hurricane-recovery-financial-institutions-step-it-up

Hurricane Recovery: Financial Institutions Step It Up

Writen by Matthew Keegan

We have all heard the stories of financial institutions exploiting consumers with shady practices such as exorbitant interest rates, hidden fees, and the like. These accounts anger us and, rightfully, those that practice these deeds should be exposed. Fortunately, not all reports are bad as evidenced in the way many companies are treating their customers in light of recent disasters such as Hurricanes Katrina and Rita. Let’s take a look at how some companies are responding in the wake of disaster.

1. Disaster Relief Programs. If you live in an area designated by the Federal Emergency Management Agency [FEMA] and own property, you may be eligible for relief depending on your financial institution and the program they have in place. One well known bank, for example, is automatically deferring mortgage and home equity loans for as long as ninety days, or three payments. In addition, this same bank is not assessing late charges for that timeframe, nor are they reporting negative information to affected consumers credit reports.

2. Payment Holidays. Similar to disaster relief programs, several credit card companies are allowing their customers to not make credit card payments for a two or three month time period. Two institutions have stated that they will not collect late fees, but in each case it is not clear whether customers will still be charged interest on their unpaid balances.

3. Loan Extensions. The financial arms of several automakers are allowing customers in affected areas to defer loan payments for up to three months. Essentially, these institutions are extending the loan’s length and adding the months to the end of the loan period without charging customers fees for this service.

If you live in any of the affected areas, it is best to contact your financial institutions directly to learn exactly what type of deferral plans, if any, they have in place. Some programs are less clear than others, particularly the payment holidays for credit card holders since it isn’t always apparent whether you will still be charged interest during the affected time period. Still, these types of compassionate gestures by certain financial institutions can create plenty of goodwill for consumers and they are the types of corporations certainly worth patronizing for the long term.

wit-and-wisdom-on-money-wall-street-and-success-part-3

Wit and Wisdom on Money, Wall Street and Success - Part #3

Writen by Harald Anderson

I have received incredible feedback on the financial quotes series so I am providing another ten GEMS for you to ponder and evaluate. Sometimes a great book has had a profound impact in my life and made me change my ways. Occasionally a great quote has also had the same effect. Enjoy!

1) “I learned more about economics from one South Dakota dust storm than I did in all my years at college.”

-Hubert Humphrey

2) “A bull must be fed every day with good news. But a bear need only be fed once in a while.”

-Anonymous

3) “Each of us has a choice - we must make money work for us or we must work for money.”

-Conrad Leslie

4) “Don’t ever make the mistake of telling the market it is wrong.”

-James Dines

5) “It was never my thinking that made me money. It was my sitting.”

-Jesse Livermore

6) “Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with managers of highest integrity and ability. Then you own those shares forever.”

- Warren Buffett

7) “The trading rules I live by are: (a) Cut losses, (b) Ride Winners, (c) Keep bets small, (d) Follow the rules without question, and (e) Know when to break the rules.”

-Ed Seykota

“Taxpayer: Someone who works for the government but doesn’t have to take a civil service examination.”

-Ronald Reagan

9) “October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.”

-Mark Twain

10) “It’s not how much you make when you are right. It is how little you lose when you are wrong! Manage your risk on every trade and the winners will take care of themselves!”

-Harald Anderson -Analyst at eOptionTrader.com

whats-all-the-fuss-about-family-limited-partnerships-flps

What’s All The Fuss About Family Limited Partnerships (FLPs)?

Writen by Carlos Lee

In the last few years, many tax advisors and attorneys across the country have been touting the tax benefits and asset protection advantages of Family Limited Partnerships (FLPs). Many people rushed into forming FLPs without knowing exactly what it can or cannot do. To make sure you are knowledgeable on the subject, here are the main problems associated with FLPs.

A recent federal appeals court decision could spell big trouble for advisers telling clients to set up family limited partnerships (FLPs) as a means to reduce estate and gift taxes.

