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January 15, 2022

Public Defender or Private Attorney: Which Should You Use?

“Mr. Beaver, should we hire a private attorney or insist that our son, ‘Tom,’ just ask for a public defender for his possession of a controlled substance charge? He was arrested with several other young men in a car that had illegal drugs in the passenger compartment.

“We own an automotive and commercial truck parts delivery service. Tom is 25, works as one of our drivers, and it is my hope that he will take over the business.

“My wife says that he needs to deal with this on his own, and as he can’t afford a private attorney, to ask for a public defender, but he yelled, ‘Public defenders are second-rate lawyers!’

“We succeeded in enabling him to have an entitled attitude, and this scares us. I know that you began your law career as a deputy district attorney, so, what’s your recommendation? Does it really make a difference if he uses a PD? Thanks, Terry.”

Bite the Bullet! The Consequences of a Drug Charge are Real

I ran this often-asked question by Denver-based criminal defense attorney Peter Lloyd Weber. His law practice concentrates on drug transportation and distribution.

“Where a family is facing the dilemma between teaching their kid a lesson and saving money — or biting the bullet and hiring a private attorney — there is really no choice as the collateral consequences of a drug conviction are so great,” he says.

“It can result in his being unable to obtain certain kinds of employment, licenses, may impact his credit rating, make it impossible to join the military, dramatically increase auto and homeowners insurance rates — in short, nothing good comes from a drug conviction.

“Especially where Tom’s parents expect him to take over their delivery business, a drug record is the last thing in the world they should risk.”

A Parade of Defendants Pleading Guilty

I recall as a deputy D.A. the parade of defendants represented by the Public Defender’s office or appointed counsel who, in my opinion based on what I saw, were induced to take plea deals on potentially defensible cases. And it wasn’t because these lawyers were lazy or incompetent.

Rather, it had to do with the economics of time. In fact, many articles have been written — –going back years — sympathetic to what faces these dedicated attorneys who want to help their clients.

But when you are given a huge caseload and lack adequate time and resources, justice suffers.

Weber agrees.

“This does not mean that public defenders are bad lawyers, far from it,” he says, “But you’ve got to look at the reality of having a PD or appointed counsel as your defense attorney. It often comes down to getting what you pay for.

“Public defenders are government employees and generally, across the country, are significantly underpaid. In fact, some are so badly paid they would qualify for a PD!

“So, it is a perfect storm of the millions of people who can’t afford to hire an attorney for their criminal defense, given a PDs or equally low-paid appointed counsel — all of them juggling massive caseloads.

“Often these lawyers meet with their clients a few minutes before entering a plea. The results are negotiated pleas in almost all of their cases, due primarily to their huge caseload.

“It is common for PDs to plead their clients to years in jail with little more than a brief conversation beforehand. They simply do not have the time, energy and attention necessary to formulate a legal defense that could have prevented or minimized the impact of a conviction,” He maintains.

Advantages of Privately Retained Counsel

There are many advantages in hiring your own lawyer, and a main one is that clients can expect adequate time to be devoted to the case in addition to support staff, including private investigators — typically retired from law enforcement — and technical experts who are able to challenge evidence against their client. These all cost money, but as Weber observes, “They level the playing field.”

On the nightly news, we see body cam police video. He asks, “Do you think that public defenders or appointed counsel have the time to watch what could be hours of video? Often they do not. A privately retained lawyer will take the time to examine all avenues that help the client.”

Flat Rate or Hourly?

“Stories of defense attorneys being paid thousands of dollars upfront and then just walking their client through a guilty plea are common and are so unfair,” he underscores.

“Don’t let fear interfere with your common sense about the cost of hiring a lawyer. We can only charge reasonable rates, and with that in mind, I recommend that clients strongly consider paying by the hour — on a time-based approach — instead of one large flat fee.”

And what does he like most about his job?

“What I do is more than a job; it is a calling. People phone me every day asking for help. I never charge for phone consultations. When someone contacts a criminal defense attorney, this could be one of the worst times in their lives, and they should be able to talk with a lawyer without worrying if they can pay for that time on the phone.”

Dennis Beaver Practices law in Bakersfield, Calif., and welcomes comments and questions from readers, which may be faxed to (661) 323-7993 or e-mailed to [email protected] And be sure to visit www.dennisbeaver.com.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Attorney at Law, Author of “You and the Law”

After attending Loyola University School of Law, H. Dennis Beaver joined California’s Kern County District Attorney’s Office, where he established a Consumer Fraud section. He is in the general practice of law and writes a syndicated newspaper column, “You and the Law.” Through his column he offers readers in need of down-to-earth advice his help free of charge. “I know it sounds corny, but I just love to be able to use my education and experience to help, simply to help. When a reader contacts me, it is a gift.”

Source: kiplinger.com

January 15, 2022

The Best Places to Live in Pennsylvania in 2022

Pennsylvania is known as the Keystone State for its role in U.S. history
The state’s roots are deep in manufacturing, including industries such as coal and steel
Living in Pennsylvania gives you access to all the riches of the state, no matter what city you call home

Pennsylvania holds a notable place in the history of this country. Not only did it help shape our formation into the United States, but its roots are deep in the coal, steel and railroad industries. Living in the Keystone State puts you among historic locations that paved the way for the development of so much of this country.

It’s a lofty reputation to hold up, but staying grounded in industry and opportunity has enabled the state to maintain itself as an attractive spot for those looking for employment. With affordable housing across the state, plenty of colleges and universities and a slew of historic landmarks, why wouldn’t you want to call this northern state home?

For all these reasons, the best places to live in Pennsylvania stretch from one side of the state to other. Some cities are easily recognizable, while others you may hear about for the very first time. Regardless, you’ve got plenty of choices when it comes to finding the perfect home in Pennsylvania.

Allentown, PA

Population: 125,845
1-BR median rent: $1,885
2-BR median rent: $2,027
Median home price: $187.750
Median household income: $41,167
Walk score: 59/100

A rich Dutch history gives Allentown a unique look and feel. Situated on the Lehigh River, this busy city is full of beautiful parks and gardens. It offers up a diverse collection of inhabitants with plenty to do to accommodate any lifestyle. There are plenty of job opportunities and thriving districts for the arts, theater and culture.

A day out and about in Allentown isn’t complete without a walk through the Allentown Art Museum, The Liberty Bell Museum, America On Wheels Museum and more. If the season is right, grab tickets to see the infamous Lehigh Valley IronPigs AAA baseball team go a few innings as well.

Bethel Park, PA

Population: 33,577
1-BR median rent: $975
2-BR median rent: $1,099
Median home price: $240,000
Median household income: $79,894
Walk score: 46/100

A Pittsburgh suburb, Bethel Park combines affordable housing with excellent schools and an abundance of green space. The city’s population is a combination of retirees and young professionals, but it’s also a great place for families. In addition to the parks, you’ll find plenty of bars, coffee shops and retail outlets.

With less than 30 minutes between Pittsburgh and Bethel Park, the town draws in those still commuting in for work, but who are looking for a quieter place to end each day. On weekends, locals will stay put and enjoy everything from the Montour Trail to the Hundred Acres Manor.

Camp Hill, PA

Source: ApartmentGuide.com/Society Hill

Population: 8,130
1-BR median rent: $890
2-BR median rent: $1,422
Median home price: $225,900
Median household income: $87,008
Walk score: 34/100

One of the best places to live in Pennsylvania is a small city along the banks of the Susquehanna River. Camp Hill gives you a nice amount of waterfront to explore. The town is also home to the northernmost engagement of the Gettysburg campaign during the Civil War. To honor this piece of history, you can follow the West Shore. There you’ll find historic buildings and battle sites.

For outdoor lovers, Camp Hill is a perfect home base to access hiking, biking, skiing and water activities. There are also plenty of local parks for a simple stroll.

Collegeville, PA

Population: 5,043
1-BR median rent: $2,060
2-BR median rent: $2,655
Median home price: $380,000
Median household income: $112,500
Walk score: 44/100

As a suburb of Philadelphia, Collegeville got its straightforward name from Ursinus College. Academic life still plays an important role here, although the city is also a popular destination for a variety of businesses.

While there’s plenty of shopping and plenty for college students, the area’s top feature is the Perkiomen Trail. This 20-mile path follows the river, connecting many parks and historical sites. You can walk, bike and even ride horseback along the path.

Harrisburg, PA

Population: 50,099
1-BR median rent: $1,137
2-BR median rent: $1,407
Median home price: $199,025
Median household income: $39,685
Walk score: 55/100

As the state capital, Harrisburg is one of the best places to live in Pennsylvania as much for its location within the state as for its history. Living here puts you near the Susquehanna River, Appalachian Trail and the cities of Hershey and Gettysburg. You can easily sample a little nature and history with so much close by.

Within Harrisburg itself, you have access to the city’s own island. Here you’ll find a beach, riverboat, arcade and more. It’s a great stop during the day. When the sun goes down, keep yourself occupied with the upscale bars and restaurants downtown.

Hershey, PA

Population: 13,858
1-BR median rent: $915
2-BR median rent: $1,075
Median home price: $339,900
Median household income: $69,688
Walk score: 57/100

Yes, it’s named after that chocolate bar. Hershey is often referred to as one of the sweetest places on earth because, to this day, Hershey’s still calls the city home. This not only means a variety of job opportunities working with chocolate but plenty to lure in tourists. The city also boasts Hersheypark, which has rides and a zoo, Hersey Gardens and Hersheypark Stadium.

Although the city grew up around a single company, today, it contains all the attractive elements of a smaller town one could want. Step away from the more touristy areas to find scenic hiking trails, museums, restaurants and shops.

Lancaster, PA

Population: 58,039
1-BR median rent: $1,269
2-BR median rent: $1,453
Median home price: $225,625
Median household income: $45,514
Walk score: 56/100

Situated alongside Amish Country, Lancaster is home to the Pennsylvania Dutch. While you can tour Amish attractions and even immerse yourself into the lifestyle for a special experience, locals have plenty of other activities to occupy their time.

