Wednesday, August 5, 2015

3 Ways to Estimate Property Value

You're interested in a particular piece of property. How much should you pay for it?
There is no single "right" answer because each person is likely to look at it differently depending on how the property suits their needs. BUT, rest assured... valuing property is probably the most important skill you must develop to be successful in real estate investing.
The first lesson I teach my students is "Never..Never..Never.." pay too much for a property. Paying too much means you've given away profit or it may even mean a loss on the deal. And, once you've paid too much you can never replace that lost profit.
At its simplest level, you will be looking at a property and determining the value you believe it should be purchased for... AND, at the same time you will also be figuring the price you think you can sell it for. You'll try to get into your eventual buyer's head to estimate what it would be worth to him or her.
Before making an offer on a property you must estimate a value that makes business sense to you. There are 3 ways to help you know whether your valuation or the seller's asking price is within the ballpark:
#1 Contract for a certified appraisal
#2 Research market comparables
#3 View tax assessor values
Let's discuss each of them to help you make the most of these valuable tools:
Certified Appraisal is the most costly of the three but it is the most accurate and objective. It may also help you determine whether you will be able to obtain conventional financing. To order a certified appraisal report, use the Yellow Pages or the internet to contact a local appraiser. Be sure he/she has experience in the neighborhood you are researching. The cost of a residential property appraisal is generally $250-$400. The appraiser will provide you with a specific amount the house will sell for, say within a 6 month marketing period based on factors such as square footage of living area, comparable selling prices of properties on the same street and within the neighborhood, the overall condition of the house and other factors. The appraiser will come up with a most likely sales price and you can then determine if the deal is feasible or not.
Knowing the Market Comparables of like properties in the area can be helpful in determining how much the property "should" be worth. A real estate agent routinely provides CMA's or comparable market analysis reports as a free service if they feel you might become a customer sometime in the future. The real estate agent will be able to pull up a list of similar properties in the area that have sold in the last 6 to 12 months using their Multiple Listing Service database. They will also look at properties currently listed and the ones currently under contract. You can also see typical sales prices in many newspapers or the public records (see County Property Appraiser in formation below).
Once you have a CMA or market comp analysis, how do you determine if your target property is a good deal? Let's take an example. According to market comps the highest sale price in the area you're interested in is $115,000. The purchase price for the investment property you plan to buy is $75,000. You have determined the rehab cost to be $20,000, closing cost on the loan is $12,500, and you expect your cost during the holding period to be about $4,000. Your total cost on this project is $111,500.
Is this a good deal? No! unless you like working for peanuts. On this deal you are only going to make $3,500. for all your trouble. My bottom line is this, if I can not make $15,000-$20,000 rehabbing a property then it's not a good deal.
Another great source of information is to view your local county Tax Assessor values of property. These are available to you on the internet. You will be surprised how much free information is available to the general public. This will help you estimate a value for any property you're considering.
You can search for information on any property using the owner's name, address, folio number, or other I.d. number. Once you find the property, you will see the most recent sales transactions/prices, the assessed and taxable values (whether it is owner-occupied or not), and you will find a reasonably accurate estimate of replacement cost and estimated value based on the condition of the structure. Some sites even have a button you can push to pull up all recent sales of similar properties within a close area of the home - thus providing you an automatic comparable sales analysis.
You can find information on the size of the building, its dimensions, lot size, number of bedrooms and baths and construction materials (frame vs. masonry, etc). You can also call them on the phone for explanations and other tips - they're surprisingly helpful. Your tax dollars help pay for this county appraisal service so make the most of it!
Hopefully this article will help you the next time you are out there evaluating a property to purchase. Real estate investing is really just an art. What is too risky for some investors might be right in line for others. You just have to set your buy parameters and follow them for success.
If you are looking for more articles related to real estate investing then please visit my site at http://www.kennyrushing.com
Kenny Rushing,
Real Estate Educator for the People