In Albert Strangi et al. v. Commissioner; No. 03- 60992 (15 July 2005), the Fifth Circuit Court of Appeal affirmed the decision of the Tax Court to value the FLP assets at fair market value and the proposed estate FLP discounts were denied. As a result, the IRS charged tax deficiency of $2,545,826 plus interest was sustained!

The court found that Strangi had continued to be in possession of or benefited from the transferred property and there was no business purpose to the transfer of the assets to the FLP. Under IRS Code, the transfer was invalid and the assets should have been included in the taxable estate, the court concluded.

The lesson one can learn here is that for the tax advantage to hold up in court, a person must have a business purpose to transfer assets into a FLP and not just for tax reduction. In addition, the original asset owner cannot enjoy the assets of the FLP as if he/she still owns them personally.

ASSET PROTECTION THAT CAN BACKFIRE

A FLP provides no asset protection. If one of the assets in the FLP incurs a liability such as when a tree branch on a property falls on a person, the FLP becomes liable for the accident and the victim can sue the FLP and all the assets in the FLP can be up for grab.

If someone sues you personally and wins and you are a partner of the FLP, the judgment creditor can obtain a charging order against your partnership interest and receive all the rights of your partnership interest including all future distributions from the FLP until the judgment is paid in full including interest.

You haven’t heard the worst yet!

Most states allow a judgment creditor to go further and foreclose on your FLP interest. Foreclosure essentially means that the creditor can seize your partnership interest and become the general partner of the FLP. When that happens, the judgment creditor can control and keep all the distributions from the FLP and charge a management fee as a general partner even if the total amount he receives from the FLP exceeds the judgment amount! In other words, if you have a FLP and the total value of the assets in the FLP is $2 million and your creditor has a judgment on you for $250,000, he can move to foreclose on your FLP interest and become the general partner of the FLP. He will in effect have complete control and receive all the benefits from all the assets in the FLP. Therefore, instead of giving up just $250,000 on the judgment, you could lose the entire $2 million in the FLP to your creditor.

The lesson here is that FLP is a poor vehicle for asset protection.

Rheumatoid Arthritis

Many people today suffers from joint pain and in fact other subtle signs may be caused by Rheumatoid arthritis. Signs like reduced power in your hands, you suddenly start to drop your coffee cup on the floor etc. It gets harder to pick up small objects, like a sewing needle, it hurts to make a hand shake, small signs like that.

Rheumatoid arthritis is an autoimmune disease that occurs when the body`s own immune system mistakenly attacks the synovium.
RA is a chronic disease. Left untreated the disease can cause severe damage to your joints, bones, organs and skin.

RA causes

* joint pain

* stiffness

* swelling

* loss of joint function

Genetic factors are suspected to be of importance. RA often begins gradually with subtle symptoms and can be difficult to diagnose at early stage.

Approximately 2% of the worlds population suffers from RA. The synovium is gradually destroyed. Ginger has shown effective results on RA. ginger stimulates the blood circulation which increases the body temperature. Ginger also stimulates the adrenal gland.

* Drink a cup of ginger tea two or three times a day.

* Apply a ginger based cream to your joints.

* Take one teaspoon ginger and mix with one teaspoon honey. Roll into a small ball and swallow.

Edna Solem is an article writer on a various subjects. She`s also the owner of http://www.houseofedna.com where you find health care supplements such as Ginger cream for joints, gift articles, ladies hand bags, jewelry and so much more.

[tags]Ingef

federal-grants

Federal Grants

Writen by Damian Sofsian

The objective of federal grants is to strengthen the US and its workforce. The main aim is to develop the economy by building a strong economic infrastructure. Details are available in a single website, grants.gov, providing a one-stop shop for applying for grants. According to the website there are over 1,000 grant programs offered by the 26 Federal grant-making agencies. These programs fall into 21 categories defined by the Catalog of Federal Domestic Assistance. Grants are awarded in categories such as Agriculture, Health, Arts, Housing, Business and Commerce, Humanities, Community Development, Information and Statistics, Consumer Protection, Law, Justice, and Legal Services, Disaster Prevention and Relief, Natural Resources, Education, Regional Development, Employment, Labor and Training, Science and Technology, Energy, Social Services and Income Security, Environmental Quality, Transportation and Food and Nutrition.