As one of the best places to live near Philadelphia, the downtown area is full of shops, theaters, restaurants and art galleries. Underground caverns provide a little adventure for those seeking something different. You can also take a ride on the country’s oldest operating railroad or see a different side of the city’s history with a ghost tour.

Perkasie, PA

Population: 9,120
1-BR median rent: $995
2-BR median rent: $995
Median home price: $425,000
Median household income: $77,420
Walk score: 38/100

Another commuter town, Perkasie is one of the best places to live in Pennsylvania because it’s a great small town that’s only about an hour away from downtown Philadelphia. Once known for its factory that made baseballs for the major leagues, Perkasie today has managed to grow while holding onto its rural appeal.

A fantastic park system and revitalized downtown area provide the perfect combination of hometown activities for residents. There’s no shortage of restaurants, shops, music venues and more.

Philadelphia, PA

Population: 1,603,797
1-BR median rent: $1,872
2-BR median rent: $2,102
Median home price: $260,000
Median household income: $45,927
Walk score: 84/100

The most populated and well-known city in Pennsylvania, Philadelphia definitely has one of the rooms where it happened. Not only is it the original home of the Liberty Bell but it also housed our Founding Fathers as they signed the Declaration of Independence into being.

Popular in its own right, Philadelphia offers additional appeal for its proximity to New York City. Hop a train into the city for work or a weekend of fun. You can also stay close to home and snack on an authentic Philly cheesesteak as you enjoy the art and history of downtown. There’s no shortage of 300-year-old buildings, cultural attractions, quaint parks, bars, restaurants and shops.

Pittsburgh, PA

Population: 302,971
1-BR median rent: $1,435
2-BR median rent: $1,890
Median home price: $217,000
Median household income: $48,711
Walk score: 69/100

Bookending the state, Pittsburgh is the most populated city on the opposite end from Philly. Known as the City of Bridges, Pittsburgh has long shared a connection with steel, however, the industry is only part of what makes this area so special. As a highly walkable city, you can easily explore on foot but wear comfortable shoes. With over 712 sets of city-maintained steps, you’re going to get a great workout.

If walking isn’t your thing, don’t worry, Pittsburgh has you covered. For sports fans, this affordable town is home to professional baseball, football and hockey teams. For those looking toward higher education, the University of Pittsburgh and Carnegie Mellon University are the notable tip of Pittsburgh’s collegiate iceberg.

Reading, PA

Population: 95,112
1-BR median rent: $1,475
2-BR median rent: $1,540
Median home price: $160,000
Median household income: $32,176
Walk score: 69/100

Named after the Reading Railroad, which all you Monopoly players should know well, the town of Reading sits in the southeastern part of the state. Today, it’s uniquely known for the variety of pretzel companies that call the area home. Reading is also a combination of culture and history. It’s easy to divide your day between looking at an Egyptian mummy in the Reading Public Museum and hiking through the Nolde Forest. You can also check out Daniel Boone’s birthplace for some real American history.

With plenty of affordable, suburban housing, residents get drawn into Reading for the charms of the city itself, as well as its proximity to Philadelphia. These two cities on the list of best places to live in Pennsylvania are only about 60 miles apart.

Scranton, PA

Population: 76,328
1-BR median rent: $1,184
2-BR median rent: $1,095
Median home price: $149,000
Median household income: $40,608
Walk score: 58/100

Laid out more like a traditional small town, Scranton has tight-knit neighborhoods clustered around a thriving downtown. You’ll find trendy restaurants, boutiques and art galleries nestled among the historic Lackawanna County Courthouse building.

Taking into account its high population of young professionals and families, Scranton caters to its residents with plenty of special activities, including cultural festivals and monthly art walks. Scranton also pays homage to its nickname, the Electric City, with The Electric City Trolley Station and Museum. The first streetcars, successfully powered by electricity, ran here in the 1880s.

Willow Grove, PA

Source: ApartmentGuide.com/Willow Pointe

Population: 13,730
1-BR median rent: $1,907
2-BR median rent: $2,230
Median home price: $300,000
Median household income: $79,162
Walk score: 57/100

A small town with big fun, Willow Grove offers residents a quiet, laidback community that doesn’t lack the amenities you’d want close by. There are plenty of shopping and dining options that you’d expect to find in bigger cities.

As a Philadelphia suburb, Willow Grove has the nearby city going for it as far as activity goes, but it’s not without its own set of museums and historic sites to occupy residents. Visit the 42-acre grounds and home at Graeme Park or check out the indoor playground at Urban Air Adventure Park for something really different.

Find an apartment for rent in Pennsylvania

The best places to live in Pennsylvania spread to all four corners of the state. Each city has its own charm, beauty and history to explore, not to mention job opportunities and affordable housing.

Once you decide what area is right for you, begin the hunt. Look for apartments for rent in Pennsylvania to see all your options. Then, start narrowing things down by location, amenities and more. You’ll find the perfect place to call home in no time.

The rent information included in this summary is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent.com as of December 2021.

Median home prices are from Redfin as of December 2021.

Population and median household income are from the U.S. Census Bureau.

The information in this article is for illustrative purposes only. This data herein does not constitute a pricing guarantee or financial advice related to the rental market.

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January 13, 2022

Best Online Life Insurance Companies for 2022

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In the old days, applying for life insurance was tedious, time-consuming, and stressful. The process took weeks to complete, much of that spent waiting on the results of a medical exam. And you didn’t know how much your policy would cost until everything was said and done — or even if you’d qualify for a policy at all.

Fortunately, the old days are over, at least for life insurance applicants who apply online. Also known as algorithmic underwriters or algorithmic insurance companies, online life insurance companies give you an up-or-down decision within minutes, often without a medical exam or many questions about your medical history. You can apply over lunch or dinner and then get on with life.

Best Online Life Insurance Companies

Not all online life insurance companies are created equal, of course. These are among the very best.

Each of the companies on this list does at least one thing really well, and our top pick offers the best overall value for the widest number of potential applicants. Here’s what you need to know about each.

Best Overall: Ladder

Ladder is one of the best life insurance companies. It tops our list of the best online life insurance companies thanks to a potent collection of strengths:

Up to $3 million in term life insurance coverage without a medical exam — double what most competitors allow
In-home medical exams for policies larger than $3 million — the application process remains all-online otherwise
Choose from 10- to 30-year term coverage options
Option to scale down coverage over time without reapplying
Approval within minutes for many applicants
Backed by national insurers with strong financial strength ratings

Best for Fast Approval: Bestow

Bestow earns its spot as one of the best no-exam life insurance companies thanks to a streamlined digital application and underwriting process that produces results in as little as five minutes. If Bestow doesn’t need any additional information from you, you can apply for life insurance and get an up-or-down approval decision during your coffee break.

Its features include:

Term life insurance only
Term lengths from 10 to 30 years
Policy death benefits as low as $50,000
Coverage up to $1.5 million per policy with no medical exam required
Open to applicants ages 18 to 60
A+ (Superior) financial strength rating from A.M. Best

Best Premium Membership Rider: Haven Life

Haven Life is one of the best online term life insurance companies around, but it really shines for a reason that’s not directly related to insurance. Haven Life offers the best premium membership rider — an optional add-on filled with potentially valuable features.

That rider is Haven Life Plus. It’s free to policyholders wherever it’s offered and provides at least $150 in annual value to policyholders. It includes:

A customizable and legally binding will that you can store online
A subscription to Adaptiv, a workout video and music library
A subscription to Timeshifter, an app designed to fight jet lag
A subscription to Lifesuite, a secure digital storage vault
A 15% discount on eligible MinuteClinic products and services

Haven Life has some additional features worth noting, including:

Term life coverage up to $3 million with a medical exam
No-exam coverage up to $500,000 through Haven Simple
AgeUp, an annuity product that can supplement your retirement income after you turn 90

Best for Nontraditional Underwriting: Sproutt

Sproutt is an online life insurance broker that uses an innovative model called the Quality of Life Index (QL Index) to assess life insurance applicants’ risk.

While it doesn’t completely replace traditional considerations in Sproutt’s application process — or in the underwriting processes of the insurers Sproutt works with — the QL Index goes beyond the usual medical and lifestyle information to consider factors like:

How often you exercise and what kind of exercise you do
How much and how well you sleep
Your emotional health
Your eating habits and overall nutrition
Your work-life balance

Additional features:

Access to fully medically underwritten term life, no-exam life (simple issue life insurance), and guaranteed issue life insurance
Multiple types of permanent life insurance available, including whole, universal, and variable universal
Get quotes within minutes
Apply directly with the insurer with help from Sproutt agents

Best for Guaranteed Issue Life Insurance: Ethos

Ethos is rare among online life insurance companies because it offers permanent life insurance. Most competitors stick with term life.

Ethos’ permanent life insurance offering is a low-value whole life insurance policy for people between the ages of 66 and 85. Its features include:

Death benefit between $1,000 and $30,000
Guaranteed issue life insurance, meaning you can’t be turned down for medical reasons
No expiration, meaning the policy is effective until you die or stop paying premiums
Guaranteed level premiums, meaning your premiums won’t increase over time
Accidental death is covered right away
Nonaccidental death coverage kicks in two to three years after the policy effective date in most cases

Ethos’s term life offering is no slouch either. Its benefits include:

Amount of coverage ranges from $20,000 to $1.5 million
10- to 30-year terms
Guaranteed renewable after the term ends, albeit at a higher premium

Best for Higher Coverage Limits: Fabric

Fabric offers online life insurance policies with coverage up to $5 million. That’s an unusually high limit for a streamlined, all-online application process. And Fabric offers a no-exam option for applicants with uncomplicated health histories, although not up to the $5 million coverage limit.

Additional features:

Accidental death coverage available up to $500,000
A+ (Superior) financial strength rating
Low pricing, with monthly rates starting as low as $1 for $1 million in coverage
Will-making services available
Secure online vault for financial and personal documents at no additional cost

Best for Price Transparency: Walnut

Walnut sets itself apart with what it calls “price-first” term life insurance. Basically, you know how much you’ll pay for 10-year term coverage before you apply, making it easier to fit a new monthly payment into your budget (or decide to go a different direction). You never have to take a medical exam as a condition of coverage.

