the money and want to move to a bigger home, now is the best time to find someone who can help you design, plan and make it come to life.

The reasons for these are simple. A decline in home building has it advantages mainly labor and materials are cheap so you can spend the same amount of money for more things. You won’t have a hard time finding a contractor because they will most likely give you a good deal rather than losing you to someone else which means they don’t have any business.

You should just tell them straight how much is your budget and add an allowance because there may be some unforeseen changes which have to be dealt with later on.

There are two types of unforeseen circumstances in construction. The first is customer generated which means you want something else done. The other is site generated which means there is something on the property that is creating the problem. In the event either of this happens, you have to be ready for it because in construction, everything looks good on paper but things change when people are actually working on it.

If you can’t afford to build a home, you can try to buy one right now because the price of real estate has slumped and this could go even lower. This means you can buy the house of your choice right now because there are a lot of unoccupied homes and people have to move in to them first before construction companies decide to build new ones.

Don’t forget a large number of them that have been foreclosed so there could also be a good bargain over there.

You won’t even consider building a home during a decline in home building or any other time if you did not have excess cash lying around and since that is not a problem, you can now go out there and find a contractor who can do this for you at a reasonable price.

So should you worry when there is a decline in home building? No if you are financially stable but if you are not, then it is time to tighten that belt because if you don’t, you could end up being one of hundreds of people who have lost their homes since last year.

The poor economy has left the real estate market in poor condition. Many homeowners are unable to pay their mortgages. And, those who try to sell for a profit are seeing their houses sit on the real estate market for months on end. You might assume this isn’t the best time to buy, but that couldn’t be farther from the truth. If you are in good financial standing, you can use foreclosures to your advantage. You can use them to make a profit. How?

The first step in profiting with foreclosures is to buy foreclosed properties. Whether you want to buy one property or one hundred, you have a number of options. What are they?

Foreclosure auctions. Foreclosure auctions come in a number of different formats. In most cases, it depends on the state. For example, some foreclosure property auctions are held on the steps of local government office buildings. In these instances, only a few properties are auctioned. On the other hand, they can take place in large convention centers or meeting rooms. In these instances, there are usually hundreds of properties auctioned.

If you wish to acquire foreclosed properties at a foreclosure auction, you need to secure financing ahead of time. Many times, you are required to make a down payment or submit full payment in less than 24 hours. It is rare to find a lender for these situations, unless you have a spotless credit history. Lenders don’t like to hand out money just with the possibility.

Mortgage Lenders. Although not always classified as foreclosed properties, real estate Own (REO) properties are just like foreclosures. The financial lender has repossessed the home due to non-payment. Small lenders are likely to turn to a real estate agent. Large lenders will handle the sale themselves. They will post fliers in their offices, Advertise in local newspapers, and post the listing on their website. When listed directly through the mortgage lender, you can get a good deal. You also have bargaining power. The longer a REO home sits unoccupied and paid for, the more money the lender loses.

Short sale foreclosures. Short sale foreclosure properties are soon-to-be foreclosed on. In fact, it isn’t a matter of if, but when. With these types of properties, the homeowner and lender decide that payment is impossible. Instead of taking a loss and entering into lengthy and costly foreclosure proceedings, they decide to list the home for sale. The selling price is typically less than the outstanding mortgage due. This is your best chance to profit. If the homeowners have occupied the home and made payment for a number of years, little may be left on their mortgage.

As you can see, there are a number of ways that you can buy foreclosures or soon-to-be foreclosed properties. If your intent is to make a profit, the next step will be important. Look at the properties acquired or the properties you intend to buy.

Single-family homes can be resold for a profit. By opting for a REO sale, foreclosure short sale, or a foreclosure auction, you should automatically make a profit. This is because you paid less than the home’s value. However, you can also make improvements to the home, increasing its value, and its selling price.

Multi-family homes can also be resold for a profit, but a unique approach is to become a landlord yourself. Make needed improvements to the home to prevent complications or complaints for tenants down the road. Charge a rate that is in line with other rentals in your area. If the multi-family home is occupied with tenants, keep them. You will get paid right away! Since you paid a reduced rate, it will not take long for you to profit with paying tenants.

In short, you can profit many ways from the poor real estate market. In fact, poor isn’t the best word to describe its current state. Yes, homeowners and real estate agents are finding it difficult to sell homes, but you can still turn a profit. You just need to know how and now you do!