Money Matters 01.25.19 by Brentwood Press & Publishing

Money

THE PRESS

JANUARY 25, 2019

matter$

Get a head start on tax season

ometime this month, tax statements will begin making their way into mailboxes

around the country. These documents serve as reminders that, like it or not, tax season is quickly approaching. January is a great time to start preparing for tax season. While the deadline to file returns may be several

months away, getting a head start allows us the chance to organize tax documents and avoid a last-minute race against a deadline come April. The following are a handful of ways to start preparing for your returns now. ♦♦ Find last year’s return. Ricky Miller of Douglas and Hornberger Accounting Services in Brentwood warns that tax laws can change from year to year, but one thing that never changes is the need to have last year’s return handy.

“Even though the new tax laws are here, you should still gather your information as in the past,” Miller advised. “Just because you may not get a (federal) deduction, you will still most likely get the deduction for California.” You will need information from last year’s return in order to file this year, so find last year’s return and print it out if you plan to hire a professional to work on your return. ♦♦ Gather dependents’ information. While you might know your own Social

Security number by heart, if you have dependents, you’re going to need their information as well. New parents or adults who started serving as their elderly parents’ primary caretakers over the last year will need their kids’ and their folks’ Social Security numbers. If you do not have these numbers upon filing, your return will likely be delayed and you might even be denied substantial tax credits. see Tax page 3B

MONEY MATTERS

WWW.THEPRESS.NET

JANUARY 25, 2019

THINKING OF SELLING?

WHEN DOES 1% GET YOU MORE THAN 6%? Finally, a FULL SERVICE – NO HIDDEN FEES Real Estate company that sets a reasonable fee to sell your home. The internet has changed the way we do business and thanks to the internet, we can reduce our fees and save our clients THOUSANDS OF DOLLARS!

LISTING FEE

It’s a SELLER’S market, why pay 6% to sell? BRENTWOOD SOL

SOL

Est. Savings $11,980

1364 Sunflower Lane MOVE IN READY! 2504 Sq Ft - 4 Bdrms + Home Office/3 Baths $599,000

SIN

5413 Sellers Avenue 5 ACRES W/HOUSE Subdividable Up To 15 Houses $649,000

SOL

LAK

2843 Cherry Hills Dr PEBBLE BEACH VILLA 2400 Sq Ft - 3 Beds + Bonus Rm/2.5 Baths $463,000

LIVERMORE ORY E ST

PEN

DIN

1029 Apache Street RANCH STYLE W/POOL SIZED BACKYARD 1130 sq ft • 3 beds / 2 baths $725,000

6692 Hampton Court 14,946 FT LOT W/POOL 2416 sq ft - 4 Beds 2.5 Baths $1,799,000

Est. Savings $12,980

4661 Spinnaker Way WATERFRONT WITH RV/BOAT PARKING 2168 sq ft - 3 Beds / 2 Baths $649,000

Est. Savings $19,600

5763 Prestwick Court 6 CAR GARAGE 4319 sq ft • 3 Beds / 2.5 Baths $980,000

Est. Savings $11,996

SOL

NEW

Est. Savings $14,380

LEA

Est. Savings $15,980

4309 Monterey Court UPDATED SINGLE STORY 2355 Sq Ft - 3 Beds / 2 Baths $799,000

1809 Dune Pt Way WATERFRONT W/ BROCK DECK/DOCK 1773 sq ft - 3 Beds / 2 Baths $709,000

2700 Oak Road UPDATED THROUGHOUT 1259 sq ft • 3 Beds / 2 Baths $520,000 OAKDALE

LEX

Est. Savings $9,980

636 W G Street 4 PLEX - INVESTOR OPPORTUNITY 3390 sq ft • All 2 Bed / 1 Bath $499,000

DISCOVERY BAY

Est. Savings $10,400

1638 Willowlake Rd 3123 Castlerock Loop COMPLETELY REMODELED/RV BOAT ACCESS MASTER & 2ND BEDROOM ON MAIN LEVEL 1720 sq ft - 3 Beds - 2 Baths 3394 sq ft • 6 Beds / 4 Baths $609,900 $699,900