Walnut also offers a broad lineup of value-adds through a premium membership program included in the cost of insurance. Starting at $10 per month, this includes subscriptions to:

Headspace Plus, an app offering guided meditation and self-directed therapy
ClassPass Digital, a library of home workout videos
Dashlane Premium, a password manager and auto-fill app

According to Walnut, this package is a $25 monthly value. If you want even more, upgrade to a Digital Protection membership for an additional monthly fee and enjoy:

24/7 access to a cyber support helpline
Up to $1 million in stolen funds reimbursement if you’re the victim of identity theft

Best Online Broker for Life Insurance Only: Quotacy

Quotacy is an online insurance broker specializing in life insurance quotes. In fact, a life insurance quote is the only type of insurance quote you can get through Quotacy.

Quotacy’s narrow focus on life insurance gives it some advantages over other online insurance brokers:

Access to term life policies as long as 40 years — elsewhere, policies generally top out at 30 years
Access to a variety of types of life insurance, including term life
Multiple permanent life insurance options, including whole life policies and universal life policies
A five-minute, all-online quote creation process
Dedicated agents who understand life insurance
A vast insurer network that ensures competitive life insurance rates

Best Online Broker for Other Policy Types and Bundles: Policygenius

Policygenius is an all-purpose online insurance quote aggregator. Unlike Quotacy, it focuses on a variety of different types of insurance, including:

If you’re shopping for more than one type of insurance right now, Policygenius is your best choice for fast answers. And if you’re paired with a life insurance provider that offers other types of insurance too, there’s a good chance Policygenius can hook you up with a money-saving bundle discount.

Methodology: How We Select the Best Online Life Insurance Companies

We use several criteria to evaluate online life insurance companies and select the very best for our readers. Some relate to the application process or policy underwriting, while others speak to the overall user experience and quality of the insurers themselves.

Financial Strength and Customer Satisfaction

Third-party financial strength ratings assess insurers’ ability to pay out death benefits in the future. When possible, we use ratings from A.M. Best, a highly respected rating agency that specializes in the insurance industry.

Customer satisfaction is another important measure of insurer quality. The top authority for customer satisfaction ratings in this industry is J.D. Power, which ranks life insurance companies and life insurance products annually.

Policy Types Available

Many online life insurance companies offer term life insurance only. Those insurers that also offer permanent life insurance coverage generally require medical underwriting for it, lengthening the application process.

That said, if you prefer to have both options available when you apply, you’ll want to focus your attention on insurers that can accommodate.

Term Options

Online term life insurance policies typically range from 10 to 30 years. Some insurers offer shorter-term policies, down to five or even two years.

Unless otherwise specified in the terms of the policy, you can renew your policy once the initial term expires. However, this may require another round of underwriting and will definitely involve a higher premium.

No-Medical-Exam Options

One of the core benefits of online life insurance is the seamless application process. This process is helped along in many cases by a lack of medical underwriting.

The insurer might ask some basic questions about your personal and family medical history and lifestyle. It’ll check your answers against your health records as well. But it won’t require you to undergo a medical exam as a condition of coverage.

No-medical-exam coverage costs more than fully medically underwritten coverage because it provides less information about your risk of premature death. However, this is a price many would-be policyholders are willing to pay, especially if they have reason to believe a medical exam would turn up health-related red flags.

The best insurers for no-exam coverage have high coverage limits — above $1 million — and terms of at least 20 years for younger and middle-aged applicants.

Coverage Amount (Death Benefit)

Online life insurance death benefits typically range from as low as $25,000 to $50,000 for final expenses insurance to upwards of $1.5 million. If you have higher life insurance needs, look to an insurer that can accommodate — Haven Life’s coverage amounts range up to $3 million, for example.

Policy Add-ons (Riders)

Many online life insurance companies offer policy add-ons, also known as riders. Some of the most common include:

Return of premium riders, which reimburse the policyholder for premiums paid during the policy term
Accelerated death benefit, which allows terminally ill policyholders to claim a portion of the death benefit before they die
Accidental death rider, which pays out an additional death benefit if the policyholder dies in an accident covered by the rider

Online Life Insurance FAQs

You have questions about getting life insurance online. We have answers.

Do You Need to Get a Medical Exam When You Apply for Life Insurance Online?

Often, no. If you’re applying for a life insurance policy worth less than $500,000, you probably won’t have to get a medical exam if you don’t want to. Many insurers offer no-medical-exam coverage as high as $1 million or $1.5 million, and a few go higher still — up to $2 million or $3 million.

That said, if your top concern is paying as little as possible for coverage and you have no known health issues, opt for the medical exam. As long as the exam doesn’t raise any red flags about your health, you’ll pay less for a policy that requires one.

How Much Does Online Life Insurance Cost?

How much you pay for an online life insurance policy depends on a number of factors:

The policy value — coverage amount or death benefit
The policy term — the longer the term, the higher the premium
The type of policy — term life is always cheaper than permanent life
Your personal medical history
Your family medical history
The results of your life insurance medical exam if you take one
Your age when you apply
Your lifestyle, including whether you use or have ever used tobacco and whether you have any risky hobbies

The best way to estimate your life insurance cost is to use an online quote aggregator like Policygenius or Quotacy.

What Do You Need to Apply for Life Insurance Online?

To apply for life insurance online, you’ll need some or all of the following:

A good idea of how much life insurance you need
Basic personal information, like your address and Social Security number
Basic financial information, such as your annual income
Your height and weight
Your recent medical history
Information about your lifestyle and personal habits

If required, you’ll need to take a medical exam in the days or weeks after you send in your initial application for coverage. Many insurers offer in-home exams, but some ask you to visit a testing facility.

You’ll also need to give your consent for the insurer to pull your Medical Information Bureau file. This file contains important information about your medical history and previous insurance applications, helping would-be insurers check the information you provide on your application against the public record.

Is Life Insurance Worth It?

Often, yes. One of the most harmful myths about life insurance is that only certain people need it, such as parents of young children or people with lots of debt. In fact, there are many reasons to buy life insurance:

Covering final expenses, such as funeral and burial costs
Preventing major debts from passing to a surviving spouse or partner
Covering higher costs borne by survivors, such as child care and health insurance
Covering future education expenses for your children
Protecting your business partners’ financial interests
Maintaining your survivors’ standard of living
Creating a store of cash value that you can borrow against during your lifetime

Chances are, at least one of these reasons applies to you. And if that’s the case, some form of life insurance is probably worth it.

How to Choose the Best Online Life Insurance Company

These are the best online life insurance companies on the market right now, but that doesn’t mean they’re interchangeable. The best choice for your life insurance needs might not be the best choice for your neighbor — or even your spouse.

To choose the best online life insurer for you, think about why you’re applying for life insurance in the first place.

Do you want an affordable term life policy that lasts until you pay off your house in 15 years? Do you want to make sure your future kids’ college education is paid for, 20 or 25 years down the road? Do you want a policy that lasts indefinitely, creating a cash value reserve that you can tap as you age and possibly establishing generational wealth for your heirs?

Likewise, think about what you want out of your relationship with your insurer, beginning with the application process. Are you willing to pay more to forgo medical underwriting? Or do you prefer a seamless, super-fast application process that produces an answer — and an active policy — within minutes?

It’s your call. Fortunately, you can’t go wrong with any of the options on this list.

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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

January 13, 2022

This Surprising Generation Saves Best for Retirement

Younger and older workers in an office — fizkes / Shutterstock.com

Saving for retirement is like eating our peas and carrots: We know we should do more of it, but few of us do.

However, it appears that some generations are better than others when it comes to putting away money for their golden years. In fact, one surprising generation can teach the rest of us a thing or two about building a solid financial future.

Recently, Empowering America surveyed more than 2,500 Americans to learn more about how they are saving and preparing for retirement. Following is a look at how four different generations are doing.

1. Baby boomers

Baby boomer couple looking at their finances — John Keith / Shutterstock.com

Participants in this generation contributing to retirement plans: 83.9%

We give boomers a bit of a pass for their sagging savings rate, which is the lowest among the generations surveyed. After all, a decent percentage of boomers are already in retirement and therefore no longer saving for it.

Still, Empowering America characterizes the last-place finish of baby boomers as somewhat surprising, and it is likely that more than a few members of this generation regret not having saved more for their golden years.

If you are among them, check out the tips from Money Talks News founder Stacy Johnson in “I’m 55 and Have No Retirement Savings — What Should I Do?” While you might be a tad past that age, the advice is still great for anyone who is older and only has saved a little.

2. Generation X

Participants in this generation contributing to retirement plans: 85.7%

Members of Generation X are not ready to retire just yet, but they can see the promised land just over the horizon. They are doing a better job than boomers of saving, but younger workers still are outpacing them.

While it might be too late for a baby boomer with no savings to end up rich, workers who belong to Generation X still have time. So, if your goals are ambitious, check out “5 Ways You Can Save $500,000 in 15 Years.”

3. Millennials

A millennial Black couple happily packs to move to another city — fizkes / Shutterstock.com

Participants in this generation contributing to retirement plans: 86%

This much-maligned generation is doing a surprisingly good job of saving for retirement. If you are a millennial, don’t worry about the steady stream of sneers you hear from baby boomers and members of Generation X. It appears that you are going to get the last laugh.

4. Generation Z

Generation Z friends — Rawpixel.com / Shutterstock.com

Participants in this generation contributing to retirement plans: 86.8%

In these trying times, here is a heartening statistic: The working members of the youngest generation surveyed are doing the best job of saving for retirement.

This is especially good news because the earlier you start saving, the more time your money has to compound — and the wealthier you are likely to get.

So, if you are a member of one of the older generations, don’t curse at the young whippersnappers around you or holler for them to “get off your lawn.” Treat them nicely, and maybe they will give you a loan — or at least teach you some valuable lessons about the right way to save.