Article Source: http://EzineArticles.com/8703738

Our Unhelpful Competitive Nature

What's wrong with some healthy competition?
I was 12 years of age, sitting in the back of my Dad's new car just a few weeks before the end of a school year. My Mum had a brainwave, then went onto state that there would be a prize for either myself or my younger sister, whoever came home with the best school report card that year.
Even though I was always up for a bit of healthy competition, there was a huge problem with this competition and I had a huge disadvantage. Throughout my school years (as I have previously mentioned), I was a fidget, a gossip and was sometimes known to be a little bit naughty and cheeky to the teachers at times.
Some days I would even bunk off school to go my friends house, experiment with his Dad's whiskey and eat cream cakes from the local shop whilst watching MTV on the TV that my friend had in his bedroom.
My sister was very different. She was a conformist to the rules, she had her homework handed in on time and always sat quietly in class to her teachers delight.
I was doomed for failure in this competition before we even got started!
I guess that a huge problem we may or may not be able to identify in our great Western culture is how society makes us rather vulnerable towards turning success and achievement into something holistically profound and life enhancing.
You may be able to identify as you read on how from the earliest years of infant hood, we have an informal allegiance of well intentioned parents, family members and educational professionals creating for us a pressure pot of competition between our siblings and our classroom peers.
This pressure pot seems to be specifically designed to churn out and produce the highest calibre of student that will strive for excellence in everything they do - or alternatively be a mediocre underdog. Identity Crisis.
The common cultural belief is that society demands this.
Our cultural norms tell us that in order to do well in life and succeed by getting a good job someday, it's imperative that we conform to the rules, speak when spoken to and simply do our very best not to think for ourselves whilst regurgitating the information they present us with in as an effective and competent a way as possible.
To do this we must conform, sit still, listen carefully, pay attention, and don't ask questions unless they are asked at the right time and in the right way.
The institution is no longer the safe haven in a cruel and demanding world that it once was. Whereas many years ago the family home may have offered a counterbalance to the brutality of 21st century living where society openly embraces the concept of a dog eat dog culture amidst the educational, business and career worlds.
The institution of family seems to have become little more than an incubator for nurturing the cravings for success and significance during our infant hood, that sets many of us up for failure as adults.
But this is our norm and just the way things are... right?
So, returning to the friendly family competition. I didn't win that year and my sister brought home a far greater school report than what I did. All I can really remember about the whole scenario is how much I hated being beaten by a girl who was younger than me.
I just wasn't good enough.
Was this who I was?
The profound emphasis that is placed on high achievement in schooling, the arts, the music industry and sports, in business, in financial standing and social status has always taken its toll, leaving countless numbers of people feeling helpless despite their best efforts, useless, worthless and without hope of ever being better.
Is this who we are?
In 2009 I returned home to Scotland after spending over 3 years living in both Australia and New Zealand. From the glamorous lifestyle of Queenstown New Zealand, I found myself in High Valleyfield in Fife, Scotland - literally apposite ends of the earth with not one similarity between them.
Within only a few weeks of my homeland return, I had began to notice a rather peculiar thing. Everyone looked so similar!
Now I've always understood the importance of street credibility, fashion awareness and the cruciality of 'fitting in', however this was possibly the first time in my life that I'd ever questioned my own desperate need for social and cultural approval.
At this stage of my life I had returned back to full time education for what was the first time in years, I was mainly surrounded by teenage students who were mostly up to date with the latest hairstyles, trends and fashions. Where I may previously have considered myself relatively 'cool' in terms of my fashion sense and general appearance, I found myself with some severe doubts over my degree of cultural relevance.
In the lad's mags and health subscriptions, David Beckham (even over the age of 40) was still hugely influencing male grooming on a national scale. In Fife, within a few months of the latest billboard advertisement being publicly presented to the masses, an extremely high percentage of the 18 - 30 local male population would begin to groom themselves in a similar manner.
As for the girls, the R & B Queen of the time, Rihanna had taken a momentary downwards life spiral and has hitting the press for having had 'gone off the rails'. One moth Rihanna was in rehab, the next was back on the international stage with dyed bright red hair.
In the months that followed, approximately half of the local Fife population between the ages of 16 - 24 also had dyed bright red hair.
Although as I must be honest, I quite liked the most recent David Beckham combover and Rihanna's most recent shade of red, I did begin to question whether this rapid change in style was nothing more than the expressional of a cultural belief that conformity to the latest trends will win the favour of peers, further social acceptance and the might sought after adoration of others?
If my assumptions are accurate that our Western culture of competitive conformity is nurtured from within the walls of the family home, from our parents, amongst siblings, or through the attempts of not just 'keeping up with the Jones's' but completely outdoing them financially, materialistically and relationally. Could this 'learned competitiveness nature' also become a cultural norm through the other institutions throughout our society?
