Month: March 2020

3 Common Estate Planning Mistakes to Avoid

As much as people plan for a good life and future ahead of them, they tend to forget about what would happen after their lives end. Estate planning is an excellent way to help you manage the risks that you might night be able to control once you pass away. Since it might be a complicated process, it would be better to talk to an estate planning attorney miami. Know more about the mistakes commonly committed in estate planning and how to deal with them using the list below.

Improper Asset Ownership

If you have overlooked essential details in asset ownership, it might become a problem in the future. One common mistake that spouses make is not having joint ownership over their properties. Although there are instances when they want to keep properties to themselves, it might create inefficiencies upon transferring different assets. Estate planning attorneys advise married couples to have properties named after them so that there are creditor protection as well as a smooth transfer process.

Some people try to cheat the system by naming the property after their kids or selling it for a dollar. However, since these transactions are treated as gifts, your kids might have a gift tax liability. If asset ownership concerns are improperly handled, it might have adverse effects on your estate and another end of life plans.

Lack of Liquidity

A liquid asset is valuable after death as much as it is crucial during life. If you are planning to split an estate among your children or living spouse, make sure that it has the right amount of liquidity. One of the effective ways to make sure that your estate is liquidated after death is through life insurance. This way, your wealth is appropriately split. It can also help your surviving family members pay off any debt you might have left behind. You should also talk to a financial advisor and consult them about the right liquidity you want. With this, you can start planning how to get such an amount.

Ignoring Minor-Aged Beneficiaries

One of the estate planning’s primary function is to make sure that you leave your children with enough property. Although your children might still be young, you still have to make sure that the money you are leaving them with is used for their future.

Carefully pick out a guardian that you can trust to take care of your children. Aside from naming them, you should also leave them with detailed instructions on how to use the money instead of leaving it up to them. Inform the designated guardian about their role in case you pass away unexpectedly. You can also choose to get separate life insurance for your children.

There is no general plan that will cater to all of your ideas and needs. What you can do is start planning for your goals to have a clear picture of your future. In case you are still unsure about estate planning, it would be better to consult an estate planning attorney Miami.…

Important Things To Know Before Buying Ventless Gas Fireplaces

Having a lively fireplace in a home is an epitome of comfort, ensuring that the family feels warm. However, not everyone can afford to have one due to its hefty price. Not mentioning that it also poses a lot of safety concerns. It’s a great thing that ventless gas fireplaces are here to rescue. But before you leap into the bandwagon, here is some valuable information you need to know before purchasing one.

Why You Should Get a Fireplace?

The initial thing you should know is why you would need a fireplace. Of course, a fireplace is handy in keeping your house warm during cold months. However, new housing design does not include areas for vents or chimneys. Thus, making it difficult to install a traditional fireplace. Ventless gas fireplaces are much cleaner and relatively easier to install, making a great option for every home.

How does Ventless Gas Fireplaces Works?

Ventless gas fireplaces tend to resemble how modern gas-powered barbecue grills operate. A gas unit is supplied with propane via a number of pipes while the flame ignites by way of the gaps in the fake logs. The used gas is then returned back into the fireplaces’ room moving in a U-shaped pattern.  Oxygen channels from the bottom of the room and then it returns back through the top.

Are Ventless Gas Fireplaces Safe?

While it is safer to have a vent, ventless as fireplaces only produces minimal combustion or burns only a small quantity of gas. Thus, it does not present a hazard.

What Are The Benefits of Getting a Ventless  Gas Fireplace?

The first benefit you’ll get from a ventless gas fireplace is that it eliminates the need to create a vent connection outside. If you’re living in a condominium, an apartment building or a house with a difficult layout, this type of fireplace is your ideal solution. Plus, if you want to save on costs, ventless gas fireplaces are an energy-efficient option. Since venting is eliminated, 99% of the heat generated by a unit stays in the room, preventing loss of energy.

Is It For You?

 The decision is still upon you. Make sure to consider your needs, your homes, and the benefits it offers before purchasing one. Rest assured that ventless gas fireplaces aren’t there for aesthetics purposes but, they are really an effective alternative option to keep your home cozy and warm.