Government grants are the greatest form of financial assistance. They are awarded in the form of money to be used for a specific purpose. One attraction about the federal grants is that you need not pay them back, because it is basically a government assistance to get your education or improve your business.

It is not an easy task to get the federal grants. A tour to the grants.gov itself will tell you that it’s not an easy process. But it is easy to apply for the grant because it is done online. You will find the process less tedious once you understand the requirements and the mode of application.

The first step is to know about the grant that you wish to apply for. Check once more that you are fully eligible for the grant, and don’t forget to note the CDFA number or Funding Opportunity Number. This number helps you to return to the details of the grant quite easily, once you skip the page.

Next step is to download the application package and also the Pure Edge Viewer software that helps you to fill in the application.

All grant applications have to be registered with the Central Contractor Registry (CCR) before applying through grants.gov. Now the CCR will designate an e-Business Point of Contact (EPOC), which has powers to nullify a grant application. The CCR also provides information that grants.gov uses to verify an applicant’s identity.

Grants.gov also uses e-authentication to ensure the security of the information, which is done by the credential provider. You have to register with the credential provider for this purpose. You will be provided a user name and password once you register. With this you can log on to the site, submit the application and even track it.

Once you have submitted an application, you can check the status of your application. You can identify your application by the CFDA Number, Funding Opportunity Number, or Grants.gov Tracking Number.

secured-debt-consolidation-loans-break-the-vicious-circle-of-debt

Secured Debt Consolidation Loans - Break The Vicious Circle Of Debt

Writen by Andrew Baker

Are you surrounded by debts from all sides and finding no way to escape. Do you have a number of creditors lined up outside your door? If you are getting buried under enormous paperwork and looking for a quick and hassle free loan procedure, you must apply for a secured debt consolidation loan. It is the most sensible way to get rid of multiple creditors, who may be making your life hell by their harassing phone calls.

Suppose, if you have taken debts from four different creditors and paying interest rates at 12%, 20%, 25% and 22% respectively. The average of these premiums when calculated comes to be nearly about 20%, which is quite high. In order to deal with this situation you are given the benefit of secured debt consolidation loans, which offers to consolidate your multiple debts into one easily manageable loan. The rate of interest payable on this loan will be lower as compared to the combined interest rate you pay to multiple creditors.

Secured debt consolidation loan requires the borrower to place a collateral such as an automobile, home or any other property. The value of collateral and the credit score is responsible in getting your loan approved speedily. The higher the value of the collateral the better is the chance of getting approval. Normally, the borrower is provided with a longer repayment period. The monthly installmets can be arranged keeping in mind the income and the repayment capacity of the borrower.

One can search for lenders online by browsing different websites and can apply for the loan simultaneously by filling up an online loan application form. When the lender receives the loan application, it first verifies, approves and finally sanctions the loan. Lenders tend to provide maximum help to the borrowers in the settlement of debts. They will negotiate with all the creditors for a full and final settlement of debts. Borrowers can seek the help of online loan advisors too.

Secured debt consolidation loan can serve different purposes. You can clear your credit card bills, medical bills, and make other outstanding payments. Besides these, the money drawn from the loan can be used to invest in business, make home improvements, plan out a vacation or wedding and much more.

Hence, secured debt consolidation loans help you overcome your financial losses. It makes you come out of the dark shadow of debt and shows you a new morning light. Now, let go off all your worries and tensions, and take a deep breath of relief. But, be sure to carefully weigh the pros and cons before opting for a secured loan for your debt consolidation. Try to manage your finances in such a way that you do not get trapped in the vicious circle of debts.

the-top-10-ways-to-reduce-expenses-when-youre-between-a-rock-and-a-hard-spot

The Top 10 Ways to Reduce Expenses When You’re Between a Rock and a Hard Spot

Writen by Pam Woods

If you’re in a career transition with limited financial reserves or up to your neck in alligators from overspending, run to, not from the problem. The longer you carry this issue around the heavier it will get. Choose to implement all of the action items below to immediately reduce your spending. Better yet, make it a game to see how low you can get your expenses…you just might find that less is more.