If so this is a pressure pot indeed, where there is little room for the individual, the non conformist or the free thinker to simply survive, little own thrive!
Who could ever just be 'good enough'?
In 2014 Scotland, some may say that we're still in the midst of an economic downturn. What I'm about to suggest here isn't necessarily new thinking, but could a reason for the downturn even happening in the first place be in part due to the greed of the bankers through loaning people money that they they would be unlikely to ever be able to pay back - alongside the consumer mentality on a nation in it's attempts to simply keep up with the Jones's?
Could the same sibling rivalry that gets nurtured in the family home be the same power hungry rivalry that penetrates the exclusive networking groups of the rich and financially affluent?
Could the same driving force behind the human races adulterous desire for more wealth and self status simply stem from exactly the same childish desire to compete and win amidst our siblings and peers?
The elusive temptation to compete and win will often govern us to the point of complete self consumption, bitterness and spite towards others and jealousy towards those we deem to be 'better than us'.
Reflect up the countless stories of murders, rapes, paedophillic acts and other violent crimes that take place within the family home and even long term relationships. Could a reason for one persons need to overpower another and 'come out on top' be again, nothing more that a perverse desire to win?
If one person grows to believe that the amount of love and respect they receive from another is in jeopardy of being lost to a rival or competitor (a schoolyard rival, a business competitor, a company colleague or even a sibling), would this feel like an act of war in need of some desperate retaliation?
Whether we're used to winning or losing in life will determine the amount of fight or resistance we put up towards our competition, and unfortunately, if we're driven by the desire to protect what we currently have, we stand at risk of never even felling content or satisfied with what we have due to fear of losing it.
In the introduction, I mentioned a highly destructive relationship that I entered into upon my exiting the armed forces. The consistent fear I experienced throughout this relationship was of losing my partner at the time to another guy with bigger muscles, a larger bank balance, a bigger house or more significant career to which I would be unable to compete.
I guess all this stemming from a deep rooted fundamental belief that I wasn't 'good enough' by just being myself.
Although we'll be exploring this belief at a later stage in the book, this pattern of thinking held me hostage for years and played a he part in keeping me on the outside of my relationships for years. I lived in constant fear of losing whatever I had, so much so that keeping hold of second best or even an abusive relationship would be better that going back to being on my lonesome once again.
People will seldom do the things they do for the reasons we think that they do them.
Winning the competition and coming out on top is an ingrained part of our Western make up, as is plentiful sex, instant gratification, easy relationships, financial wealth, dog eat dog, and an abundance of materialistic possessions. These things are always sneakily marketed in a way that leads us to believe that they will win us the favour of others and ultimately make us the consummate insiders.
Many of these things when won, can often guarantee us into the most exclusive social circles of which others would envy and look up to. We win!
Many people in life pursue success as a means by which to overcome the painstakingly horrible feelings that accompany being the outsider.
I never got the golden stars or the glowing report cards, and I never won any prizes for being particularly special at anything I enjoyed throughout my school years experience. I never won the competition with my sister that year in question and a girl came out on top. I didn't believe I was good enough.
Upon entering working age and joining the army, I had grown to believe that I had to do whatever it took in order to work my way through the ranks in view of reaching the top someday. I had this innermost need to succeed and be seen as significant, to achieve and win, to smash my targets, win the races, master the classes and find a way to manipulate the prettiest of girls into bed with me. Why?
Because from a very young age I grew to believe that I wasn't even good enough to beat my younger sister in a stupid competition.
I believed that if I could find a way to reach the tops of the pyramids, win the competitions and master everything that I touched, I'd get access to the 'special people clubs', the top social sets and become able to merge myself in with the people at the top who I believed inspired me the most.
I was wrong.
I've spent years coming up with conclusions as to why I was so driven by success and achievement throughout my life, maybe the only person I ever really wanted approval and validation from was my dad? After all, I spent years in the attempt of gaining approval from countless other people who meant nothing to me, so who knows?
I'm not saying that my Dad ever openly declared his disapproval of me or claimed that he wasn't proud of my achievements or accomplishments, but for some reason I always found it difficult to believe that he ever did.
This was just my experience in reality but by no means an expression of truth in actuality.
I'm not a Dad yet, but 'God willing' I will be within the next few years. I don't believe for a second that any parent could express the approval of their children too much as it's in our early years that we grow to develop our fundamental beliefs about who we are - whether we're good enough, not good enough, winners or losers!
I grew to believe at an early age that beating the competition would enable me to find acceptance in the people that I thought mattered, and to date, all my greatest successes and achievements have never ben able to deliver what I've always needed the most.
Unconditional acceptance.
Winning the competition will seldom win you this prize.
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Article Source: http://EzineArticles.com/8702940

