Americans know what’s important regarding wills, federal taxes, and other financial aspects but several don’t bother with half of their financial duties. With the information found online, many people think they can just reference the internet. However, that’s not advised and only professional advice should be considered, especially with finances.
An astonishing number of nearly 51% of Americans who are between the age of 55 to 64 don’t even have a will. Approximately 64% Americans, in general, don’t have a will. Individuals who have assets in the six figure range should not only have a will but a trust in addition as it will help avoid probate and reduce estate taxes. For further facts and appropriate actions to take when writing a will, a will lawyer is recommended.
Nearly 7.5 million mortgage borrowers in the United States who have rates of 4.5% or higher may qualify and even benefit from mortgage refinancing. Over the recent years over 3 million borrowers had nearly no equity on their home and refinanced to receive lower mortgage payments. Fixed-rate home loans are usually anywhere from 10-30 years long. With the 30-year option, mortgage payments will be lower. When shopping around for homes and mortgages, the monthly payment should not exceed 28% of your gross income.
Each state varies and you should pair federal income tax law information with your state. Unless you have real estate that equals a higher amount than 5.43 million – or 10.86 million for married couples – you can be exempt from federal estate taxes. Working with a lawyer for federal income tax law can be highly beneficial for several people as usually, only the lawyer knows the exact terms and guidelines for federal taxes. Having the lawyer and an accountant is typically enough to ensure your taxes are taken care of.
With all the misinformation out there regarding wills, mortgages, and federal taxes it’s best to stick with professional advice. To ensure you are following the federal income tax law and real estate law requirements and guidelines, you can put your trust in a will lawyer in Anniston AL