COM

SOL

Est. Savings $14,180

DISCOVERY BAY ING LIST

WALNUT CREEK

DISCOVERY BAY

CESS AT AC O B / V R

DISCOVERY BAY ING LIST

DISCOVERY BAY STORY INGLE S M O CUST

DISCOVERY BAY ONT E FR

SAN JOSE

Est. Savings $35,980

NEW

5800 Starboard Drive STELLAR LOCATION - DOUBLE U-DOCKS 2498 sq ft • 3 Beds / 2.5 Baths $1,199,000

Est. Savings $9,980

4072 Sellers Ave 9+ACRES W/SMALL HOUSE 940 Sq Ft - 3 Beds / 1 Bath $799,000

Est. Savings $14,960

Est. Savings $23,980

DISCOVERY BAY

ING

Est. Savings $15,980

D ATE UPD

Est. Savings $17,180

BRENTWOOD PEN

DISCOVERY BAY

OAKLEY

GILROY

SED

SOL

1958 Cherry Hills Drive PEBBLE BEACH VILLA 2212 sq ft • 3 Beds / 2.5 Baths $2,500 per month

Est. Savings $19,580

9729 Dancing Wind Way MOVE IN READY - LAP POOL 3153 sq ft • 4 Beds / 3.5 Baths $979,000

BRENTWOOD G

BETHEL ISLAND OON GS

NEW

3626 Hawthorne Dr UPDATED MOBILE HOME IN THE WILLOWS 1344 sq ft - 2 Beds / 2 Bath $TBD

IN LIST

Est. Savings $7,980

234 Rolando Way WALKING DISTANCE TO DOWNTOWN/SCHOOLS 1032 sq ft - 2 Beds / 1 Bath $399,000

DO THE MATH AND CALL US TODAY! www.1percentListings.net

Maureen Prince, Broker ®

Jeff Gray, Realtor ® Associate

BRE # 01196634

BRE # 02005431

510-882-1030 Maureen@maureenprince.net

408-663-0196 JGray5055@Yahoo.com

JANUARY 25, 2019

MONEY MATTERS

WWW.THEPRESS.NET

Tax from page 1B ♦♦ Gather your year-end financial statements. If you spent the last year investing, then you will have to pay taxes on any interest earned. Interest earned on the majority of savings accounts is also taxable, so gather all of your year-end financial statements from your assorted accounts in one place. Doing so will make filing your return, whether you do it yourself or work with a professional, go more quickly. ♦♦ Speak with your mortgage lender. Homeowners should receive forms documenting their mortgage interest payments for the last year, as the money paid in interest on your home or homes is tax-deductible. If these forms are not received in a timely manner, speak with your lender. You might even be able to download them from your lender’s secure website. ♦♦ Make a list of your charitable contributions. Charitable contributions, no matter how small, are tax deductible. While it’s easiest to maintain a list of all charitable donations you make as the year goes on, if you have not done that, then you can make one now. Look for receipts of all contributions or contact charities you donated to if you’ve misplaced them. ♦♦ Book an appointment with your tax preparation specialist now. As April 15 draws closer, tax preparers’ schedules get busier and busier. The

Even though the new tax laws are here, you should still gather your information as in the past. Just because you may not get a (federal) deduction, you will still most likely get the deduction for California. – Ricky Miller, Photo courtesy of Metro Creative

Douglas and

Tax season is just around the corner, and it’s never too early to start preparing your return. earlier you book your appointment, the more likely you are to get a favorable time for that meeting. In addition, if you have gathered all of the information you need by early February, then booking your appointment early means you can file earlier and receive any return you might be eligible for that much quicker. Though Stephen Brandon, a master tax advisor for H&R Block, cautioned that the current government shutdown may delay some

taxpayer’s refunds. “The IRS confirmed that . . . it will process tax returns beginning Jan. 28 and provide refunds to taxpayers as scheduled,” said Brandon. “However, some refunds will still be delayed. H&R Block is offering refund advance worth up to $3,000 to help those taxpayers who need access to their refund faster.” Tax season is just around the corner, and it’s never too early to start preparing

Hornberger Accounting Services your return. Douglas and Hornberger LLP can be reached at 925-634-5549. H&R Block is located at 4431 Balfour Road, Suite 3B, in Brentwood. For more information, contact 925-240-9319. – Courtesy of Metro Creative/ Dawnmarie Fehr, correspondent To comment, visit www.thepress.net

It’s our turn to serve • •

0% down programs Credit scores as low as 580

(manufactured home 620)

•

$1,000,000 max loan amount

•

No mortgage insurance

Thank you for your service!