The Luxury Market Bubble

There are endless and sometimes justifiable discussions about many bubbles percolating these days at the cusp of bursting, notably stock market, student loans, real-estate market (again), commodities, currencies, etc. The word 'luxury' has morphed into a label that's applied and slapped on to everything from private jets to dog food enabling firms from family run to large corporations to increase prices exponentially in excess of its actual value. Uttering the word 'luxury' has an inflationary effect for a product or service that's frequently only marginally superior to the basic, no-frills model except with more aesthetic appeal, not substance. The word 'luxury' fulfills an almost pathological desire to appear wealthy.
Renovated tenements in gentrified neighborhoods are now luxury rentals. It's the same building, same units now equipped with new 'luxury' designer appliances and perhaps a smartly outfitted security/concierge. And let's not forget the empty lot next door that soon will become a new glass building blotting out the sunlight in your luxury unit and adding yet more residents to a hyper-dense community. It's all an illusion. The issue is to what extent the next economic downturn will erase the word 'luxury' from the marketing lexicon for the aspiring consumer.
Luxury has been cheapened. It was formerly for the genuinely wealthy to have luxury everything. In fact the aspiring wealthy never existed. Your working class elders probably owned a Brooks Brothers suit or coat - 2 maybe 3 high-end and high-quality items in their entire wardrobe that they wore regularly. But they never aspired to be outfitted head-to-toe day in and day out with luxury threads; a quality garment for sure but never becoming a designer label whore. The luxury mantra has seduced the middle-class and even working poor to somehow wear that over-priced, under-performing 100% polyester hoodie with some designer label splashed across the front and/or back to insure that others don't think that their part of the 'unwashed'.
That's why high-end firms perform the tricky high-wire act of selectively democratizing their brand without tarnishing it by offering an occasional 'entry-level' product or service such as the 'affordable' Maserati or a particular BMW series and often slapping their label on more affordable accessories like watches, baseball caps, T-shirts, handbags, wallets, colognes & perfumes with the usual premium price.
The word 'aspiring' also refers to firms because these same firms aspire to build a broader customer base by using these entry level luxury products and services as a psychological placeholder for future purchases. The consumer reaches up while the aspiring firm reaches down (to a limited extent) to connect at the point of sale.
What happens in the next economic crisis when the aspiring luxury buyers are unemployed, under-employed and can barely meet their basic needs? The luxury bubble bursts and aspirations fall short because now the consumer's arms simply can't reach high enough.
Indo-Brazilian Associates LLC is a NYC-based global advisory service and think tank with connections at the highest levels. International business is increasingly complex featuring a highly mobile professional class in all corners of the globe. We provide you the tools to get on the "Short List" in your inter-cultural and global business endeavors. Tell us about your challenges. We can help you get on the "Short List."
Available for speaking engagements and workshops.
Contact: agoldson888@gmail.com
Blog: atthehigheslevels.blogspot.com
Twitter: @caerusNYC


Article Source: http://EzineArticles.com/8704017

How to Buy a Home When You're Not Married

While the majority of home buyers are married couples, fair housing prices are leading more and more married couples (who might never marry) to purchase homes together. From 2001 through 2011, married couples accounted for almost 62% of home buyers, while unmarried coupled made up a lousy 7.5%.
Weddings are expensive, which might be one reason why couples are putting off marriage in lieu of homeownership. Instead of continued rent, many couples want to make their money work by paying it toward something--but they aren't all that interested in marriage quite yet. Modern love looks different from that which our parents shared--but homeownership, in all of its forms, is exciting.
If you find yourself in a similar situation, there are a few tips and tricks that can help you along your way.
First, you'll need to look at both of your financial statements. This includes bank statements, credit cards, student loans, any retirement accounts, etc. Share your credit reports as well--you'll need to know what you're getting yourself into, married or not.
Next, figure out what you both think you can afford. Look for houses that fall within the range, and don't tempt yourself by going outside of those restrictions. Decide how much each of you is capable of contributing and decide whether or not you'd like to apply for a home loan together. Keep in mind that a house payment should not account for more than 30% of your monthly income.
You might decide to make equal payments, or you may opt to have each contributor pay 30% of their individual earnings, making the payments a bit more fair.
No matter what, you should sign a contract. While you may not be able to imagine a situation in which the two of you split up, things can happen. A home is a big purchase, so it's important to cover all of your bases.
Your contract might include things such as who gets the house in a split up, how much of the house each person owns (it can vary based upon your agreement), and who gets the house if one partner passes away.
You'll also want to review the tax implications. Many people choose to own homes because they allow for you to deduct mortgage interest payments come tax time. If you're combining separate income tax returns, you'll both get mortgage deductions, though they'll be different.
Finally, if you're planning to be married eventually, you'll need to take expenses related to your wedding into account. Homeownership is not without its costs, so you may consider cutting back on your wedding related expenses. You might also consider waiting to buy a house until after the marriage is official. You'll get tax breaks and the process will be easier.
Luckily, no matter your thoughts or timeline for marriage, there are options to get you into a house that you own at any stage of life, provided you're financially secure and able to tackle the task. A little research, some planning, and a lawyer will get you squared away--so happy hunting!