Can’t find a friendly member of Generation Z to guide you? Sign up for the Money Talks News’ retirement course, The Only Retirement Guide You’ll Ever Need.

Money Talks News founder Stacy Johnson is your guide for the course — a 14-week boot camp intended for those who are 45 or older. It can teach you everything from Social Security secrets to how to time your retirement.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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Source: moneytalksnews.com

January 12, 2022

Main Causes of Inflation

You may have heard that in November 2021, inflation reached the highest rate in 30 years, but what does that mean, and how does it impact you? Let’s start with the basics.

Inflation is an economic phenomenon where the value of goods and services in an economy increases over time. Have you ever heard someone talking about how, back in the ’60s, you could get a Coke for a nickel? The reason why a soda now costs $2 is because of inflation—the relative value of money has gone down compared to the price of goods.

In general, there are two main types of inflation that economists care about. In this post, we’ll explain those two causes, explain factors that influence inflation, explore ways experts suggest we counteract inflation, and what you can do about it. But first, we’ll dive into the current causes of inflation and how they’re impacting your current buying power.

4 Main Causes of Inflation in Our Current Economy

In the last few months, you may have noticed that prices have been rising on everything from grocery items to gas, with consumer prices up 6.8% compared to this time last year. That’s the power of inflation. But what’s currently causing inflation and this undesirable strain on your wallet?

With respect to the current economy, there are a few causes of inflation:

1. Increase in the Money Supply:

An increase in the money supply is meant to help stimulate the economy by helping to put more money in the hands of consumers. While this might sound like a positive shift, it can actually have negative influences on the economy, like contributing to inflation.

The Federal Reserve has printed trillions of dollars over the last two years, which has contributed to the devaluation of U.S. currency and the high inflation rate we’re currently experiencing—and is being speculated to continue.

Not only that, but the money supply has increased faster than the rate of production, which contributes to shortages. And, with more money in circulation, consumers have more to spend—which in turn is spurring greater consumer demand.

However, with demand outpacing production, there are many shortages across the country.

2. Supply Chain Disruption:

Whether you’re in the grocery store or waiting for something to ship from overseas, you’ve likely been having a hard time getting ahold of certain goods in recent months. There are a few factors that are playing into this current issue.

First, during the height of the pandemic, many companies decreased output because consumers weren’t spending. However, they are now and companies have been trying to play catch up.

Pair that with the shortages in an all-around shortage of supplies to make certain goods, and it’s become a compounding issue.

And we haven’t even gotten to the traffic jams at the various ports throughout the country that have led to a massive amount of goods being stuck for long periods of time, sometimes months. With goods stuck at these ports and unable to be unloaded, it means that many shelves will continue to sit empty.

3. Overnment-Sponsored Unemployment:

In response to the spike in job losses we saw in 2020, there were increases and expansions to existing unemployment programs both on the state and federal level. While this may have helped get many people back on their feet, with many people unwilling to go back to work for previous wages—combined with concerns over health and safety—we’re now seeing long-term impacts that are affecting the current inflation.

The gist of the issue is that government-sponsored unemployment benefits pay workers not to work, which causes a shortage of workers. Ultimately, this leads to businesses having to raise wages above the unemployment benefits.

As such, businesses are having to pivot and restructure their approach to compensation and employment. While some businesses will be able to adapt to the demand for higher wages in order to ensure they have the staff they need to support their operations, many small businesses will not.

4. Poor Government Policies:

Bad government policies can impact inflation—most specific to our current circumstances are those regarding fossil fuels. If you have a car, you’ve likely seen gas prices rising over the last year.

While these policies need to be addressed, this isn’t a quick fix. U.S. oil production and refining have been down this year due to several causes including Hurricane Ida, which impacted oil supply. Pair that with oil-exporting countries not providing enough, and there are supply constraints on both sides of the equation.

With supply constraints and the current increase in demand for gasoline, prices don’t look to be coming back down in the near future.

Now that we have a better idea of what factors are contributing to inflation most recently, let’s take a look at inflation causes through a more generalized lens.

What Are the General Causes of Inflation?

It’s important to take the time to dive deeper into inflation as a whole so you can better understand how and why inflation occurs and how that plays into the economic impact consumers experience.

There are two broad, general causes of inflation. Each is also its own type of inflation and requires its own unique response from policymakers. The two main causes of inflation are:

Demand-pull inflation: Demand-pull inflation occurs in a strong economy. Incomes are increasing, people are being paid more, more people are at work, and they are demanding more goods and services. This decreases the total number of goods and services available—more people can afford the limited supply of existing goods and services. This, in turn, raises prices. In general, some demand-pull inflation is a sign of a functioning economy, as people are working and earning enough money to demand everything that’s produced.
Cost-push inflation: Cost-push inflation is caused by an increase in the cost of goods due to causes on the supply end. For example, if the costs of raw materials go up significantly, and businesses cannot keep up production of manufactured goods, this causes the manufactured goods sold at the market to be more expensive. Natural disasters, pandemics, and rising oil prices may all result in cost-push inflation, for example. Many different economic conditions can result in cost-push inflation, and it’s something policymakers may worry about, as cost-push inflation can be difficult to rein in.

We’ll go into more detail below about the typical causes of cost-push and demand-pull inflation. For more about inflation, check out the definition of inflation and our free inflation calculator here.

Causes of Demand-Pull Inflation

Demand-pull inflation happens whenever there’s an increase in the amount of goods and services that people want to purchase. Some of the most common causes of demand-pull inflation include:

Economic growth: As economies grow, and people have more money, they feel more confident in their ability to buy goods and services. This causes the costs of goods and services to increase, as a greater number of people can now afford a larger amount of scarce products.

The expectation of inflation: Sometimes, if enough people, especially large companies, expect inflation to come, they increase their prices in anticipation of coming inflation. This expectation itself then causes its own inflation.

Government spending: Some people believe that excessive government spending may cause inflation. For example, enhanced social benefits programs that supply people with the money they need to purchase essential goods they need to live may slightly increase consumer purchasing power. Additionally, some monetary policies, like printing more money to fund spending, may also contribute to inflation.

Increased demand for exports: When the demand for exports increases, this creates a complicated situation where the currencies involved in the exchange may both experience some inflation.

Causes of Cost-Push Inflation

Cost-push inflation occurs whenever the supply end of the production chain experiences cost increases. That includes situations like:

Raw material costs: Sometimes, the price for raw materials increases. For example, there may be a shortage of a certain type of metal that a computer manufacturer needs to produce computer chips. This will increase the cost of the consumer item, the computer, as the company will likely have to spend more money to obtain the metal they need. Increased prices for oil are another common example—when gas is more expensive, companies have to pay more to ship their products around, so they raise their prices.

Labor costs increase: If the price of labor goes up, the cost of the goods the labor is used to produce is likely to go up as well. For example, if workers are being underpaid, goods and services may have artificially low prices. Then, if workers organize for a fair or living wage, and the cost of labor goes up, goods and services may begin to cost more than the artificially suppressed price, causing inflation.
Unforeseen production obstacles: The goods and services we buy often have parts from all over the world, and require massive amounts of travel to arrive at our local stores. If there’s a drought in a country that supplies a certain crop to an American manufacturer, or a hurricane near an important port, or a pandemic that makes it dangerous for workers to labor in close proximity to each other, companies may face steep increases in the cost of production.

In addition to these two broad types of inflation, there are also many factors that can influence inflation. We’ll go over those next.

Factors That Can Influence Inflation

When policymakers and other experts are concerned about inflation, the following are some of the most common factors that they monitor:

Cost of production

If the cost of production increases, it’s likely that companies will also increase the cost of goods and services. As noted above, this is one of the causes of cost-push inflation.

Prices of goods

When the prices of goods go up (whether because of cost-push or demand-pull inflation), this is a sign that general inflation across the economy may be looming.

Demand for goods

If the demand for goods is increasing—for example, because there is low unemployment—it’s likely that the cost for goods will increase too, at least before production can catch up. That may spur some inflation.

Skilled labor availability

The availability of skilled labor is another potential cause of inflation. If labor necessary to produce certain products is scarce, then it’s likely the cost of those products will increase.

New technology

New technologies often cause disruptions to sectors of the economy. Depending on the way this goes, it may increase demand for certain products, may increase supply, or may increase costs somewhere along the supply chain. All of these factors can affect inflation.

Current money supply

The amount of money currently in circulation can also have an effect on the state of inflation. When there is more money in the economy, it may make the relative value of a unit of currency (like $1) go down. This is why some economists believe that printing more money to pay for government spending could result in inflation.

Counteracting the Effects of Inflation

A little bit of inflation is normal in most economies, but rapid inflation can be detrimental to society, as people can no longer afford many of the goods and services that they rely on. This leads many economists and policy analysts to wonder what inflation’s causes are, and how its adverse effects can be stopped.

The ways that governments can counteract the effects of inflation vary depending on the type of inflation that’s occurring, and the factors that are causing it. Economists are also not in agreement about the best ways to approach inflation. It’s an area that still needs a lot more study.

That’s not particularly helpful when you’re facing high rates of inflation in the present moment. However, that doesn’t mean you’re a sitting duck completely at the mercy of the economy.

As an individual, there are steps you can take to ensure that your money isn’t being adversely affected by inflation:

Invest when you can. Money sitting in a savings account is, because of inflation, slowly losing purchasing power. If you start investing in the stock market, bonds, or other high-yield options, you can offset the effects of inflation (while also incurring other risks). Investing in property, like a home, can also be an effective way to offset inflation, as property often appreciates in value over time.

Ask for a raise. If you haven’t received a raise in months or years, it’s possible that your real rate of pay has decreased. That’s because, as inflation goes up, your monthly paycheck may not go as far. Working for and asking for raises to meet inflation is one way you can offset its effects.
Organize your workplace. If you and your coworkers have not received raises, it may be time to think about workplace organizing. By banding together with your coworkers and committing to deny your labor until your wages are increased, you can secure a higher wage and offset the effects of inflation.

