Connect with us

Home Improvement

Protecting Your Home From the Risk of a Lawsuit

Published

on

For those who own a home, this is most likely the largest source of net worth, and with the housing market fluctuating as it now is, protecting this asset is critical. There are ways to protect your house from lawsuit risk and this article addresses those vehicles which can be used.

Exceptional Considerations

A residence has certain exceptional legal qualities which are unlike any other type of property. To protect the home from liability threats several crucial factors must be considered.

Continued Enjoyment

A properly drafted asset protection plan will allow for you to continue living in your home.

Homestead Protection

Some states have homestead protection and you should find out if your home is protected by this law. Each state exempts from judgment a certain amount of equity in your home. In New York the total amount that can be protected is $165,550 for a single and $331,100 for joint ownership. In California the amount is $75,000 for a single and $100,000 for joint ownership. Massachusetts allows $500,000. Eight states allow unlimited protection. New Jersey and Pennsylvania don’t have any protection. If the equity in your home is less than the amounts allowed in your state, then no further asset protection is needed. Otherwise, you should consider other avenues.

Plans Which Don’t Work

If you place the residence in a family limited partnership or limited liability company, the IRS has ruled that some or all tax advantages may be lost. Additionally, if a property is placed in an FLP and is reserved for personal use, the protection offered by the FLP might be challenged in a future lawsuit.

Solving the Protection Problem

The key in this scenario is to protect the equity in a home above the homestead amount while retaining the tax benefits and continued right to use and enjoy the house.

The best type of trust for this type of asset protection is the grantor trust. In this instance the trust is not the owner of the property. The trust must be respected for protection purposes but ignored for taxes.

After solving the tax issues the next step is the actual asset protection. It is important to remember that you as the owner cannot maintain the full spectrum of ownership rights. If you do it is likely that a judge would order you to turn over the property to a plaintiff. Therefore, the key is to keep ownership of your home from full and complete to something less. There are a few alternatives to this situation that can protect your home.

Personal Residence Trust

A Personal Residence Trust is a generic term applied to a trust to hold property and employ restrictions which protect it against possible loss. This type of trust is considered to be ignored for tax purposes so that no tax issues are formed and the tax benefits are protected. There are many different designs and strategies which can be used for creating this type of trust, depending upon the specific circumstances of the case.

One alternative is to allow the PRT so that your children or other family members take ownership of the house after a certain number of years. The trust allows you the right to live in the house for a period of 10 to 20 years. Depending on the terms of the trust, there can be excellent tax benefits by freezing the value of the house at its current amount and thereby remove it from your taxable estate. The number of years and other important terms can be modified to meet specific circumstances.

Another alternative is to allow the trust to own the home and lease it back to you for a certain number of years. In the instance you will be paying rent to the trust and the normal tax benefits still apply because the grantor trust rules. At the end of the term of the lease, full ownership returns to you or passed to your children.

In a slightly different version, the PRT could be provided with an opportunity to purchase or a right to exercise some other right over the property within the trust. As an example, the Personal Residence Trust is created which grants the trust an option to purchase the property for the loan amount, any time within the next 15 years. The option agreement is recorded and acts the same as a lien on the property. The equity in the home cannot be seized by a successful plaintiff, since the home itself is subject to the option to purchase for the amount of the loan on the house. Under this agreement you can live in the house without restraint and subject only to whatever terms are provided in the option agreement. There are a number of issues which must be addressed in this type of strategy but this example gives you an idea of the direction that planning can be taken.

Summary

Shielding the family home from the risk of lawsuits necessitates consideration of income tax and local property tax issues as well as your State homestead law. A Personal Residence Trust may provide a good resolution for many of the complex problems which typically arise when dealing with a home. If you feel that you have a potential degree of lawsuit exposure or you have substantial equity in your home, then you should consider some of the strategies discussed in this article. You should contact an experienced asset protection lawyer to ensure that your trust is drafted properly.