Article Source: http://EzineArticles.com/8703681

Social Security and Medicare Planning

Many Americans think that Social Security and Medicare are one-size-fits-all programs that offer no opportunity for choice or customization. But in fact, taking the time to fully understand how these programs work and to consider the most effective ways to include them in a long-term financial plan can significantly expand their usefulness.
A common misconception about Social Security is that workers' taxes are held in personal accounts for the use of the workers who earned them. In fact, the taxes that today's workers pay into Social Security support the benefits of today's retirees, as well as other Social Security recipients such as disabled workers, survivors of workers who have died and dependents of beneficiaries.
When you work and pay Social Security taxes, you earn credits toward your future benefits. The number of credits you need to secure retirement benefits from Social Security depends on your birth year. As of 2014, workers receive one credit for each $1,200 they earn, up to a maximum of four credits per year. Assuming you were born after 1929, you will need 40 credits, the equivalent of 10 years of work, to earn retirement benefits.
How much you work also affects the amount of your eventual benefit payments. Higher lifetime earnings result in higher benefits later on. If there are years you do not work or earn very little, you may receive a smaller benefit amount than you would have if you'd worked steadily throughout your career. The age at which you begin collecting benefits can also affect the size of your benefit payments; I will discuss this more fully later in this article.
Medicare is also funded by payroll taxes, in addition to monthly premiums from those taking advantage of the program. Medicare is a health insurance program mainly for people age 65 and older, though certain younger people with specific disabilities can also qualify. The program helps with health care costs, though it does not cover all medical expenses or the cost of most kinds of long-term care. Medicare comes in four parts:
  • Part A helps pay for inpatient care at hospitals or skilled nursing facilities following a hospital stay, as well as some forms of home health care or hospice care.
  • Part B is basic medical insurance, which helps pay for services from doctors, outpatient care, home health care, durable medical equipment and certain preventative services.
  • Part C is also known as "Medicare Advantage;" these plans are available from private companies in certain areas. People with Medicare Parts A and B can choose to receive all of their health care services through a Part C provider organization. These plans combine coverage for hospital stays and doctor visits.
  • Part D helps cover the cost of prescription medication.
Many people expect to take advantage of Social Security, Medicare or both one day. Taking time to integrate these programs into your overall financial plan can help you to secure the greatest benefits available.
Social Security Planning
A common question about Social Security is when to start drawing benefits. You can start drawing benefits as early as age 62 but, as mentioned earlier in this article, drawing your benefit as soon as you can will reduce your benefit amount. Your benefit will be larger if you wait until full retirement age (FRA). Your FRA is determined by your birth year; for anyone born in 1960 or later, it is 67. If you take your benefit as soon as you turn 62, your benefit payment may be between 20 and 30 percent less than it would have been if you had waited until you reached your FRA.
For some, this tradeoff may be worthwhile. On the other hand, it is worth noting that your FRA is not a cutoff for earning Social Security credits. If you work past your FRA, you can add up to four credits a year until you eventually retire, and higher lifetime earnings ultimately mean higher benefit payments, since Social Security takes the average of your 35 highest earning years to calculate your benefit. Additionally, your benefit automatically increases each year that you wait from the time you reach FRA until your start receiving your benefit or reach age 70, whichever happens first. For many, the benefit can increase approximately 8 percent for each year you delay benefits after your FRA.
You can also receive benefits while you continue to work. However, your benefits will be reduced if your earnings exceed certain limits in the months leading up to your full retirement age, so it is important to be mindful of the timing of your work income. If you start receiving benefits before your FRA but continue to work, $1 in benefits will be deducted for each $2 in earnings over the limit; in the year you reach your FRA, this amount changes to $1 for every $3 you earn over a higher annual limit, until the month of your FRA.