According to the Joint Economic Committee, prices are increasing at a faster pace right now than they have in decades, which is increasing concerns over inflation. While there’s no real emergency, now’s as good a time as any to take proactive measures.

Plan for the Future with Mint

If you’re curious how your income, debts, investment tracking, and more are stacking up against inflation, there’s one way to keep track: Mint. The Mint app lets you plan for your future by aggregating all your different financial info into one convenient place. Sign up now and download the app for free today and get a bird’s eye view of your finances, so you can plan for whatever the future holds, inflation or not!

Sources: NPR | U.S. Bureau of Labor Statistics | Joint Economic Committee

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Source: mint.intuit.com

January 11, 2022

What You Need to Know About Virtual Open Houses in the COVID-19 Era

In 2019, the real estate industry celebrated 100 years of open houses. Over the course of those decades that real estate professionals have been hosting open houses, they have evolved, and in some cases, disappeared. Since the arrival of the COVID-19 crisis, the real estate industry has scrambled to evolve once again. That includes if, and how, open houses are conducted. At the guidance of the National Association of Realtors, open houses during this time should look different and those marketing properties have found new ways to make touring the home virtually accessible.

The traditional open house is what we’re all widely familiar with. It’s hosted by a real estate agent and potential home buyers are allowed to come and go while they tour the property. However, since the COVID-19 outbreak, the National Association of Realtors has advised suspending in-person open houses. While this is simply a guidance to brokers, many state and local governments have also enacted “shelter-in-place” orders which deem in-person open houses not permissible.

Virtual Open Houses: A Quick Guide

What is the Difference Between a Virtual Tour and a Virtual Open House?

Many programs exist to provide 24/7, 360-degree virtual tours to buyers. While a virtual tour is the first step any prospective homebuyers should take, if interest is there for that property, a guided tour would be the next step. The difference between virtual tours and virtual open houses are that a real estate professional will guide you through the open house while virtual tours are completed on your own. Virtual tours can be completed from the listing page of a property without any prior scheduling. Virtual tour software goes beyond photography and provides 3-D, walking virtual tours of a property. This allows potential buyers to feel like they are literally standing in the middle of the room touring the home, but without having to leave the comfort of their own home.

Young woman sitting on bed in bedroom and having video call via laptop

Virtual open houses can help provide more insight to potential homebuyers. They’re usually scheduled after you took a virtual tour or looked through the listing’s photos and felt interested enough to see the property in all its glory. Buyers can schedule a virtual open house with an agent directly from the Homes.com listing page. As in-person open houses and home tours are suspended, the prevalence of virtual tours will be of paramount importance.

Having these services are a crucial part of an effective real estate marketing plan during this time, so if you’re looking to sell, make sure you can find an agent that has the capability to utilize virtual tours and open houses.

Questions to Ask, or Be Prepared for, During a Virtual Open House

While your agent helps conduct the virtual open house, it’s always good to be prepared in advance with a list of questions for each property you’re going to see (virtually, that is). Start gathering your list after, or during, the virtual tour of that property. You can find a list of questions to start here, but also take into consideration that you’ll want to know the following:

What’s the neighborhood like? Is it safe and walkable? Are there kids in the area and is it in a good school zone? These questions are important to ask local real estate agents, so make sure you’re working with someone who is familiar with the area you’re shopping around in.
Are the current owners living in the home? Is it move-in ready? If the current owners are still living on the property, get an idea for the length of time to help set a basis for when you’ll be moving.
Is the home in a flood zone? If so, what does the cost of flood insurance look like? If you’re in a coastal city or living near a body of water, these questions are pertinent to ask during the virtual open house.

Looking to Sell? Try These Alternatives in Addition to Virtual Open Houses

Despite a pandemic, many homeowners still need to sell their home which requires creativity on the part of the listing agent to market the home effectively and safely. By hiring an experienced and innovative real estate professional to the list a home, homebuyers can be rest assured that Realtors are working to reinvent the wheel and best serve their clients through a host of options.

Professional Photography

While hiring a list agent that understands the value of professional photography over cell phone list photos has always been crucial, the quality of digital images is even more important as more buyers will be searching on sites like Homes.com. By incorporating high resolution professional photography into the marketing plan, homes have statistically sold 32% faster.

Drone Video

The rule of real estate is location, location, location. Even with the best professional photography and 3D tours of a home, many of these options lack the ability to properly view the location of the home. By incorporating drone images and video into a marketing plan, home buyers can evaluate surrounding conditions, proximity, as well as other factors. In fact, homes with aerial & drone photography sold statistically 68% faster than listings without aerial images.

As Realtors work to promote social distancing and safe practices, they have not slowed in their efforts to effectively assist buyers and sellers. If anything, real estate professionals are working harder than ever to reinvent the wheel and evolve in an ever-changing climate. While open houses and real estate marketing may look different than before, the real estate industry has incorporated multiple tools that adhere to social distancing guidelines without sacrificing the exposure of available properties.

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Jennifer is an accidental house flipper turned Realtor and real estate investor. She is the voice behind the blog, Bachelorette Pad Flip. Over five years, Jennifer paid off $70,000 in student loan debt through real estate investing. She’s passionate about the power of real estate. She’s also passionate about southern cooking, good architecture, and thrift store treasure hunting. She calls Northwest Arkansas home with her cat Smokey, but she has a deep love affair with South Florida.

Source: homes.com

January 11, 2022

Titan Invest Review – Advanced Strategies for Everyday Investors

At a glance

Our rating

What It Is: Titan Invest is a set-it-and-forget-it investment platform designed to give the average investor a simplified way to invest with a hedge fund-like style.
Advantages: The platform offers an aggressive investment style capable of yielding market-beating returns, an insured and secure investing experience, an intuitive mobile app, and multiple account types.
Disadvantages: Investors are sometimes turned off by the high cost compared to robo-advisors, relatively high account minimum requirements, and a lack of financial planning tools.
Price: Titan Invest charges a monthly or annual fee depending on your account balance. If you have under $10,000 invested, you’ll be charged a $5 monthly advisory fee, while accounts with a value of $10,000 or more are charged a 1% annual fee.

Additional Resources

Created by Clayton Gardner, Joe Percoco, and Max Bernardy, Titan Invest is a platform designed to give the average investor the ability to follow a hedge fund-like investment strategy without having to manage their portfolios on their own.

Gardner — the CEO of Titan whose long list of credentials includes a history as a financial analyst for a hedge fund — and his team of investment advisors, analysts, and traders manage your portfolio for you.

The goal is to give you the upper hand in the stock market, regardless of whether you’re an accredited investor or not. Although Titan Invest is young, it is already building a history of compelling performance.

Key Features of Titan Invest

Titan Invest is quickly becoming a popular option among the investing community, and for several good reasons. Some of the platform’s most important feature are:

Aggressive Investment Style

The number one reason to consider investing with Titan is the sheer scale of returns the firm has generated for its customers. In 2020, even in the face of the COVID market crash, the firm delivered a 44.42% rate of return, outpacing the S&P 500’s 18.39% and the average robo-advisor return of 14.90% by a wide margin.

On an annualized basis, the company’s investment portfolio has generated 22.4% growth since inception. That’s more than double the long-term average return of the stock market.

Titan generates these returns through an aggressive investment style that’s focused on picking high quality individual stocks and using inverse exchange-traded funds (ETFs) for hedging.

When you sign up, a percentage of your assets is placed in the equities side of the portfolio. The remainder of your portfolio value is invested in inverse ETFs, acting as a personalized hedge. From there, you can either watch your money grow or make regular contributions to increase your earnings potential, leaving the legwork to the pros at Titan Invest.

Three Portfolio Options

When you sign up, you’ll have the option to choose from three different portfolio styles. These include:

Titan Flagship. The company’s Flagship portfolio invests in a small group of large-cap domestic stocks. The average market cap in the portfolio is around $500 billion, with stocks being chosen for their potential to beat the returns of the S&P 500.
Titan Opportunities. The company’s Opportunities portfolio provides access to domestic small- and mid-cap stocks. The average market cap in the fund is about $9 billion, and stocks are chosen for their ability to provide exceptional returns. After all, small-cap stocks have a long history of outperforming their large-cap counterparts. However, for access to the Opportunities portfolio, you’ll need to maintain a minimum account balance of $10,000.
Titan Offshore. The Titan Offshore portfolio gives you access to a select list of international stocks outside the U.S. in both developed and emerging markets. As with the Opportunities portfolio, the stocks are chosen based on their potential to deliver exceptional returns.

Safety Is a Top Priority

When deciding where you’re going to invest your money, safety should be a consideration. As technology becomes more sophisticated, hackers and con artists do too. So it’s important that no matter where you park your money, it’s both safe and insured.

All Titan investment accounts are covered by Securities Investor Protection Corporation (SIPC) insurance on balances up to $500,000. So, if your money becomes lost for any reason other than general losses in the stock market, you can rest assured that you’re covered.

All Titan accounts are held and cleared with APEX Clearing. APEX is one of the largest financial technology companies in the world, with a history of providing the tech necessary for the safe clearing of stock market transactions.

Finally, on Titan’s website, your information will be safeguarded by several layers of security. Titan uses an SSL connection with 256-bit encryption and a firewall to ensure the safety of your data.

User-Friendly Mobile App

Everything happens on the go these days, and the same is true when it comes to investing.

If you enjoy having on-the-go access to your investing accounts, you won’t be disappointed. The Titan Invest mobile app is intuitive and user friendly, offering everything you get when you log in to the platform on a desktop.

Multiple Account Types

Titan offers multiple account types. Whether you’re simply investing for the sake of investing or you’re building a retirement account, there’s an option available for you. The available account types include individual taxable brokerage accounts, traditional IRAs, and Roth IRAs.

Popularity

While a fund or investment service’s popularity should never be the determining factor as to whether you’ll invest in it, it is nice to see that the platform is popular. After all, if investors were losing money, it would be hard to build a buzz around the opportunity.

