What Is an Irrevocable Will?

The modern family unit is now so complicated that it bears no resemblance to the traditional idea of ​​a family with a mother, father and several children.

It is now common for both mothers and / or fathers to have children to one or more other partners. Many second or even third marriage or partnership unions bring with them children as part of the package, from previous relationships.

Where past or present relationships are not built on calm waters, this can cause complications when the issue turns to probate. The contents of a Will can be changed in the event of death, if all beneficiaries agree to the amendment. Similarly, it has been known for partners to change the content.

One way to prevent this from happening is by preparing an irrevocable Will.

For example, provided that the family home is jointly owned by both husband and wife, it would then automatically be passed to the wife in the event of her husband's death. If they had only had children together, then, in the event of her own death, the property would naturally be divided among the couple's children. However, if the husband also had children from a previous marriage, and the wife did not maintain a relationship with them after his death, then she could legally choose to make a new Will, leaving the home to her children only and leaving her husband's children precisely nothing.

To ensure this does not happen, it is advised that both parties in the partnership prepare irrevocable Wills so that all of their children from all relationships will benefit from the joint Estate, when both partners are denied. …

5 Great Mother and Daughter Gift Ideas – From Matching Family Pajamas to Mother-Daughter Outfits!

Are you looking for a great, unique gift for a very special mother and daughter pair that will be treasured and loved for months to come? Even if you are looking for a special gift for a special mom, giving her and her daughter a lovingly selected mother-daughter gift will show her you truly know what is important to her – her family! Here a 5 unique, great gift ideas for mothers and daughters:

  • Matching Family Pajamas – What could be better than cozying up together, snuggling before bed and cuddling while reading books together than in matching pajamas? You can find these on the internet by searching for ‘mother-daughter pajamas’. Don’t forget baby and big brothers and sisters and even Dad! Matching family pajamas often come in all sizes for every member of the family and will make lounging with her family a special treat!
  • Mother-Daughter Outfits – There is something truly special about matching mother-daughter outfits and these make a great gift idea for a mother and daughter. Whether you select matching mother-daughter shirts or a complete mother-daughter outfit, your gift will look adorable on the special mom and daughter. Coordinating mother-daughter shirts and outfits are also adorable and don’t match but rather complement each other.
  • Mother-Daughter Jewelry – You have lots of choices here from matching mother-daughter bracelets to custom-made and personalized Mother’s bracelets with matching daughters bracelet to heart necklace jewelry. Choose a high-quality sterling silver style that is both beautiful and durable for mom and girls.
  • MotherDaughter Robes and Spa Bath Wraps – Matching mother-daughter robes and bath wraps are perfect for wrapping up right out of the tub, shower or pool or for lounging and enjoying some quality Mother-Daughter time!
  • MotherDaughter Clothing that Says how she Feels – Select a set of mother and daughter matching clothing with a fun expression that says how mom and daughter feel about each other. My Mom Rocks! or I love my Mom! Or Awesome Mom and Girls are great expression-filled gifts that say something truly special about the mother-daughter relationship!

Family Guy Slippers For Men

The level of luxury that Family Guy slippers offers is just incredible; with various sizes and shades available to choose from according to buyers' tastes and preferences. Normally, men require larger footwear and these slippers offers just that to ensure extreme coziness.

Stewie Slippers for men are among the good slippers that just hit the market. They are not only huge, but they are warm and cozy. With an additional sole that resists skidding, they can be worn on any promising weather condition. They are also available in extra-large, small and medium. The slippers have a red and yellow color with shape as that of Stewie. Due to its stylish nature, a pair of these slippers can be a perfect gift for birthday. Another one is the Peter Slipper which is lush peter slippers and normally designed for men also. For those who are familiar with Family Guy TV series would know how Peter loves to get drunk and there before it is easy to find those jokes embedded on the slippers eg "We've been taken." They are also available in various sizes eg small, extra-large and medium.

Brian's model is also on the market nowdays and also comes with a skid resistant sole and hard and tough material that does not wear easily. They also come in large sizes to ensure the feeling of luxury. With back of the slippers also coming with funny sayings like "A Martini daily keeps fleas away".

There are many stores online that sells these slippers. To ensure that you get a good deal, it is prudent to research for the best model before making a decision to buy. Over the festive seasons, getting a good deal is easy due to the discounts available. The major concern is size since most of purchasing is done online. So if you are looking for cozy and affordable slippers, look no further than family guy slippers for men. …

Family Board Games – Fun Activities For the Entire Family

Most Americans around the world love family board games. There are so many to chose from and many more keep different ones keep being made. Ages 3 all the way to adults love to play board games. Playing as a family is one of the best ways to do so.