Because of this rule, if you have started benefits while not working but need to return to work before your FRA, you might want to pause your benefit payments. You might also want pause payments if you realized you should not have claimed as early as you did. Unfortunately, you cannot stop your Social Security payments unless it has been 12 months or less since you began drawing benefits or you have already reached FRA. If you do not meet either of these conditions, you cannot pause your benefits until you reach your FRA, so be cautious when deciding when to claim your benefit.
You may sometimes hear about an older "pay back" strategy. Formerly, you could effectively use your Social Security benefits as an interest-free loan. You could collect benefits early, pay them back and restart your benefit at a higher rate as you approached or reached your FRA. However, as of December 2010, the government imposed the 12-month limit on stopping benefits, greatly reducing Social Security's use as a loan mechanism.
Sometimes a married couple will decide that filing and suspending is the best strategy. For this to work, the person suspending must have reached his or her FRA. The strategy can allow the lower earning partner to collect a spousal benefit, for a total benefit payment up to 50 percent of the higher earning partner's benefit, while the higher income spouse suspends benefits, accumulating delayed retirement credits. For example, John and Sue have both reached FRA. John is eligible to receive $2,400 monthly from Social Security; Sue will only receive $600. To use a file and suspend strategy, John files first, allowing Sue to collect $1,200 total between her own benefit and her spousal benefit. Once Sue files, John suspends his application. Sue can still receive the $1,200 every month, even though John has stopped collecting his checks. At age 70, when he no longer receives increased credit for delaying, John will reactivate his benefits.
For couples who need extra income, but who don't want to start Social Security all at once, the option of a restricted application might be helpful. In this strategy, one partner files for full benefits, while the other simply uses the spousal benefit to piggyback off the spouse's income. When the person receiving the spousal benefits reaches age 70, he or she can switch to a full benefit based on his or her own lifetime earnings. This technique provides a higher survivor benefit for the spouse who filed first, since the spouse who waited increased his or her benefit amount by doing so. Note, though, that this strategy only works if the partner applying for the spousal benefit has reached his or her FRA. Otherwise, he or she is assumed to be filing for their individual benefit in addition to the spousal benefit, and the individual benefit is consequently locked in at a lower rate, defeating the strategy's purpose.
As you can see, while Social Security benefits are mainly designed to benefit the worker who earned them, married couples receive special consideration. Even if your spouse has never worked, he or she can receive a spousal benefit up to one-half of your benefit amount. If both partners have worked, personal benefits are always paid before spousal benefits unless you employ one of the previously discussed strategies. Claiming a spousal benefit does not reduce the main earner's benefit amount.
Divorced spouses are often eligible for spousal benefits too, even if the divorced worker has remarried. If your ex-spouse remains unmarried and your marriage lasted 10 years or more, he or she is entitled to benefits as long as he or she is age 62 or older and the spousal benefit is greater than the benefit he or she would receive based on personal work history.
Survivors may be able to receive benefits if an individual who worked long enough to qualify for Social Security benefits dies. Survivors who may be eligible include:
  • Widowed spouses age 60 or older, or age 50 or older if they are disabled;
  • Widowed spouse of any age who care for the deceased's child, if the child is under 16 or disabled;
  • Unmarried children who are under 18 (or up to 19 if they are students in elementary or secondary schools) or who have a disability that began prior to age 22;
  • Stepchildren, grandchildren, stepgrandchildren or adopted children, under certain circumstances;
  • Surviving divorced spouses who meet the criteria discussed above.
I have mentioned disability several times in connection with Social Security eligibility. In general, two different earnings tests together determine whether an individual is eligible for disability benefits. First, a "recent work" test is based on the individual's age at the time he or she became disabled. Second, a "duration of work" test must show that the individual worked long enough to be eligible for the benefits. If you qualify for disability benefits but are later able to return to work, Social Security disability benefits continue until you complete a trial work period, in which you earn more than $770 per month for nine months within a 60-month period. After the trial period, you can still work and receive benefits for any month your earnings are not "substantial." In 2014, this is defined as over $1,070 for the month. This extended period of eligibility lasts for 36 months.