Titan Invest has already attracted more than $600 million in assets under management (AUM), which is impressive when you think about the fact that the company just launched in 2017.

Advantages of Titan Invest

Considering the fact that so many investors are flocking toward Titan’s services, there’s obviously plenty to be excited about. Here are the biggest advantages to working with the firm:

Low Cost Compared to Typical Hedge Funds. Hedge funds and other active investment managers generally charge performance fees. Sometimes, these fees can be as high as 20% of the profits earned. Compared to these funds, Titan’s 1% per year and $5 monthly fees are far easier to swallow.
Not Just Available to Accredited Investors. Aggressive strategies that lead to gains that significantly outpace the market are typically only accessible by high net worth individuals and other big-money investors. The Titan Invest platform makes these exclusive returns available to the masses.
Compelling Performance. Titan has only been around a few years, but in that time it has generated multiples of the average market returns. The potential to consistently and significantly outperform the market is very appealing to investors.
Referral Program. Titan offers an opportunity to get rid of fees entirely and unlock the Titan Opportunities portfolio without the $10,000 minimum investment through its referral program. Refer two members and you’ll have access to the Opportunities portfolio with a minimum investment of $100. Refer four new members and you’ll get rid of your advisory fees entirely. Even if you only refer one person to the platform, you’ll enjoy a 25-basis-point (0.25%) reduction in your annual fee.

Disadvantages of Titan Invest

So far Titan may seem like a platform built of sunshine and rainbows, but there are some dark clouds in the sky to consider too.

High Risk. The strategies used by the pros at Titan Invest are high-risk/high-reward strategies. Without the use of fixed-income investments and heavy diversification, conservative investors with a low risk tolerance or investors with a short time horizon who can’t afford to absorb market downturns will find the volatility associated with the strategy to be a turnoff.
High Cost Compared to Robo-Advisors. While there are no performance fees, investing with Titan is more expensive than the average robo-advisor. For example, Betterment charges a management fee of 0.25% per year, which makes 1% seem like an exorbitantly high fee. For smaller accounts, $5 per month can actually be pretty pricey. To put it into perspective, if you have a $500 starting balance, $5 per month works out to annual fees of 12%. (Once you have between $6,000 and $10,000, $5 per month works out to an annual fee of 1% or less.)
Account Minimums. All Titan accounts have a $100 minimum investment, which isn’t a big deal. However, if you want access to the Opportunities portfolio, you’ll need to maintain a minimum balance of $10,000, which is too high for some investors.
Lacks Additional Features. Titan Invest doesn’t offer tax-loss harvesting, financial advisors, or financial planning, all of which are generally available when working with the company’s competitors.

You Should Invest With Titan Invest If…

There’s no such thing as a one-size-fits-all investing product. Everyone has different goals, a different risk tolerance, and different amounts of capital to put into the investing process. These factors make an investor a perfect fit for the Titan platform:

You Have $6,000 or More to Invest. With balances under $6,000, the fees you’re charged will work out to be more than 1% annually. That’s an expensive pill to swallow, and chances are that you’ll find better opportunities elsewhere.
You Have a High Risk Tolerance. Only investors with a healthy appetite for risk should ever consider an aggressive investing strategy that’s solely focused on investments in stocks. Risk-averse investors should consider other opportunities.
You Are Young. Due to the high risk associated with the Titan Invest strategies, younger people are the best candidates for this investing style. The younger you are, the more risk you can accept because you’ll have more time to recover should a significant drawdown take place. Investors nearing retirement or with short-term time horizons simply don’t have the time to recover from significant losses and should consider investing in a product or assets with limited volatility.

Final Word

All told, the Titan Invest platform is a great option for the audience it was designed to serve. Young investors with a high risk appetite will benefit greatly from the firm’s aggressive investment strategies.

Regardless of your age, it’s important to keep a sizable balance in your account if you’re going to use Titan to ensure that fees don’t eat into too much of your profits.

On the other hand, if you’re not a young investor or don’t have a healthy appetite for risk, it’s likely best to look into low-cost, highly diversified ETFs and choose an asset allocation that fits your investing goals and timeline. Also, it won’t hurt to mix some fixed-income assets in to further shield your portfolio from volatility.

The Verdict

Our rating

Titan Invest is a great option for investors with $6,000 or more to start with who are willing to accept increased risk for an opportunity to beat the market. Offering up a hedge-fund investment style with a history of compelling performance, the platform has become a popular option for individual investors.

The platform offers compelling returns on stocks, but that’s about it. Without fixed-income allocation and financial planning features, the platform leaves much to be desired for the average investor.

Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Joshua Rodriguez has worked in the finance and investing industry for more than a decade. In 2012, he decided he was ready to break free from the 9 to 5 rat race. By 2013, he became his own boss and hasn’t looked back since. Today, Joshua enjoys sharing his experience and expertise with up and comers to help enrich the financial lives of the masses rather than fuel the ongoing economic divide. When he’s not writing, helping up and comers in the freelance industry, and making his own investments and wise financial decisions, Joshua enjoys spending time with his wife, son, daughter, and eight large breed dogs. See what Joshua is up to by following his Twitter or contact him through his website, CNA Finance.

Source: moneycrashers.com

January 11, 2022

The 15 Best Neighborhoods in Detroit for Renters in 2022

Motor City is full of neighborhoods that provide gorgeous views, active nightlife and world-class culture.

While there’s no shortage of amazing places to live, actually choosing one is difficult. Luckily, the best neighborhoods in Detroit have great rental opportunities to fit just about every lifestyle. And you’ll be deeply invested in your new neighborhood — like a true Detroiter should — before you know it.

Here are the 15 best neighborhoods in Detroit.

Walk Score: 62/100

Bagley is a neighborhood that offers the best of many worlds. Located near University Park, along Livernois, you’ll have access to amenities on the vibrant Avenue of Fashion, one of Detroit’s top commercial strips. McNichols Road is another commercial center with bars and coffee shops. Local restaurants also abound, ranging from casual Kuzzo’s Chicken & Waffles to fine dining at Table No. 2.

Perfect for people who enjoy living and breathing Detroit’s energy while paying reasonable prices, living in Bagley means quality amenities, a great location and no shortage of activities.

Walk Score: 73/100

As the oldest Detroit neighborhood, Corktown has apartments with charm, character and an assortment of price points. Though a popular tourist destination for the shops, bars and restaurants located right on Michigan Avenue, this one strip is just a part of Corktown’s appeal.

Leave Michigan Avenue behind and explore the cutest collection of mixed-era buildings as you make your way to Mudgie’s for the tastiest sandwich in town. Other gathering spots locals flock to are Trumbull & Porter, a local and tourist hangout, and Batch Brewing Co., where they make elevated bar food and beer on site.

Downtown Detroit, MI

Median 1-BR rent: $2,097
Median 2-BR rent: $2,587
Walk Score: 94/100

Almost overnight it seems as if Downtown Detroit transformed from a sleepy retail and business area to a thriving city center with new apartments steadily being developed, in both new and vintage buildings.

Some of the best parks are home to Downtown Detroit. That includes Spirit Plaza and Cadillac, and most museums like the Detroit Institute of Arts. With event spaces, restaurants and pubs on every street and the riverfront, there’s no better place to live for those who move with the beat of the urban landscape (and who don’t like to drive).

Walk Score: 59/100

Warren Avenue bisects East English Village, a major street providing access to key bus lines that will easily take you into the downtown area and bike lanes aplenty. While community-strengthening redevelopment efforts are in progress, you can still visit the historic Alger Theatre and the classic Detroit bar Cadieux Café — the only place in the entire country where they offer feather bowling.

Heralded as one of the best neighborhoods in Detroit for years, East English Village has apartments for rent that are modest, well-maintained and affordable.

Gold Coast, Detroit, MI

Median 1-BR rent: $699
Median 2-BR rent: $1,652
Walk Score: 62/100

Home to large apartment buildings, the Gold Coast sits along Detroit’s riverfront outside of Downtown. Located next to everything, you have your pick of the best food, bars, venues and entertainment Detroit has to offer.

Along with amenities and activities, there are great schools and tons of parks so kids will always have something to keep them interested. In this densely populated area, you’ll get the true urban experience and some amazing views from your living room window.

Walk Score: 48/100

Jefferson-Chalmers is officially recognized as a National Treasure, which pretty much means it’s one of the best neighborhoods in Detroit. A waterfront neighborhood, blocks of apartments line riverfront streets and even have backyard access to waterways that lead to the Detroit River and Lake Saint Clair.

A great place to hang out, Jefferson-Chalmers has a yacht club, amazing architecture, a fishing park, great shopping and more. Known for its business investment and community development, Jefferson-Chalmers is continually evolving and will remain a wonderful place to settle into.

Walk Score: 84/100

East of Downtown, Lafayette Park is a historic neighborhood with the largest collection of buildings designed by Mies van der Rohe in the world. It’s hailed for its progressive architecture and rare stability. It’s one of the most important and successful urban renewal zones in the entire country.

Located near many activities, it’s a short walk to Eastern Market and Downtown and a quick bike ride to the Riverfront. The area is dedicated to its residents, with some living there since its founding and newcomers who actively participate in the care of Lafayette Park.

Midtown, Detroit, MI

Walk Score: 93/100

Just outside of Downtown Detroit, Midtown is a neighborhood anchored by Wayne State University, nearby hospitals and the Detroit Institute of Arts. This is an ideal place to live if you relish having the ability to walk everywhere. You’ll be near Comerica Park and Little Caesars Arena, venues for major sports teams and entertainment.

Adjacent to major areas of shopping and fine dining, it will be impossible to stay inside when Grey Ghost, City Bird and Bottom Line Coffee House are all within walking distance. A cultural district connecting major libraries and museums will also call Midtown home.

Median 1-BR rent: $1,762
Median 2-BR rent: $2,225
Walk Score: 91/100

A lively neighborhood and business district, New Center is full of vibrancy and diversity, as well as first-rate shopping, dining and entertainment. Dominated by Fisher and Cadillac Place, formerly the General Motors building, it’s an ideal place to work, play and live.