1. Phones

Eliminate your cell phone and shop around for a long distance carrier with a low rate per minute and no monthly fee.

2. Subscriptions

Cancel newspapers, magazines, and other periodicals. Everything you need is free at the library, accessible via the internet, or on television.

3. Utilities

Turn down the thermostat, use energy efficient lamps in fixtures, turn off the lights when you leave a room, ask your local utility companies about budget billing, and review the many other energy and money saving tips listed at the U.S. Department of Energy’s website which can be found at www.eere.energy.gov/consumerinfo/energy_savers.

4. Taxes

If you’re employed, ask if your employer offers a Section 125 Plan or Flexible Spending Program. If so, enroll in the plan as soon as possible to pay your health premium, health expenses and dependent care expenses (if applicable) with pre-tax dollars.

5. Medical

Purchase generic prescriptions when possible and obtain the best price by calling and comparing prices at local pharmacies, increase your medical coverage deductible, and read and understand your medical plan to be a smart consumer of health care services and save dollars.

6. Stuff in your home

Clean up, organize, and simplify your home environment. Hold a garage sale and fill it with the things you don’t use, don’t have room to display, or can’t access easily. You might also consider selling items on eBay. Another option is donating your items to a charitable organization as your gift may be deductible. Your stuff is someone else’s treasure.

7. Meals

If you’re working - take your lunch, shop at a discount grocery store and buy in bulk, cut out the junk food, avoid purchasing prepackaged meals, and avoid eating dinner out. Have you stopped to think that your daily latte may be costing you $600 per year?

8. Fitness

Terminate your gym membership. Try walking, running, hiking, or biking. It’s easier and more convenient to step through your front door and start exercising, plus the fresh air is invigorating.

9. Recreation and fun

Stay home with a good book or rent a video or DVD instead of going to the movie theater. Pop your own popcorn, snuggle up in your favorite chair, and have a fun night at home. As painful as it might be, you could also drop your cable TV.

10. Lifestyle

Money problems are seldom about money but rather emanate from your lifestyle choices. For example, I recently spoke with a small business owner who told me he was in financial trouble and was looking for ideas to save his business. He then mentioned that he was taking his family on vacation next month. He must have felt it necessary to justify his vacation plans because he proceeded to tell me he was taking the vacation in spite of his dire financial situation as it was important to create a positive memory and good time for his kids. I wonder how much he’ll enjoy the vacation when his business is about to tank.

If you’re in financial trouble or see it looming on the horizon, please don’t try to justify spending any more money, cut every expense today and when you’re out of debt start saving and building at least a years worth of financial reserve. It can be done! Good luck.

credit-card-debts-and-how-to-cope-with-them

Credit Card Debts And How To Cope With Them

Writen by Joseph Kenny

Credit cards may be convenient since it gives you the luxury to spend more than what you can actually afford, but they can also land you in serious financial problems if not used properly. The use of credit cards in America is increasing by the day, and unfortunately, many are struggling with debt caused due to over spending. As a responsible credit card user you must try to lead a financially sound life, and you can begin by getting rid of your credit card debts.

Never overextend the use of your credit card, as that will land you in a debt with high interest. Getting into credit card debt is very easy, but it may be very difficult to come out of it. Therefore, it is better to be cautious from the beginning, rather than finding yourself in a financial quandary.

Stop overspending

It is never too late to pull yourself out of the debt you are buried in it. The most important step is to curb your temptation to overspend. Try to limit your expenses as far as possible by keeping one or two credit cards at the most. More cards will mean more balance to pay off. This will quickly put you in a cycle of debt.

Do not use your credit card to buy a lifestyle that is unaffordable for you; instead, use cash to make your purchases. If you want to buy something that you cannot afford, then you need to save money until you collect the required amount.