Social Security benefit payments may be partially subject to tax, no matter the circumstances under which you draw them. How much of the benefit is taxable will depend on your total income and your marital status. For married couples filing jointly, if your combined income is over $32,000, between 50 and 85 percent of benefits will be taxable; for individuals, this threshold if $25,000. Whatever portion is taxable will be taxed at ordinary income rates. Since U.S. citizens are taxed on worldwide income, these rules apply no matter where you live. If you do live abroad, your ability to receive benefits (and your potential to be taxed on them) will generally not be affected. There are a few countries where Social Security payments cannot be sent, however, so be sure to be aware of these restrictions before relocating or planning extensive travel.
Medicare Planning
If you have already received Social Security benefits, the federal agency that runs Medicare will contact you a few months before you become eligible regarding enrollment. Otherwise, you should sign up three months before you turn 65, even if you are not retired and have no plans to retire in the immediate future. There are also certain special cases in which you can apply prior to age 65. These include government employees who become disabled before age 65 or anyone with permanent kidney failure. Once you are enrolled, you will receive a Medicare card that indicates which parts cover you.
When you first become eligible for Part A, you have a seven-month period, referred to as the initial enrollment period, in which to sign up for Part B. If you delay signing up, you will ultimately end up with delayed coverage and higher premiums. You will, however, have a chance to sign up in the general enrollment period each year, which runs from January 1 to March 31. Your Part B coverage begins on July 1 of the year you enroll.
Given the potential for higher costs, why would you not enroll right away? The most common reason is that you already have medical insurance you plan to keep. While hospital insurance (Part A) is free for almost everyone, medical insurance (Part B) comes with a monthly premium. You need to weigh whether the additional coverage is worth the extra monthly cost. There is no one right answer to this question; it will depend on your personal situation and the sort of insurance you already have. Speak with an insurance agent to see how your private plan and Medicare Part B fit together. This is especially important for those covered under a family policy. It is also important to note that neither private health insurance policies nor Medicare typically covers nursing home or long-term care. These needs should be planned for separately. For those who choose to delay enrolling in Part B, a special enrollment period is available to those with employer plans. The special enrollment period allows you to enroll in Part B any time while you are still covered by the group health plan, and up through eight months after the employment or group coverage ends (whichever comes first), without penalty.
Should you choose to enroll in both Medicare Part A and Part B, you are eligible to purchase Medigap, which is a Medicare supplement policy. Medigap is private insurance that helps pay some of the health care costs Medicare doesn't cover, such as copayments and deductibles. Medigap is different from a Medicare Advantage Plan (Part C) and cannot be used if you have Part C coverage. Medicare Advantage Plans are a way to get Medicare Part A and B benefits through private insurance, while Medigap supplements the costs of your original Part A and B benefits through Medicare. There are 14 Medigap policy options, named A through N. (Plan A offers the least coverage; Plan N offers the most.)
Medigap providers are generally allowed to use medical underwriting to decide whether to accept your application and how much to charge you for your policy. However, there is a Medigap Open Enrollment period, during which you can buy any policy the company offers for the price available to someone in good health, even if you have health problems. If you apply at any other time, there is no guarantee that you will be able to secure a Medigap policy or that it will not be prohibitively expensive.
What about Medicaid? While Medicaid and Medicare are often mentioned together, these are separate programs. Medicaid is income-based, not age-based, and it is administered by the states. Each state's rules about who is eligible and what is covered are different. If you suspect that you may qualify for both Medicare and Medicaid, it is important to make sure you understand what each program covers and what it does not.
Both Social Security and Medicare can introduce a host of additional financial planning issues beyond the scope of this article. By keeping the basics in mind, however, you can start integrating these programs into a balanced, big-picture view of your financial plan for the latter part of your working life and ultimate retirement.
For more articles, please visit the Palisades Hudson Financial Group LLC newsletter or subscribe to the blog.