Guild Mortgage Company is an Equal Housing Lender; Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. *Excludes HI and AK

MONEY MATTERS

WWW.THEPRESS.NET

JANUARY 25, 2019

Getting the best mortgage financing deal

nless you are one of the few people who can afford to pay

Learning about the mortgage process can help new buyers navigate these sometimes tricky financial waters.

cash for a home in California,

your next house hunt will also include a mortgage hunt. Getting a mortgage requires research and some preparation on the part of borrowers if they hope to get the friendliest terms possible. Homes are substantial decades-long investments, so it’s smart to shop around to find the best rates and lenders available. These tips can make the process of applying and getting a mortgage go smoothly and may even help borrowers save some money. ♦♦ Learn your credit score. Your credit score will be a factor in determining just how much bargaining power you have for lower interest rates on mortgage loans according to the financial resource NerdWallet. The higher the credit score, the better. Well before shopping for a mortgage, manage your debt, paying it off if possible, and fix any black marks or mistakes on your credit report. Stella Denny of Wells Fargo Home Mortgage in Brentwood also suggested waiting on other big purchases until after the home purchase is complete. “If you want to buy a home and a car, wait to buy the car until after you buy your

Photo courtesy of Metro Creative

home, or you may not be able to get your home,” she cautioned. “Inquiries on your credit report or new accounts may prevent you from getting your home loan.” ♦♦ Investigate various lenders. The Federal Trade Commission says to get information from various sources, whether they are commercial banks, mortgage companies, credit unions or thrift institutions. Each is likely to quote different rates and prices, and the amount they’re willing to lend may vary as well. Investigating various lenders can help you rest easy knowing you got the best rate for you. Lenders may charge additional fees that can drive up the overall costs associated with getting a mortgage. Compare these fees as well so you can be

sure you get the best deal. ♦♦ Consider a mortgage broker. Mortgage brokers will serve as the middle person in the transaction. A broker’s access to several different lenders can translate into a greater array of loan products and terms from which to choose. You can also choose a mortgage direct from a mortgage servicer. Jason Peterson is the office manager for Guild Mortgage in Brentwood, a direct mortgage lender. He and his associates help people into loans and continue to service the loans after they have been secured. He suggested using someone in the area who can answer questions specific to local real estate needs. “Find someone who is local, who has testimonials and customers who can vouch

for their knowledge,” Peterson suggested. “You need someone who can negotiate the (mortgage) process for you, or it can be frustrating and costly.” ♦♦ Learn about rates. Become informed of the rate trends in your area. Lower rates translate into significant savings per month and over the life of the loan. Rates may be fixed, though some are adjustablerate mortgages (also called a variable or floating rate). Each has its advantages and disadvantages, and a financial consultant can discuss what might be in your best interest. ♦♦ Discuss points with your financial advisor and lender. Some lenders allow you to pay points in advance, which will lower the interest rate. Get points quoted in dollar amounts so they’ll be easier to compare. If you’re unfamiliar with points, discuss the concept with your financial advisor. The vast majority of homeowners secured a mortgage to purchase their homes. Learning about the mortgage process can help new buyers navigate these sometimes tricky financial waters. Guild Mortgage is located at 651 First St., in Brentwood. For more information, call 925-278-6677 or visit http://bit.ly/ thepressnet_guildmortgage. For more information on Wells Fargo Home Mortgages, Stella Denny can be reached at 925-584-0976. – Courtesy of Metro Creative/Dawnmarie Fehr, correspondent

Agent Showcase

Your key to finding the right local real estate professional. Jodi Marfia

I am not just a real estate “salesperson.” I strive to truly service my clients and the public at large. I take the time to discover your wants and needs and sometimes my advice will be to NOT buy or sell real estate. No pressure, just a sincere desire to help. If that results in a transaction, I will negotiate the best price and terms.