In another article I will be addressing the concept of equity stripping.

Home Improvement

Beautiful Wooden Gift Ideas 2022

Published

on

Beautiful Wooden Gift Ideas 2022
https://unsplash.com/photos/HWO6pm-OcMM

One of the best gifts to get someone is a gift that can remain on display for years to come, like a well-built wooden present. But exactly which types of ideas will make the right impact on your loved one? 

If you’re trying to show your love and appreciation for someone else, here are a few beautiful wooden gift ideas worth adding to your shopping list. 

Celebrate and Memorialize With Personalized Signs

There’s always something to celebrate in your loved ones’ lives. In some cases, this may be an achievement like graduating college, moving to a new home to start a family, or even getting the job of their dreams. Of course, there are also difficult occasions that we may wish to memorialize and work through collectively, such as the passing of a loved one or a pet in the family. 

Hardwood signs fit well into almost any space and allow you to forever capture these moments that are important in our lives. Personalized hardwood gifts like these can easily be hung or displayed proudly on a shelf as a token of your appreciation for that person and all that they represent to you. Every time they look at their gift, they’ll think fondly of both what it represents and the person who gave it to them!

Capture Moments Forever With Stunning Picture Frames

Immortalizing your favorite moments with your loved ones framed perfectly in your favorite picture frames can be a great way to grow your connection with those closest to you. Whether you’re a fan of natural wood products or recycled wood products (a better option for those who are eco-friendly in your family or friend group), there are plenty of great products out there designed for any space. 

Decorations and Ornaments

Decoration

Image URL: https://unsplash.com/photos/AJVT6oienHs

Small wooden crafts are great gifts to get those who want to spruce up their space and have something

sentimental around that they can cherish. For example, if their indoor plants are looking a bit bare, wooden ornaments that can hold a photo or feature an important date can be a great present to give them that they can use year after year. 

Furniture and Decorations

If you’re looking for something that can be used throughout the year instead, there are tons of wooden items that will be greatly appreciated. These include children’s toys or benches, small personalized wooden coasters or trays, or even items they can hang around the house like clocks.

If your budget is a bit higher, you may want to invest in some nice furniture or extravagant pieces like a Grandfather clock that they’ve been looking to buy for themselves. Items don’t have to be expensive to be thoughtful, but these gifts are sure to be greatly appreciated and taken care of for years to come. Put simply, the only limit to what type of decorations and trinkets you can get for your loved one is your imagination! 

Wood Is Timeless and Sturdy, Just Like Your Love!

Finding great presents that are thoughtful, functional, and well-built can feel like a difficult feat. However, wooden gifts meet all of these requirements, giving your loved ones something that they can enjoy and display for years to come. That being said, there are so many great ideas out there that it can be hard to sift through all of the wonderful suggestions and find something that pertains to your relationship with family, friends, or your partner. 

If you’re ready to give those closest to you a gift that represents your love and dedication, use some of the beautiful wooden gift ideas above as inspiration to build your shopping list. No matter what type of gift you decide to give them, the thought and quality of your present is sure to put a smile on their face!

Continue Reading

Home Improvement

The Joys of Living in Luxury Apartments

Published

on

Texas developer pays $15M for site of planned apartments in Denver’s Golden Triangle neighborhood

You’re tired of living in your small, boring, and white-walled apartment, but you don’t want to purchase a home that requires a lot of work. You’ve heard of luxury apartments and their amazing features. So, are they everything they say they are? Look at these reasons you need to choose a luxury apartment for your next home.

9 Reasons Why You Need to Upgrade Your Home

  1. You’re Always in a Prime Location

Luxury apartments are usually in the heart of booming businesses or swanky suburbs and offer a lot of walkability. Many times you can rent a luxury apartment next to parks or trails, while also being nearby your citi’s hottest shopping and entertainment districts. 