Article Source: http://EzineArticles.com/8705565

Enrol in Registered Nurse Schools in North Carolina and Boost Nursing Competencies

There are many schools of nursing, community colleges, and Universities in North Carolina for receiving nursing knowledge and skills. The programs that lead to initial RN license are approved by the North Carolina Board of Nursing (NCBON). The Board also provides an online list of programs. The students are required to complete these programs to be eligible to sit in the NCLEX -RN exam.
In North Carolina, applicants can follow more than one training path to receiving initial registered nurse licensure including diploma program, associate degree program, and baccalaureate degree. In addition, RN schools also offer graduate level programs to pursue advanced level nursing education. These beyond the entry-level programs include RN to BSN, MSN, and Doctorate. These graduate programs are beyond the jurisdiction of NCBON. Currently, there are 23 RN to BSN, 12 Master's Degree, 7 Nurse Anaesthesia Programs (MSN), 4 Doctor of Philosophy in Nursing, and 7Doctor of Nursing Practice programs in the state.
Diploma Programs: The post-secondary colleges offer diploma programs in the state, and on successful completion of these programs; the students are awarded a Diploma and allowed to take the NCLEX-RN exam. The program duration is 2-2 ½ years and requires completing classroom instructions and clinical hands-on experience. The applicants are required to meet the program and licensing requirements and pass the exam successfully to receive an RN license. There are currently, two diploma programs in the state.
Associate Degree (AD) is an entry-level nursing program and comprises of classroom instruction and clinical training. The program lasts two years and trains nurses for safe and competent nursing care across the lifespan in varied health care settings. The graduates of approved programs are awarded associate and/or applied science degrees. The successful completion of the program makes an applicant eligible to take the national licensing exam for licensure, and passing of the licensing exam grants an RN license. Presently, North Carolina offers are 58 Associate Degree programs.
Bachelor of Science in Nursing (BSN) is four years long program, and awards baccalaureate degrees on successful completion. There are 22 BSN programs in the state, offered in colleges and universities. The program curriculum for the first two years requires meeting general education requirements, while the remaining two years are devoted on nursing courses that include classroom instructions and practical training with special emphasis on community health, research and leadership skills. The graduates are allowed to appear in the national licensing exam, and to receive RN License, they must pass the exam.
There are also state, federal, and private organization offered scholarship, grants, and loans for nursing education. The students who seek to join the army, navy or air force as a nurse upon graduation can apply for these scholarships.
If you wish to work in an entry-level nursing position in NC, you can obtain necessary nursing competencies by completing your education by enrolling in NC RN schools and passing national licensing examination. You can also browse RN certification page to find details on certification and licensing requirements and procedures in the state.


Article Source: http://EzineArticles.com/8706861

Monday, August 3, 2015

Know About Registered Nurse Schools in New Jersey

A registered nurse in New Jersey must be thoroughly competent in nursing care and services. The state Board of Nursing also requires registered professional nurse to be able to make safe decisions while delegating tasks to licensed nurses, nursing aides, technicians, caregivers and other ancillary nurses, and supervising their works. They must also be capable of preparing patient care plans, assessing nursing needs, the implementation, and evaluation of the care.
There are multiple paths to get registered nurse education in the state. These tracks not only offer nursing competencies, but also provide eligibility to take the National Licensing Exam for RN (NCLEX - RN). The paths that can lead to licensure include Generic baccalaureate degree programs, Associate degree programs, and Diploma Programs. Currently, there are 18 Associate Degree programs, 18 Baccalaureate Schools, 7 Diploma Schools, 42 Vocational Schools, and 1 Entry-Level MSN - Nursing Program in New Jersey. These programs are approved by the New Jersey Board of Nursing.
The students can enrol in Registered Nurse Schools in New Jersey for these diploma and degree programs. These schools are licensed by New Jersey Commission on Higher Education (NJCHE) for providing degrees. It must be noted that only accredited programs that are granted provisional accreditation are eligible to admit students. However, the state law requires programs to complete few conditions to receive the accreditation and permission to admit students. These prerequisites include graduation of the first class, passing the licensing exam the first time by seventy-five percent first or second graduating class appearing for the exam, and submission of a self-study report by the Board showing the compliance of the state's Administrative Code (N.J.A.C) requirements.
N.J. A.C further requires that there must be a program administrator for every nursing programs. The qualifications of these administrators include a master's degree with an earned doctoral degree or a doctoral degree in nursing, and, administrator for Associate degree must hold a master's degree in nursing, in addition to qualifications included in the Administrative code. The programs must meet the accrediting agencies requirements or must be accredited by the Nursing Accrediting Commission (NLNAC) or the Commission on Collegiate Nursing Education (CCNE). The program curriculum includes various general education and nursing courses, in addition to the nursing practice act, and Organ and tissue donation and recovery.
The students seeking RN licensure must meet the licensing requirements of New Jersey law and pass the NCLEX-RN after completing the chosen programs successfully. The students can also apply for state, federal, and private foundation financial aids consisting of loans, grants, and scholarships.
The students can also apply for various state, federal, and private foundation scholarships, grants, and loans to complete their education.
You can also browse New Jersey RN schools for additional information on program requirements and list of nursing schools in the state. However, the details on RN certification requirements, procedures, online certification and other related information are available on Certification page.


Article Source: http://EzineArticles.com/8706909