Many stores that you shop at carry tons of different games. Usually when shopping in a store you will notice that there are isles of games that a person can choose from. Games can range from card games to games with dice. You name it companies have basically made it. Monopoly is one of the most popular games ever made. There has been many different versions of this game made all the way down to Masseyopoly which was based off of coal mines being bought and sold. Children learn to love the game early due to the many variations such as Spongebob monopoly. Some companies have brought board games out that are 3-D. That is something that is loved by children of all ages! Something that has never really been thought of as a family board game would be building a puzzle. There are so many varieties, the possibilities are endless.

Family board games have always been one of the funnest things to do. The more people play the more the game is! These types of games have been used in just about every kind of party situation. They have also known to be something fun to do when the lights or electricity has gone out.

There of course has been electronic games made from these family board games that can be played on a computer, but there is no luck when the electricity goes out. The best and most fun way to play is actually playing the board game itself. There has been versions of some of the most popular games made so that they are easy to travel with and can be played while traveling to your destination. The only thing with traveling and playing a game at the same time is you are prone to drop and not be able to find game pieces that you had previously.

Family board games have always made a perfect gift for any occasion especially for children. Christmas is a time when tons of games are bought to give to children as gifts along with birthdays. Some families play board games at family get togethers, Christmas parties, birthday parties you name it there is never a reason not to play a fun game.

Board games have been a favorite family past time for many, many years. The variety and costs of the games makes it enjoyable and affordable for just about every family in the world to own one. Board games are a great way to bring families together to spend that most needed time now days that most families do not have. Every family should own some type of board game. Family board games have been known to create unstoppable …

Real Estate Development – Three Essential Things You Must Do Before Starting in Property Development

If you start your property development business the right way, you are building a foundation for success. Start it the wrong way, and you could be headed for disappointment, stress, and possibly even large financial losses.

1. Manage Your Property Development Projects As A Business

Unless you¡¯re prepared to forfeit some of your profits and engage someone you trust to look after your property development project, it's very important that the mechanics of property development are fully understood so you do not end up in all sorts of trouble. We decided right from the start to treat building our property portfolio as a real ongoing business and therefore created a property development strategy and planned and acted accordingly.

Advice from our property development legal and accounting advisers was to set up our property development business in the right type of entity from the very beginning – some things can not be "bolted on" later. We also ensure that we keep good records and use property development accounting and property management software. We found a strategy that would be a good fit for us, looked at the big picture and began with the end in mind.

Initial and ongoing property development education is extremely important. A good place to start is to learn the basic techniques of property development. Then continuing reading and listening to financial news to determine current and future trends.

2. Develop A Property Developer Millionaire Mindset

Learning and implementing the mechanisms of property development may allow you some level of initial success, but newcomers who are not passionate about property development and do not alter their way of thinking and create a property developer's mindset inevitably can run into problems. Many of the decisions you make as a property developer are counter-cyclical, for example, you may be buying when other inexperienced property developers are making panicked sales.

People who have not mastered their emotions around money tend to make poorer decisions under those circumstances. For example, many novice property developers are not able to reserve when needed, and a lot simply give up after struggling, both financially and emotionally, during their first attempt at property development.

We've spent a lot of time researching the rich and identified certain common characteristics and habits that contributed towards their success. As soon as we adopted some of these ourselves, we were able to accelerate our learning curve and we saw a marked improvement in our own ability to make larger profits through property development in a much shorter amount of time.

3. Learn How To Leverage your Time

We had a clear vision and a huge desire to work smarter and not harder so we sat down and worked out an achievable step-by-step plan that would enable us to reach our goals much quicker.

One thing that made a huge impact on us achieving our goals was faster adopting the 'Pareto Principle' (more commonly known as the 80/20 rule). This helped us to stay focused on the "20 percent of …

Three Basic Principles of Successful Real Estate Investing

Those who, like myself, have been active in real estate investing for some time know that the formula for success relations on being able to work in the real estate field at more than one level.

The reason for this is that real estate, by nature, is very volatile. To rely on exactly one strategy or one area is akin to putting all our eggs in one basket and no real estate investor worth his salt wants to be put out like that which is why if you are really serious about making money in real estate and leasing the nine-to-five routine behind you will want to work in at least three areas simultaneously.