I will anticipate and fulfill your needs along the way with all the details surrounding inspections, the loan process and finally - moving day! If challenges come up, I will handle them in a calm, confident manner, while keeping your best interests in mind.

Jodi Marfia is a real estate broker and has been in the business for 15 years; 10 of them with Sharp Realty. She is involved in her community and currently serves on the planning commission for the City of Brentwood. She can be reached at 925.354.8919 or email jodi@dreamhomesbyjodi.com.

MBA, Associate Broker at Sharp Realty Planning Commissioner, City of Brentwood CalBRE License #01715736

jodi@dreamhomesbyjodi.com www.dreamhomesbyjodi.com/ Mobile: 925.354.8919

Jodi Marfia

Kim Cerda

If your home no longer fits and you are planning a move, please give me a call!

Saving Sellers Thousands!

REALTOR® | CalBRE#02020399

LIST & SELL

As a Brentwood mother of two, I’m proud to live and work in our amazing community. Please know that your referral is the best compliment I can receive which is why I always ensure that my clients are “Cerda-fied” happy!

*For home values under $400,000

925.586.4384

kc@propertiesbykim.com www.propertiesbykim.com

starting at

$4,950!*

Home & Land Co. Real Estate Sales & Property Management Services

Shannon Glieden Broker/Owner CA DRE #01299699 ShannonGlieden@gmail.com www.SavingSellersThousands.com 925-625-HOME (4663)

SERVING EAST COUNTY FOR 19 YEARS

Be a part of the Agent Showcase 925.634.1441

only

$99

/month!

JAMES W. GRAYDON Broker BRE# 01236065 NMLS #995241

• Real Estate Sales • Home Loans • Refinancing

925-584-9886

www.AllPhAseBrokers.com

MONEY MATTERS

JANUARY 25, 2019

TOP 5 ESTATE PLANNING MISTAKES

by Joan Grimes, Esq. and Jennifer Wallis, Esq. People often ask: what are the most common estate planning mistakes? Here is a list of my top 5 worst estate planning mistakes: No Estate Plan. The most common mistake is not having an estate plan. The consequences of not having an estate plan are often devastating. While creating an estate plan is often on people’s “to-do” list, it can easily get pushed to the bottom of the list. However, if you do not have an estate plan, your family may be forced to: 1) obtain a conservatorship if you become incapacitated; and 2) probate your estate after your passing. Estate Plan is Not Current. Most estate plans I review from 2012, or prior, require the mandatory division of trust assets following the death of the first spouse. For many families, this division is no longer necessary because of significant changes to our tax code. If your Trust requires this division of trust assets, it is critical that you amend your Trust prior to the incapacity of a spouse. If one spouse does not have sufficient capacity to amend the Trust, sadly it is too late. When reviewing your estate plan, you should also make sure your estate plan still reflects your desires. Do you have new grandchildren you wish to provide for? Are you providing for a beneficiary with special needs? No Government Benefit Planning provisions. Most existing trusts I review do not have any provision for government benefits. If there is any possibility that you will need government assistance, your Trust should authorize your Trustee to work with governmental agencies on your behalf and

apply for benefits such as Social Security, Medicare, Medi-Cal and other services. Failure to Fund. The failure to transfer assets into the trust is another very common mistake. Real property must be transferred to your Trust through a recorded grant deed. The grant deed or certificate of title must include your correct trust name and date. Bank accounts should also be transferred to the trust. Failure to transfer real property or bank/ brokerage accounts may require the asset to be probated prior to distribution. Failure to Name Beneficiaries for Non-Trust Assets. Non-trust assets, such as retirement accounts and life insurance policies, must have named beneficiaries. Failure to name a beneficiary on the Beneficiary Designation Form will likely require a probate. I recommend checking all of your accounts once a year. If your account transfers to a new financial institution, your Beneficiary Designation Form may not transfer with the account! If you do not have a estate plan, you should make it a priority! If you have already have a Revocable Living Trust, I can review it during a free initial consultation. I offer a FREE 30 minute consultation in my Walnut Creek and Brentwood offices. This article provides only general legal information, and not specific legal advice. Information contained is not a substitute for a personal consultation with an attorney. LAW OFFICE OF JOAN GRIMES, PHONE (925) 9391680 - 1600 S. Main Street, Suite 100, Walnut Creek, CA 94596 © 2018 Joan Grimes – Advertisement

Protect the life you’ve built. Don't take any chances when it comes to your dreams for retirement. Make sure they're protected with life insurance from Allstate. Call us today. MBH Insurance & Financial Services, Inc. 925-516-3800 1555 Riverlake Rd., Suite D Discovery Bay, CA 94505

Myles Harris Agency Owner

CA Insurance Agent #: 0713722

Discovery Bay’s BEST 12 Years in a Row!