Big Bonus: Most luxury apartments have 24-mini markets and complimentary coffee bars, so you can stay home when you really want to. 

  1. Your Pets are Treated With Prestige

There are pet-friendly apartments, and then there are luxury apartments where your pet is considered a resident. For instance, you won’t find private bark parks or paw spas in basic apartment complexes. 

Big Bonus: Leasing teams in luxury apartments put residents first, which is why most have treats and bandanas waiting for your dog when you’re done spending quality time using their pet-friendly amenities.

  1. A Great Place for Work and Play

If you’re like most people, you need to work at some point. With today’s ever increasing remote work, luxury apartments are the best place to earn your paycheck from home. Not only do floor plans provide ample space for a home office, they also have community features like multipurpose meeting rooms for business and entertaining.

Big Bonus: The floor plans in luxury apartments are thoughtfully designed and offer uniquely elegant features. For example, you might find pop-out desks, under-counter beverage coolers, and smart home features.

  1. There’s Nothing Like Summer in Luxury Apartments

Summer amenities are definitely something to behold when you live in downtown apartments or apartments nestled in the suburbs. That’s because they always have stunning and breathtaking pools. Spend your time soaking up the sun in submerged loungers on a rooftop pool with stunning views.

Big Bonus: Luxury apartments don’t stop at the pool. They often feature extravagant private cabanas, hot tubs, summer kitchens, and outdoor televisions.

  1. You Definitely Won’t Need a Gym Membership

The fitness facilities in luxury apartments are top-of-the-line, and include many pieces of equipment you wouldn’t find in basic apartment complex gyms, like rowing machines and cycle studios. Many luxury apartments also offer a separate space for yoga and other group fitness classes.

Big Bonus: Luxury apartments often have outdoor fitness areas, too. You might rent apartments that feature golf courses, pickleball and tennis courts, or even supply community bicycles so you can explore your neighborhood with ease.

  1. They Go Above and Beyond With Entertainment

When you live in regular apartments, you might get a clubhouse with comfortable seating. However, the entertainment and community spaces in luxury apartments have entertainment features that make you feel you live in a resort. You’ll find things like media lounges and pool tables to fill your free time.

Big Bonus: Most luxury apartment properties have monthly resident events where you can sip on craft cocktails, play games, and get to know your neighbors.

  1. You Won’t Find a Better Way to Relax

You’ve worked the day away, tackled your fitness routine, and now it’s time to relax. Thankfully, luxury apartments have your back, literally. Most luxe properties have private day spas and massage rooms for you to reserve at your convenience. 

Big Bonus: You get a golden glow for free in your luxury apartment complex, because many have tanning beds. Some super luxe properties even offer spray tans, so you can be bronzed for summer.

  1. Don’t Worry About a Hotel Room for Your Guests

One of the worst parts about having friends and family in town to visit is that they have to stay in a hotel. When you rent a luxury apartment, you’ll most likely have a guest suite available for your loved ones. That way, you can spend more time together and less time traveling back and forth.

Big Bonus: How many times have you arrived at your basic apartment complex only to have zero parking available? Most luxury apartment complexes offer reserved and covered parking for your vehicle.

  1. Your Valuables Are Always Secure

Luxury apartments use state-of-the-art security equipment to keep you and your things safe. This means you can find cameras monitoring every inch of the property and smart locks to ensure only residents have access to your building.

Big Bonus: Luxury apartments realize that meal delivery services are a great way to get a fresh and fast meal. That’s why many offer cold storage package rooms, so you don’t have to worry about your food spoiling while you’re away.

Are Luxury Apartments Worth It?

Absolutely! If you’re a person looking for a low-maintenance lifestyle and incredible perks, then you won’t find a better home than a luxury apartment, because they have the space and features to facilitate a carefree life. The only choice you need to make is which property has the amenities you need to live your best life! 