In case of an emergency, you will have to use your credit card, of course, but make a strategy for payment of the balance before using the credit card. To do this, you need to make a budget and see that you use your credit card according to the budget. If you find your expenditure going out of budget, then it is advisable to stop using the credit card.

Cover your balance

Making minimum payments for your credit card bills each month may seem to be convenient, but the truth is that you are pulling yourself into a never-ending debt trap. When you use your credit card try and make full payment for the balance that is created, keeping a check on its use until you actually pay off the balance. So pay the whole amount and that too on time in order to avoid late fees. If you maintain a good credit record you may even get certain considerations from your card issuer.

Avoid special services: As a credit card holder you may get tempted to get hold of various special services like travel clubs and life insurance offered by your credit card company, but be advised not to get into this trap, because even though they may seem alluring they are just added expense for you and add to your debt-burden.

Never use your credit card to pay your loan or advance, because if you are unable to pay off the balance, it will become a high interest loan for you. So you should use your ATM card or go to the bank.

In order to make the most of your credit card you must learn to use it wisely. Remember that staying out of debt is not difficult. All you need to do is to keep a check on how and when you use your credit card.

cheap-business-checks

Cheap Business Checks

Writen by Josh Riverside

Small businesses need not worry about the expensive cost of having a customized business checks. They can order less expensive ones, some as low as seventy percent less than those produced by the established and highly reputable suppliers. Some suppliers offer free shipping within three to five working days; and some can throw in the design conceptualization service for free.

Although the more established manufacturersthose that may have supplied banks their checks for more than fifty yearsboast of high security features that make it extra difficult for frauds to duplicate checks, other, less-established manufacturers can still guarantee this kind of service to a certain degree. These less-established suppliers may not offer the same degree of customer service as the other suppliers can with consulting services and a larger range of product choices. Nonetheless, if you are small business and are just starting, these small suppliers may be the best option for you. The good news is that these companies are also keen on following quality standards. Only by ensuring quality at a much cheaper price and faster delivery do they beat or go head to head with the more established competition.

You can find these suppliers on the Internet, in the same way that you may also get in touch with check manufacturers that are industry leaders. Transactions over the Internet are relatively safe, with most of these companies employing security precautions to protect your interest and privacy.

Business checks that are made of recycled material are also cheaper. The use of recycled material does not automatically mean that your business checks will look cheap. In fact, you can even craft a good image campaign for your company as one that espouses good corporate citizenship by caring for the environment and using recycled material. Besides, you may have other concerns that could benefit from the money you save by ordering cheap business checks.

advantages-of-offering-a-pension-plan-to-your-employees

Advantages of Offering a Pension Plan to Your Employees

Writen by Jeremy Maddock

It is a well-known fact that all private employers in the United States - whether they be small businesses or giant corporations - must make a decision about whether to offer their employees some sort of tax-deferred retirement scheme.

The most popular options are 401k plans, which let employees set aside up to 15% of each paycheck in a tax-sheltered savings pool, and the less flexible but more economical SIMPLE IRA alternative, which may be more attractive to smaller enterprises.

Giving your employees the option to participate in some kind of retirement or pension scheme is known to have a number of long-term benefits, ultimately contributing to the success of your business.

First of all, offering a retirement plan is likely to attract a better class of prospective employees, who have more experience, better skills, and are looking at your company as a long-term employer. This gives you better options when selecting new staff, whether they be managers, office workers, laborers, or anything in between.

Once you have selected a good host of high quality employees for your company, having a good retirement plan in place can also serve to motivate them to work hard and “climb the corporate ladder.” This is because many pension schemes are tied to salary, and in the case of 401k plans, incentives can be built in to reward good performance.

Last but not least, offering a retirement plan is sure to make your top employees think twice before leaving your company for another employer. Pension plans can usually be structured to reward longer-term employees who show loyalty to the firm. This discourages your workers from job-hunting elsewhere, and eliminates the constant hassle and expense of having to recruit new employees every month.

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