Joni Gruss Personal Financial Representative

Life insurance offered through Allstate Life Insurance Company and Allstate Assurance Co., 3075 Sanders Road, Northbrook, IL 60062, and American Heritage Life Insurance Co., 1776 American Heritage Life Drive, Jacksonville, FL 32224. In New York, life insurance offered through Allstate Life Insurance Co. of New York, Hauppauge, NY. © 2018 Allstate Insurance Co.

9447416

CA Insurance Agent #: 0786268

WWW.THEPRESS.NET

MONEY MATTERS

WWW.THEPRESS.NET

JANUARY 25, 2019

All Phase Brokers: Jim Graydon for all your real estate needs people created goals for buying a home in 2019.

Whether you have perfect or less-thanperfect credit, are a first-time homebuyer or already own one or multiple properties and are looking to expand your real estate investments, All Phase Brokers – your Brentwood, Oakley and Antioch real estate and mortgage experts – can help turn your dream into a reality. The brokerage firm, which was founded by All Phase owner Jim Graydon’s father, Jim Graydon Sr., has served the community for nearly 30 years and is anything other than what you’d expect. Their team’s unique experience and skill set differentiates them from their peers as they strive to help their clients meet their goals while selling or buying a property and avoiding any hurdles along the way. They are also known to process loans at close to lightening speed. “We create a completely different experience than what people are used to,” said Graydon, who has been in real estate for over 22 years. From 1998 to 2001, Graydon worked for two San Ramon-based mortgage and real estate brokerages. There, he recognized how difficult it was to properly serve clients when each team member was dealing with an overflow of clients whose paperwork would get added to stacks of others, making processing

times and identifying potential issues difficult. His unique niche is to cater to those who appreciate more of a personal consultant rather than a large, impersonal national firm. As a consultant, he makes himself and his expert team accessible to his clients, which allows them to serve in extraordinary ways. “We’re a small team that handles every type of real estate transaction and every type of loan,” said Graydon. “Since we are a small team, we serve fewer clients, which allows us to get loans done incredibly fast and use our experience and insight to identify pitfalls before they happen and prepare our clients for any situation.” According to Graydon, his clients can call him 24/7. “I’ll do whatever it takes to make sure a loan closes on time,” said Graydon. “I’m not just an agent, I’m also a broker and owner, and there’s a huge advantage to working with someone with so much experience. I’ve overseen thousands of real estate and loan transactions and have seen everything that can go wrong. I know what to look out for, what not to do and how to prepare my clients.” Graydon’s team includes Mark Evans, operations manager, who is involved in all phases of the operation, and Elaine Locke, loan processor, who has been in the mortgage industry for more than 20 years and only services loans for All Phase Brokers. “We can close a purchase loan in 14 days and do a refinance from start to finish

PAYROLL SERVICES

Workforce Management Solutions Corporate and Small Business • •

Jim Graydon, broker and owner of All Phase Brokers, brings a unique combination of experience, expertise and commitment to all of his East County clients. Photo by Tony Kukulich

in five days,” said Graydon. “I don’t know anyone who does what we do.” For people who are looking to buy a home, Graydon has advice and insight into the market. “The current housing market has recently changed to more of a buyers’ market,” he said. “So, if you’re a buyer, it is still a great time to buy. The rates are still low, however, they are slowly increasing. Waiting to buy could prove to be a costly mistake, as with higher rates, the payments increase too. Waiting to buy could cost you more as prices increase. Although homes are staying on the market a little longer than before, per Zillow, home values are predicted to increase by 8.4 percent. If you’re buying a home, you should start by looking at your finances and find out what you qualify for and what you can truly afford.”