Living in New Center will also give you a special treat every Fourth of July weekend when Comerica TestFest occurs, a premier music and food festival. The streets of New Center transform completely as the music takes and good times take over.

Palmer Park, Detroit, MI

Median 2-BR rent: $800
Walk Score: 54/100

The apartment district in Palmer Park is a part of the National Register of Historic Places. This neighborhood is one of the few that’s close to the action without breaking the bank. Apartments have eclectic architecture and many sit around Palmer Park, a gorgeous green space with walking paths, picnic areas and a fountain.

State Fairgrounds provides Palmer Park residents with a wide range of amenities and there are many bars, restaurants and brunch places springing up all the time to fall in love with.

Median 1-BR rent: $1,250
Median 2-BR rent: $1,800
Walk Score: 75/100

When living in Rivertown Warehouse District, you’ll see freighters, kayaks and boats cruising on the Detroit River regularly. A neighborhood with mostly apartments and condos, the river is the backyard of most residents.

Adding to Rivertown Warehouse District’s natural beauty are parks, outdoor spaces, greenways and the Riverwalk — Detroit’s crowning achievement. The Riverwalk is three and a half miles long, offering incredible views of the skyline and river. It connects neighborhoods and an island, taking you through splash pads, fishing areas, beaches and parks.

Median 1-BR rent: $725
Median 2-BR rent: $825
Walk Score: 59/100

Schulze is a strong neighborhood full of residents that know what makes their community great. It’s perfect for young families and professionals who don’t need proximity to the city. The Northwest Activities Center is the heart of Schulze, providing programming, events, activities and services to more than 300,000 visitors every year.

When living in this area, residents are serious about their block clubs as they keep residents in the know of everything happening in the area. Another Detroit neighborhood that aims to build and improve together, Schulze continues trending up.

Southwest Detroit, MI

Walk Score: 70/100

A sprawling neighborhood, Southwest Detroit is a growing and very active area united by Mexicantown, a strip of businesses lined with bakeries, shops and restaurants so popular they constructed a shared street.

Vibrant murals cover the buildings and the streets spill over with people during the holidays, enhancing the neighborhood’s already infectious vibe. Clark Park is also located in Southwest Detroit. It’s one of the cleanest and most fun parks in the city and the city is planning additional park amenities.

Median 1-BR rent: $1,160
Median 2-BR rent: $1,725
Walk Score: 59/100

Diverse, friendly and teeming with pride, Detroit’s University District is a neighborhood of buildings with lavish architecture and elaborate marble and stone facades. Bound by Livernois Avenue, called The Avenue of Fashion by locals, there are boutiques,. But you’ll see more art galleries and creatives spaces, with some even dubbing it Gallery Row.

Though near premier greenspaces, restaurants, parks, libraries and the Detroit Golf Club, University District is ideal for students, retirees and other residents who enjoy a quieter city lifestyle and enjoy access to high-quality amenities.

West Village, Detroit, MI

Median 1-BR rent: $1,095
Median 2-BR rent: $1,395
Walk Score: 75/100

If you’ve never cared for walking the beaten path, West Village, located on the east side of the city, is the best neighborhood in Detroit for you. Primarily a residential area, West Village has apartments constructed from 1890 to 1920. And the stylings are Colonial, Mediterranean Revival and Tutor architecture.

Packed with local businesses, bars and restaurants for such a small area, West Village is where Detroit Vegan Soul, Belle Isle Pizza, Marrow Detroit and Sister Pie can all be found. Ripe for development, grabbing an apartment in this ever-evolving neighborhood is a good idea.

Find the Best Detroit Neighborhood for You

A special city in the country and the world, it’s nearly impossible to choose where to move to when looking for apartments to rent in Detroit.

One thing is sure, when you do choose the best neighborhood in Detroit to make your new home, you’ll be alongside some of the friendliest, most caring neighbors.

The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent.com as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

January 10, 2022

The Best Places to Live in California in 2022

From the beautiful beaches to the world-renowned redwood forests, California spans 900 miles along the Pacific coast and is the third-largest state in the U.S. The Golden State is home to almost 40 million people, making it the most populous state in the country. Full of iconic attractions, places and cities — think Disneyland, the Golden Gate Bridge and Hollywood, to name a few — people love this state.

With a landmass of 155,779 square miles and so many cities to choose from, where are the best places to live in California? Well, that depends on your budget and interests. Whether you’re a surfer looking to hang 10 or a wannabe actor seeking stardom, there’s a city that’s right for you.

Take a look at our list to see the best places to live in California.

Anaheim, CA

Population: 346,824
1-BR median rent: $1,730
2-BR median rent: $1,995
Median home price: $770,000
Median household income: $71,763
Walk score: 63

Disneyland is in Anaheim so Mickey Mouse will be your neighbor! Snag yourself a season pass to Disneyland and you’ll have endless entertainment all year long. It’s the happiest place on earth. Well, that’s what Disney lovers will say, anyway.

Disney aside, Anaheim is a great city for families. It’s a suburban city full of apartments and homes that are affordable, compared to other cities in California. It’s also safe with good school systems.

You can enjoy time outside with a year-round mild climate, too. Take a walk through Yorba Regional Park or take your furry friend to La Palma Dog Park. Anaheim is full of parks, trails and outdoor activities. Everyone will find something to do here.

Irvine, CA

Population: 307,670
1-BR median rent: $2,865
2-BR median rent: $3,489
Median home price: $1,161,000
Median household income: $105,126
Walk score: 47

Irvine is home to one of the famous UC schools — UC – Irvine. But there are eight other universities in the town, as well. If you’re looking for a city with many opportunities for higher education, this is a great pick.

Irvine is making gaming history as the headquarters for Blizzard Entertainment. Blizzard Entertainment is the largest employer in the city and produced popular games like “Worlds of Warcraft” and “Diablo.”

A few other fun facts about Irvine: SNL star and actor Will Ferrell was born and raised in here. You can check out his elementary, junior and high school. And Irvine was the backdrop for scenes from “Ocean’s 11.”

Apartments in Irvine range in price but the city is in a great location and is constantly ranked one of the safest cities in California. Irvine is full of great parks, trails and sanctuaries so you’ll get a good blend of nature and city life.

Los Angeles, CA

Population: 3,898,747
1-BR median rent: $2,725
2-BR median rent: $3,739
Median home price: $950,000
Median household income: $62,142
Walk score: 79

Los Angeles, better known as L.A., is the second-most-populated city in the nation. When you think of L.A., you may think about celebrities and the Hollywood Walk of Fame, complete with more than 2,600 stars. From Universal Studios to Warner Bros., the film and TV industries have several headquarters here. Want to see the set of Central Perk from “Friends?” You can do that here. Care to visit Universal Studios theme park? Go ahead! For any film or TV buff, this is the city for you.

Los Angeles is one of the best places to live in California because it offers a little bit of everything. You’re within close proximity to several beaches. You can hike Griffith Park and see the Hollywood sign, see fossils from the Ice Age at the La Brea Tar Pits, check out more than 100 museums within the city and eat at a variety of restaurants and bars. To summarize, there’s no shortage of things to do in Los Angeles.

The City of Angels is home to more than 10 million people. Regardless of what you’re looking for, you’ll likely find it here in this diverse, urban city.

Oakland, CA

Population: 440,646
1-BR median rent: $3,113
2-BR median rent: $3,947
Median home price: $885,000
Median household income: $73, 692
Walk score: 83

If you’re a sports fanatic, then you’ve found your city. Oakland, CA, is the only city in the state to have three professional sports teams. You’ve got the Raiders, the Warriors and the A’s. Between football, basketball and baseball, you’ll be able to cheer on the home team year-round in one of the best places to live in California. Not a sports fan? Don’t worry. Oakland has a lot more to offer than sports.

One fun fact is that you’ll find hundreds of gnomes living here, too. Yes, you read that right — gnomes! Throughout the city, painted gnomes grace the utility poles. A mysterious artist paints them throughout the city for you to discover.

Oakland is a diverse city full of culture and history. It has a mild climate year-round and is full of great parks, trails and outdoor areas. Living in Oakland you’ll find the cost of apartments is comparable to other California cities.

Palm Springs, CA

Population: 44,575
1-BR median rent: $1,955
2-BR median rent: $2,095
Median home price: $523,000
Median household income: $53,441
Walk score: 39

Palm Springs is a diamond in the desert. It’s an affordable city with luxurious amenities like swimming pools, golf courses and tennis for all. If cities like L.A. or San Francisco are too big for you, Palm Springs is a perfect pick.

Tourists love it here but it’s also a popular place for retirees. Palm Springs is one of the best places to live in California if you’re looking for a low-key, relaxed atmosphere while still having the perks of California living. You’ll find great apartments in Palm Springs, lots of outdoor activities and a diverse cultural scene. But, it’s in the desert so expect extreme temperatures!

Palo Alto, CA

Population: 68,572
1-BR median rent: $3,317
2-BR median rent: $3,700
Median home price: $3,730,000
Median household income: $158,271
Walk score: 73

Palo Alto, also called “The Birthplace of Silicon Valley,” is one of the best places to live in California. It’s also a world-renowned tech hub. Some of the world’s most infamous tech unicorns, like Apple and Tesla, emerged from Palo Alto. Nearby is Stanford University, a top-ranked college. Palo Alto is a great city for tech-oriented students or individuals who are looking to start a company or join the ranks of one of the booming tech companies located there.

While Palo Alto is full of new tech and innovation, it’s also full of rich history. Spanish settlers explored and settled here. The city is even named after a 1,000-year-old tree located along the San Francisquito Creek.

This city is smaller compared to other cities in California, with around 65,000 residents. It’s a beautiful and safe place to live but you’ll find that rent and home prices are more expensive.