Continue Reading

Home Improvement

Tips for Buying BBQ Covers and Maintaining Them for BBQ Season

Published

on

teak 172642 1920

BBQs are a great way to cook food in your backyard. Investing in BBQ covers will help keep them clean for the season.

1) BBQ Grill Covers

Protect BBQ grills from dust, sunlight, and other environmental elements. If you have a BBQ cover, make sure it is large enough to fit over your BBQ grill in case of wind or rainstorm. Measure before buying! If not, then buy an enclosure that can be used with a BBQ grill & go for additional protection.

2) BBQ Gas Grill Covers –

It’s best to get one that matches the size of your gas BBQ, so if you get one that fits perfectly, it will protect better against elements like wind and moisture than a one that is too large or too small.

3) BBQ Portable Grill Covers

When the BBQ grill is not in use, get a BBQ portable grill cover to protect it against dust and debris. If you live in an area where there are lots of storms, make sure the BBQ portable grill cover has vents for water drainage to avoid rusting on the BBQ.

4) BBQ Maintenance Tips

Maintaining your BBQ grills regularly will help them last longer. Try using steel wool for cleaning cast iron BBQ grills, while brass brushes can be used on stainless steel surfaces. If gas BBQs are exposed to moisture during storage, remove the propane tanks and let them dry out completely before reattaching them to avoid corrosion inside the BBQ.

5) BBQ Cover Safety Tips

If you are using a BBQ cover for the first time, make sure to disinfect them by washing them with water and mild soap or hydrogen peroxide solution. Let it dry completely before putting it on your BBQ grill. If you are storing BBQ covers away during the summer season, always let them dry out fully before packing them up, especially if they have been exposed to moisture during storage.

With BBQ season just around the corner, barbecuing enthusiasts are getting ready to fire up their charcoal and gas grills. If you’re looking for a protective cover for your BBQ grill, you can get one designed specifically for your BBQ type at. These high-quality BBQ covers will protect your barbecue from the elements and keep it in great shape so that you can use it all summer long.

However, if you want to get the most out of your BBQ cover and prolong its life, here are 10 tips:

Let it air dry after cleaning

Protect it from direct sunlight

Remove any dirt or debris before putting on the BBQ cover

Clean stains immediately to prevent them from setting

Do not overfill the BBQ cover

Don’t drag the BBQ cover on rough surfaces

Custom-fit covers are more likely to fit better and last longer

Always dry off your BBQ before putting it into a BBQ cover

When using a BBQ rotisserie, place a BBQ grill mat under the spit or skewers to prevent black marks on the BBQ cover

Maintain your BBQ’s original shape by taking off any clips or strings from inside the BBQ cover.

Choosing a high-quality BBQ cover is essential to protecting your barbecue from damage due to elements such as water, dirt, debris, and sun exposure. That being said, since most barbecues are stored outside during use, they can be prone to damage from rain and moisture. If you’re looking for BBQ covers that can withstand rain and moisture, look for BBQ covers labeled as water-resistant or water-proof. BBQ covers are generally made from vinyl, nylon, or other synthetic materials.

If your BBQ grill is in need of some tender love and care to get it ready for BBQ season can help. From BBQ accessories such as BBQ rotisseries and containers to BBQ tools such as tongs and spatulas, they have all the BBQ supplies you need to keep your barbecue beautiful so that it will be a great addition to your outdoor cooking experience all year long!

Conclusion:

With BBQ season just around the corner, BBQ enthusiasts are getting ready to fire up their charcoal and gas grills. However, if you’re looking for a protective BBQ grill cover that can withstand rain and moisture, look for BBQ covers labeled as water-resistant or water-proof. BBQ covers are generally made from vinyl, nylon or other synthetic materials. If your BBQ is in need of some tender love and care to get it ready for BBQ season can help. They have all the BBQ supplies you need to keep your barbecue beautiful so that it will be a great addition to your outdoor cooking experience all year long!

Continue Reading

Trending