For those struggling with credit issues, Graydon offers assistance with getting you back on track, regardless if it takes a few months or a year. Those who have already worked with Graydon’s team have appreciated the ease and speed of the experience. “His team is fantastic, and I’d have him handle any and all of my real estate transactions for the rest of my life,” said Jay Oxendine, who used All Phase Brokers to handle the sale of his father’s home in Brentwood. “All Phase Brokers were highly recommended from a friend in the business, and they stepped up and performed at the highest level.” So if you are tired of waiting on hold, pushing numbers on the keypad to find out who you’re supposed to talk to and – oh no! – it’s 4:58 p.m., and you realize they won’t pick up the phone after 5 p.m. or it’s the weekend already and you’ll have to wait till Monday, call Jim Graydon and forget about all that frustrating nonsense. All Phase Brokers is located in Brentwood. For more information, visit www. allphasebrokers.com or call 925-584-9886. Bre#1236065/NMLS#995241 – Advertorial

LEGAL DOCUMENT SERVICE

Legal Services Without Lawyers

Save thousands on common legal filings!

Bill Toomey LDA #147 Contra Costa County

7960 Brentwood Blvd. Brentwood

Wills, Deeds, Notes, Deeds of Trust, Notary

■ Living Trust

$499

■ Probate Petition $629 ■ Divorce

$599

■ Eviction Process $439

888-441-2355

www.LynxDocs.com

Is Your Business Secure?

•

MEDAL LD AWARD

2017

t the start of the year, many

•

• LLCs & Incorporations • Buying or Selling Your Business • Contract & Compliance Review • Business Succession Planning

925-240-2400

www.EdwardYoungerLaw.com 420 Beatrice Court, Brentwood

Call for an Appointment Today! 925.420.4111

MONEY MATTERS

E MEDA NZ AWARD

2018 L

MIKE’S ESTATE PLANNING MINUTE

Pew Research Center indicates that parents now have 2.4 children on average, a number that has remained fairly stable for two decades.

By Michael J. Amthor, Esq.

ESTATE PLANNING AFTER REMARRIAGE. CONSIDER THIS!

Photo courtesy of AdobeStock

The modern cost of raising kids

WWW.THEPRESS.NET

BR O

JANUARY 25, 2019

generation ago, it was common to see families with four or more children,

but things are a bit different today. Pew Research Center indicates that parents now have 2.4 children on average, a number that has remained fairly stable for two decades. In addition, since 1976, the share of mothers at the end of their childbearing years who have one child has doubled from 11 percent to 22 percent. While shrinking families may be based on many different factors, including postponing having children until later in life, the rising costs of raising kids may have something to do with it as well. The U.S. Department of Agriculture says the cost of raising a child today has climbed to $233,610, which excludes the expenses of college. A 2011 article that appeared in the Canadian publication “MoneySense” estimated childrearing costs to be $12,824 per year, which adds up to $243,656 by the time a child reaches age 18.

r u o Y t e e M cal Lo

It’s also well documented that more adult children are living with their parents for longer than previous generations. Pew has found that roughly one-third of women and half of men between the ages of 18 and 34 are still living at home, surpassing records set in the 1940s. This means expenditures on childrearing may continue long after kids reach adulthood. As a result, it is easy to see how having multiple children can be a major source of financial stress for the average middleincome family. The financial planning resource NerdWallet estimates that the cost of raising a child today is higher than the DOA figures, coming in at roughly $260,000 – and that is just for the basic essentials. Throw in tiered levels of care, including everything from more expensive choices for food and clothing and extras for early childhood care, sports lessons, music instruction and electronics or gaming, and the cost can get as high as $745,634. Many different factors impact the size of modern families today, and the rising cost of raising children may be the most influential of such factors. – Courtesy Metro Creative

do not think about is account beneficiaries. Is your ex is still listed as the beneficiary of 401(k)s, annuities, life insurance, etc.? Guess who gets the money? The same is true if your new spouse is the beneficiary. Neither the law nor your estate plan will protect your children. If you own a house jointly with your new spouse either as joint tenants or as community property, your children will not receive your share of the home upon your death. The house belongs solely to the new spouse. It is important to communicate your goals not only with your new spouse but also with your children. Doing so will avoid conflict and possible litigation within the family. You have many options and solutions on how to provide for your children after remarriage. Doing nothing can and will cause harsh and unintentional consequences that can easily be avoided by preparing an estate plan now. If you have questions on this or any other estate planning topic, call me at (925) 516-4888. East County Family Law Group, 1120 Second Street, Brentwood. www.eastcountyfamilylaw.com

