Real estate or property taxes generally consist of two components - the local tax rate and the value of your property. The tax rate is set by the local authority (i.e town, village, or city) and is generally the same for everyone. The appraised value of your property reflects the opinion of a local assessor, which may be inaccurate. Whenever these factors do not align, you can file various Propert...
More >>
By in Reduce Your Taxes

Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. It is supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. T...
More >>
By in Reduce Your Taxes

A probate case requires that the property of the deceased be evaluated, in order to determine the cash value of the property at the date of the death of the deceased. The probate court must know the total cash value of the property, prior to the distribution of the assets. Probate cases depend mainly on professional valuations to determine the cash value for "non-cash" assets, such as real esta...
More >>
By in Estate Planning

An estate refers to the possessions, property and debts left by an individual at death. In general, when an estate has value, it is subject to taxation, which may exist on the state or federal level and is often distinct from inheritance taxes. However, not all estates are subject to tax, and estate tax is subject to change each year depending on current tax laws. Generally speaking, the only indi...
More >>
By in Estate Planning