First, naturally, you will work alone, closing deals on either single-family dwellings or multi-family dwellings depending on the investment strategy you have decided to follow (and how to choose and why is a subject complex enough to warrant an article on its own so I will not even touch on it here).

At the same time you will want to have set up the way you work so that you can become aware of emerging, domestic, real estate markets at a stage that is early enough for you to take advantage of them, get in there, close the deals and get out as the market matures and profits begin to dwindle.

Then, as a final step, you will have to work with Syndicate real estate investments which will allow you to minimize the risks involved as far as your stake is concerned and still get the money you need to close deals and make money for yourself and those in the Syndicate you are fronting.

The reason you need to have all three strands in your bow is that, by working this way, you ensure that you are recession-proof and capable of making money irrespective of the state of the market.

Real estate investing does not require a degree in astrophysics in order to succeed provided you are quick to diversify, are able to develop a networked way of working that alerts you to good deals, can apply common sense and a certain flare for creative thinking when it brings to closing deals that maximize the profit involved and are not afraid to work in a focused, controlled manner.

What you will end up with is probably the best job in the world where you choose how long and how hard you want to work, can take holidays whenever you want and end up doing a lot of good by helping the economy and creating wealth for all those concerned. …

Calculate Cost Basis

How to calculate cost basis can be a confusing concept to those who contemplate selling their real estate. Along with fair market value and holding period, cost basis represents one of three key components in identifying the amount of potential tax that may be due on the sale of the property.

Unfortunately, how to calculate cost basis is not a common concept ingrained in us through our normal day-to-day educational experience. However, it very quickly becomes very real as we explore various real estate exit and transition strategies.

A good place to start in developing an understanding how to calculate cost basis is by refining capital gain. What are capital gains and how do they apply to real estate? In simpleest terms, a capital gain is the appreciation between the original cost and current sale price. The federal government and most state governments tax this "gain" if the asset is sold.

The sales procedures less any associated selling costs represent the "value" of the property being sold. It does not matter if the property is encumbered by debt or not in this calculation. And, it does not matter if all proceeds are received at the time of sale or not. The net result is still the value of the property at the time of sale – the top number in our simple mathematical equation to determine the amount of "gain" in the property.

In contrast, cost basis is the bottom number that is subtracted from value to give us the answer to our gain question. Simply stated, cost basis is the original cost of the property, plus any improvements made by the owner. Improvements can be items such as:

  • Installing utilities on a building lot (electrical pole, well, septic system, etc)
  • New roof or deck
  • Remodeling the interior of the home
  • Numerous other improvements performed by the owner

When selling property, it is imperative to define the cost basis of the investment. Accuracyely define any improvements made on the property and compare it to the current value. The difference is the capital gain and subsequent amount that could have been taxed by the government during the sale. By having developed an accurate cost basis, you will be better prepared to take advantage of the various capital gain tax planning options. …

North Fulton and Alpharetta Real Estate – Signs of Life

Is that a light at the end of the long, dark tunnel otherwise known as the Great Housing Meltdown of the 21st Century? It might be.

We've recently seen some of the most encouraging statistics for the housing market in some time, including North Fulton real estate. Housing starts nationwide jumped for the third straight month in May, by over 17 percent- "fresh evidence that the beleaguered housing market is beginning to stabilize," opined the Wall Street Journal. Closer to home, AJC Business columnist Thomas Oliver recently quoted a local expert who notes that the excess supply of houses is finally beginning to be absorbed.

Oliver also listed seven major economic development projects that have closed in recent weeks, which will add 4,000 new area jobs. With new jobs come new residents, more demand for housing; and in time, higher North Fulton real estate prices.

A reasonably factor in the positive housing statistics may be the efforts that have been undertaken by the federal government to help turn the housing market around. One of the first was a new first-time homebuyer tax credit that was part of the $ 787 billion American Recovery and Reinvestment Act (aka the Stimulus Plan) that was signed by President Obama in February.

If you qualify as a "first-time homebuyer" you may be able to receive up to an $ 8,000 tax credit if you buy a home before November 30 of this year. The home must be your principal residence (second homes and investment homes do not count) and the credit phases out for higher income couples and individuals.

In addition, Governor Perdue recently signed legislation that provides a state income tax credit of up to $ 1,800 for all purchasers of single-family homes in Georgia. Homes must be purchased by the end of this November and there are no income restrictions. One-third of the credit can be claimed in each of the next three tax years.