Sacramento, CA

Population: 524,943
1-BR median rent: $2,057
2-BR median rent: $2,327
Median home price: $465,000
Median household income: $62,335
Walk score: 60

If you want to live in the heart of the state, Sacramento is the city for you as it’s the state’s capital.

This city is known for some pretty cool things. First, its nickname is the “City of Trees,” because it has more trees per capita than any other city in the world — although Paris is also a top contender. Despite the intense summer heat, the abundance of trees actually helps cool the city down. The community has lush, green trees and there is beauty in nature everywhere around you.

Another cool thing about Sacramento is its devotion to farm-to-fork eating. What’s that you may ask? Sacramento is full of produce and farmer’s markets — exactly 40 of them. That’s right! Forty in one city alone. Local farmers provide produce to local restaurants so the food you’re eating is literally from the farm straight to your fork (or mouth). You’ll eat well here.

This is a large city and you’ll find 1.5 million people living in Sacramento. You’ll also have plenty of things to do and will enjoy walking around this tree-lined city.

San Clemente, CA

Population: 64,293
1-BR median rent: $3,150
2-BR median rent: $4,600
Median home price: $1,433,000
Median household income: $110,434
Walk score: 62

If you’re looking for a city with nostalgic, old-town beach feels, San Clemente is for you. Located right on the beach in Orange County, this charming city is like a postcard.

You’ve got the San Clemente Pier plunging into the ocean. You can take a stroll, go fishing or have a bite to eat. The beaches are stunning and appeal to avid surfers and young children alike. The lifeguards ensure that surfers have their own area to catch a wave while boogie boarders and families have their own space to swim in the ocean, too. Take a stroll along the coast on some awesome beach-side trails, too.

There are several boutique stores and restaurants on the famous T-street, as well. San Clemente is one of the best places to live in California if you’re looking for a quaint beach-side town. You can find apartments in the city that meet your budget and lifestyle needs.

San Diego, CA

Population: 1,386,932
1-BR median rent: $2,582
2-BR median rent: $3,285
Median home price: $800,000
Median household income: $79,673
Walk score: 71

San Diego is a beautiful, ocean-side city known for its great weather and scenic views. The average temperature is 70 degrees, so it’s sunny and pleasant almost every day of the year. You’ll find amazing beaches here and a town full of friendly people.

The U.S. Navy is the biggest employer in the city and has a naval base there. The Pacific Fleet stations in San Diego with 46 navy ships. Take a harbor cruise or visit the maritime museum to learn more about the naval history in San Diego.

If you’re looking for a city that’s easy-going, look no further. It’s a tourist destination, but it’s also home to over 3 million people. You can find a great apartment here and make it your next home.

San Francisco, CA

Population: 873,965
1-BR median rent: $3,193
2-BR median rent: $4,257
Median home price: $1,480,000
Median household income: $112,449
Walk score: 93

The Golden Gate Bridge, cable cars and Alcatraz are just some of the iconic things you’ll find when living in San Francisco. You’ll also live in a city that’s full of diversity. San Francisco is known for being a liberal, open-minded city. In fact, it was home to the hippie movement of the ’60s. If you’re looking for a city that’s progressive, this is a good place to consider.

It’s also full of career opportunities. The tech sector is booming so you’ll find great job prospects in that industry. Keep in mind that the cost of living is more expensive here than in other cities in California.

San Francisco is both a large, urban city and a nature retreat. You’ll find everything you need downtown but then you can escape to Muir Woods where you’ll see redwood trees and forest scenes. If you’re looking for the best place to live in California, San Fran might be a good option to consider.

Santa Monica, CA

Population: 93,076
1-BR median rent: $3,190
2-BR median rent: $4,677
Median home price: $1,908,000
Median household income: $96,570
Walk score: 85

The pier in Santa Monica is arguably the most famous one of all. This iconic pier along the coast has an amusement park complete with a Ferris wheel (it’s solar-powered!), roller coasters and funnel cakes to go around. While that’s a tourist location, it’s fun for locals to stroll the pier and beach after a busy day at work.

Santa Monica is one of the best places to live in California because it’s a city that has it all. You’ll find great restaurants and shopping in the downtown area. You’ll enjoy relaxing walks along the beach. And you can rent great apartments in the city center. The demographics skew younger as you’ll find young professionals making this city home. Rent prices are steeper compared to other cities, but it’s a coveted place to live in California.

Find an apartment for rent in California

So, have we convinced you that California is the place for you? Whether you’re looking for a location in a bustling metro area or a beach-side apartment with ocean views, there are several best places to live in California. Pick your city, find your apartment and soon the Golden State will be your new home.

The rent information included in this summary is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent.com as of December 2021.

Median home prices are from Redfin as of December 2021.

Population and median household income are from the U.S. Census Bureau.

The information in this article is for illustrative purposes only. This data herein does not constitute a pricing guarantee or financial advice related to the rental market.

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January 9, 2022

What Is the HEMS Standard in Estate Planning?

The "HEMS" (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.

The HEMS standard is used in estate planning to guide trustees in how and when they should release funds to a beneficiary. By including HEMS language in a trust, you can exert greater control over how the trustâs assets are ultimately spent and for what purpose, including health and education expenses. This can be especially useful if a trustâs beneficiary is young or financially inexperienced. A financial advisor who offers estate planning services can help you set up a trust that meets the needs of you and your beneficiaries.

What Is a HEMS Provision?

HEMS is an acronym that stands for health, education, maintenance and support. When assets are distributed to the beneficiaries of a trust with a HEMS provision, the money can only be used for specific needs tied to the beneficiariesâ health, education or living expenses. These may include college tuition, mortgage and rent payments, medical care and health insurance premiums.

Hereâs a look at some examples of HEMS distributions:

HEMS Standard: A Breakdown Health Education Maintenance and Support Medical treatment Tuition for all levels of education Mortgage or rent Health insurance College housing and dining Taxes Eye exams and dental care Career training Insurance Prescription drugs Studying abroad Customary vacations Some elective procedures Books Gifts for family members Gym memberships Other support Reasonable comforts

While a HEMS provision gives a trustee guidance on how assets should be distributed (the trustee ultimately has the discretionary authority to decide whether an expense qualifies). This can be relatively straight forward when it comes to the health and education components of a HEMS provision, but the maintenance and support category can be more ambiguous. Thatâs because maintenance and support can include distributions that allow a beneficiary to maintain their typical standard of living, which can even include travel and vacation expenses.

Benefits of HEMS

The "HEMS" (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.

Having a HEMS provision in your trust can be beneficial in several ways. First, by limiting what types of distributions are allowed, youâll better ensure that the assets held in the trust are not spent frivolously. This can be especially important if the trustee is also a beneficiary. By establishing certain restrictions, the odds of the trust being drawn down too quickly diminish.

Second, by giving the trustee guidelines for how assets should be distributed to beneficiaries, youâll make their job that much easier. A HEMS provision can narrow the vast discretionary authority that some trusts endow their trustees and can help them better preside over the entity.

Lastly, HEMS language isnât one size fits all. It can be as specific or broad as you like. For example, you can establish a trust whose assets can only be distributed to pay college tuition or the long-term care of a sick or disabled beneficiary. Another grantor may not include such specific language and instead give the trustee broader discretion to allocate assets for any health, education, maintenance and support expenditures.

Bottom Line

The "HEMS" (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.

The HEMS standard is used in estate planning to ensure assets in a trust pay for the health, education, maintenance and support of a beneficiary. A HEMS provision can help guide a trustee and protect assets from being spent too quickly. Common examples of expenses that warrant a HEMS distribution are college tuition and medical care, as well as mortgage or rent payments.

Estate Planning Tips

Estate planning can be a complicated and stressful proposition for someone without proper guidance. A financial advisor who specializes in estate planning can help you create a plan that will ensure your loved ones are taken care of when youâre gone. SmartAssetâs free tool can match you with up to three financial advisors in just five minutes. If youâre ready, get started now.
If you have a considerable amount of assets, itâs important to familiarize yourself with the laws surrounding estate and gift taxes. While the federal government charges both estate and gift taxes, some states have their own death taxes that youâll want to consider while planning your estate.

Photo credit: iStock.com/FatCamera, iStock.com/Yagi-Studio, iStock.com/Jovanmandic

The post What Is the HEMS Standard in Estate Planning? appeared first on SmartAsset Blog.

Source: smartasset.com

Bite the Bullet! The Consequences of a Drug Charge are Real

A Parade of Defendants Pleading Guilty

Advantages of Privately Retained Counsel

Flat Rate or Hourly?

Source: ApartmentGuide.com/Society Hill

Source: ApartmentGuide.com/Willow Pointe

Find an apartment for rent in Pennsylvania

The rent information included in this summary is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent.com as of December 2021.

Median home prices are from Redfin as of December 2021.

Population and median household income are from the U.S. Census Bureau.

The information in this article is for illustrative purposes only. This data herein does not constitute a pricing guarantee or financial advice related to the rental market.

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4. Generation Z

4 Main Causes of Inflation in Our Current Economy

1. Increase in the Money Supply:

2. Supply Chain Disruption:

3. Overnment-Sponsored Unemployment:

4. Poor Government Policies:

What Are the General Causes of Inflation?

Causes of Demand-Pull Inflation

Causes of Cost-Push Inflation

Factors That Can Influence Inflation

Cost of production

Prices of goods

Demand for goods

Skilled labor availability

New technology

Current money supply

Counteracting the Effects of Inflation

Plan for the Future with Mint

Virtual Open Houses: A Quick Guide

What is the Difference Between a Virtual Tour and a Virtual Open House?

Questions to Ask, or Be Prepared for, During a Virtual Open House

Looking to Sell? Try These Alternatives in Addition to Virtual Open Houses

Professional Photography

Drone Video

At a glance

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Key Features of Titan Invest

Aggressive Investment Style

Three Portfolio Options

Safety Is a Top Priority

User-Friendly Mobile App

Multiple Account Types

Popularity

Advantages of Titan Invest

Disadvantages of Titan Invest

You Should Invest With Titan Invest If…

Final Word

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