What Is Probate?
Probate is the court supervised process by which a decedent’s assets are transferred to his heirs, either by his Will, or if there is no Will by the statute of intestate succession. The word "probate" has its origins in the Latin "probatum" which means a "thing proved" and "probare" which means "to prove".
Assets Subject to Probate
Assets NOT Subject to Probate
The probate process involves notifying the decedent’s heirs at law and the beneficiaries of the decedent’s Will of the existence of the Will. The notice provides them the opportunity to contest the Will in the event that the decedent did not have the requisite mental capacity or was unduly influenced by a beneficiary. The probate process also involves compiling a list of the decedent’s assets so that the assets may be distributed according to the decedent’s wishes. Finally, probate involves accounting for all of the assets in the decedent’s estate, including the payment of estate taxes, debts and expenses incurred by decedent during his life or as a result of the administration process.
An executed and fully funded Heritage Living Trust will avoid Probate. Visit http://heritagelivingtrust.agency/mishra/ for more information.
Independent Heritage Agent
What does it take to Build Wealth?
One of the best ways to build or acquire wealth over time is to invest your money into real estate assets, but the reality is that many people are reluctant to invest. Some of the top reasons that people forget about building wealth are: They don’t feel they have enough money, don’t know how to get started, don’t feel confident in the market, and a lot is due to the recent financial crisis. To build wealth over time, you need to do 4 main things: 1. You need to make money, 2. you need to save money (which includes budgeting, getting basic insurance to protect your paycheck and family), 3. you need to get rid of 'bad' debt, 4. you need to invest your money into assets that generate income.
#1. Making Money is pretty simple, go look for, apply and get a job, can't find one? then start your own home based business! If you click the links, you'll see which home based businesses we are affiliated with and how you can work from home too.
#2 Saving your money (Budgeting, Paying Expenses, Protecting Your Paycheck/Your Family) is very important. Most individuals never even learn this in high school, or even college. This involves actually saving up atleast 20% of your income to pay yourself 1st, or a rainy day fund, budgeting, and paying expenses. Our goal is for you to include life insurance, disability insurance, and a even living trust to pass your legacy to your kids. You do not need to be rich to do this. , and this is why you should Acquire Financial Solutions to help you understand your finances and take action!
#3 Getting Rid of Bad Debt can be a lifesaver! A majority of Americans are struggling with 'bad' debt, credit cards, student loans, personal loans, car loans, mortgages, and more. Are you one of the millions of Americans that go to your JOB just to pay your taxes, your debts, and hope you have something left over? Do you want to learn more strategies and tactics to keep more of the money you earn? There are numerous credit counseling services and strategies to pay your debts off faster. Whether it's a debt ladder method or debt snowball method, Our Cash Recovery and/or Wealth Building Workshops will show attendees the basics on how to pay 2/3 less in taxes, avoid overpaying taxes, how to save on mortgage interest, streamline their finances to keep more money with them instead of sending it to the big banks.
#4. Investing your money can be tricky. Most of us are taught to save for our 'nest egg', but besides the traditional means of investing, investing in real estate can also be a great way to build wealth. You are more in control, you can leverage other people's money, there are more tax advantages, real estate is a tangible asset (you can see it, feel it, use it), easier to analyze, you can buy real estate below market value, add value to real estate and it's easier to produce cash flow. It's important to consult with your attorney, personal CPA and your financial advisor, and also network with other real estate investors so you can get educated so you can successfully invest in real estate, and build your own portfolio.
Remember, YOU are already a real estate investor whether you like it or not! You either pay rent/mtg to someone, or you get paid. Get educated on solid real estate investing strategies, participate with other community members and acquire real estate which produces income, build enough income streams so that when you want to, you can FIRE YOUR BOSS!
Start your own home based business which can generate massive and/or passive income, prepare for the future, maybe even retire early, and remember to Acquire Financial Solutions to protect your paycheck, your family, your estate so that when times get tough, you are prepared and ready for tough times ahead.