More recently, as part of its comprehensive Financial Stability Plan, the Obama administration has introduced the Making Home Affordable program, which is designed to "stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels , "according to the website http://www.makinghomeaffordable.gov

It consist of two parts:

o The Home Affordable Refinance Program is giving as many as 4 to 5 million homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. It's designed to help responsible homeowners who are current on their mortgage payments but have been unable to refinance because their homes have fallen in value and they have no longer have sufficient equity.

You may qualify for this program even if your mortgage balance is more than the current market value of your home, as long as the balance does not exceed 105 percent of this value.

o The Home Affordable Modification Program is giving as many as 3 to 4 million …

Reasons Not To Become A Real Estate Agent

Real estate can be a great career, but it is not as easy as it looks to become successful. In my last article I talked about the reasons why you should become a real estate agent. Before I get into the reasons of why you should not become a realtor I want to go over the reasons why you should. First and foremost, the harder you work the more money you are going to make. Not only can you make a lot of money but there is no limit to how much money you can make. Another reason why you should become a real estate agent is that you can create your own schedule. With a flexible schedule you are able to sleep in when you need to, and go home to watch a basketball game during March Madness. I will get to the reasons why a flexible schedule is not always good a little later. One final reason that you should become a real estate agent is because you can have a major impact on a lot of people.

If you like meeting the needs of your peers then this may be the right profession for you. However, before you decide to jump right in, let me explain to you the reasons why you should think twice about becoming a realtor.

The main reason why you should stay away from real estate is because it is usually based solely on commission. That means that if you do not sell anything, you do not make anything. I was naïve when getting into the real estate profession about how expensive it was. I did not realize there were realtor fees every year, nor was I aware of how expensive it was to get a license. You also need to consider the amount of money you will spend in technology. For example you are going to want a good computer that you can bring with you at all times. Also, your cell phone bill is going to be higher than you wanted because people will be contacting you at all times. Really the most expensive part of real estate is the advertising. There are many different methods for advertising but they all seem to be expensive. Just letting all your friends and family know that you are in the business is expensive. If you are looking for a steady pay check, this is not the profession to get into.

There are always going to be great times and at times it will be terrible. However, the longer you work in real estate the more likely you will see a consistency in pay checks.
The second reason you should stay out of real estate is because of the amount of time you need to work to become successful. Not only will you be working a lot, but you will also work Saturdays and even Sundays to do open houses. You need to let your family know that you are not always going to …

Designing A Compensation Plan For Buyer Agents

Most Agents have never really looked at the profit numbers on Buyer's Agents. Many think they are making a large income off of the Buyer's Agents when that's not really true. It's really a small profit per deal.

Let's say your average commission check is $ 6,000 through your Buyer's Agent. You operate on an 80/20 with your company because you are a very good Agent. The gross fee you split with your Buyer's Agent is $ 4,800. That amount you split 50/50 between the two of you. You each receive $ 2,400. Out of your $ 2,400 portion, you have to pay your advertising, marketing, overhead, other assistant, and all your expenses to run your business. Most Agents' initial cost per transaction (what it costs them to do a deal) is between $ 1,500 and $ 3,000. This is dependent on advertising, marketing, staff, expenses, car, and cell phone. Everything you spend to run your business is divided by the number of transactions you do. Obviously, as your units go up, your cost per unit will come down. The Buyer's Agent will help your cost per unit come down. If you were on the lower end of the cost per transaction of $ 1,500, your net profit in this transaction would be $ 900. That is before you factor in the personal time you invested into the transaction. That is not a lot of money.

Let's say you're worth $ 200 an hour, and you work with a Buyer's Agent for two hours per transaction, which would be easy to do when you consider training, monitoring, managing, helping with the clients, and closing the deal. The truth is two hours is nothing. You would then net after your time, $ 500 for a transaction. Having Buyer's Agents is not highly profitable for an individual transaction. I always tell agents that they will net somewhere between $ 500 and $ 1,500 before they factor in their time. The exception would be if your average commission check were substantially higher than $ 6,000. If your average commission in your market is $ 15,000, you have more profit and more options. The vast majority of the Buyer's Agents will help you generate a small, short-term profit.

Buyer's Agents will also provide a higher quality of life. You will be able to take the lion's share of weekends off (or maybe even all of them). This will increase your quality of life with your family, who would like more weekends with you. You will not be fielding ad calls, sign calls, or conducting open houses over the weekend. You will really be able to turn the cell phone off over the weekend and be free. My Buyer's Agents were responsible for the weekends. They responded to other Agents' inquiries about my listings. They handled the ad calls, sign calls, and open houses. Their job was also to respond to Agents who had written offers when I was out of town, which was every …