– Advertisement

E S TAT E P L A N N I N G

• Revocable Living Trusts • Wills • Power of Attorney • Health Care Directives • Real Property Trust • Transfer Deeds • Probate • Trust Administration

BUZZARD LAW FIRM Your Local Attorney & Counselor at Law

www.BuzzardLaw.net 729 FIRST STREET • BRENTWOOD • 516-7459

Tax & Financial Specialist

TAX HELP Personal, Corporate, Estate And Partnership Tax Returns 54 Years Tax Audit Assistance Experience! Personal care and assistance.

James W. Stockton, EA, CFP Enrolled to Practice Before The IRS

514 West Fourth Street, Antioch • (925) 757-3834 CA Ins Lic #0802883

AAR3 Tax & Accounting Services www.AndreReese.Biz ambrus@aar3tax.com Ambrus A Reese III, MBA

Everyone knows that the divorce rate is high. What is not commonly known is the number of people who remarry after a divorce: 60% for those who are 35 and older. Remarriage results in many traps for the unwary when it comes to providing for children of a prior marriage after death. The older you are the more likely it is to have assets when you remarry. Many people who remarry do not give much thought to what happens after death. The consequences for your children can be catastrophic. Without a will/trust, the law decides who receives your assets. As to property acquired during the new marriage, that property now belongs solely to your spouse. Your children receive nothing. As to property owned prior to marriage, your new spouse will also receive a portion in addition to your children. In some situations your children receive none of the assets owned prior to the second marriage. The bottom line is that if you want your children to receive your assets, it is imperative that you see an attorney to discuss your estate plan. Other issues that remarried people often

(925) 219-1165

TAX SPECIALIST OF THE WEEK

819 First Street Downtown Brentwood

Business Bookkeeping & Tax Preparation Services Janine Lundberg 925.584.0775

You know that big box you keep in the back of the closet? The one behind the old vinyl records and the dusty punch bowl you bought on sale but never use? You’ve spent the year stuffing it full of receipts, copies of cashed checks and W-2s, but when tax season comes around do you have any idea what to do with it?

www.BecauseAccountingMatters.com

When tax-related confusion and stress become more than you can manage, remember - Accounting Matters. Owner Janine Lundberg thrives on organizing chaos, and she’s been doing just that for her bookkeeping clients for twenty years. Lundberg established Accounting Matters in 2010 to support local small businesses and individuals with both taxes and bookkeeping, and since then she has changed the way East County residents look at finances!

Advertise Your Business Here

Janine Lundberg

Accounting Matters, 819 First Street, Downtown Brentwood, is where your accounting matters matter! Call 925-584-0775 or email accounting. matters@live.com. Evening and weekend appointments available.

TAX TIME AGAIN for as little as $55 Call Greg today for details 634-1441 x115

WWW.THEPRESS.NET

MONEY MATTERS

JANUARY 25, 2019

Paying for retirement in today’s world

019 is here! We rang in the New Year under blustery skies. There was a chill in the air, and we could smell the rain that was coming

soon. I, for one, am excited for what 2019 has in store for us. I can feel it in my bones, it is going to be a banner year.

This is a good time to reflect on the past year and to look forward to all that is to come with the next revolution around the sun. In 2018, I saw my oldest and his girlfriend graduate from college, both with honors. I saw my youngest enter his last year of high school, get his driver’s license and start a new job. Our grandbaby is growing like a weed, chattering up a storm and cute as a button. Charlie and I enjoyed many new adventures including being very spoiled with two trips to Hawaii. One thanks to our very good friends, and the other an unbelievably fun, memory-making family reunion. 2018 brought record stock market gains and record stock market losses. We saw a royal wedding in Britain, an amazing rescue in Thailand; we saw scandals in Washington and in Silicon Valley; we saw floods and fires the fury of which we had never experienced before in history. It certainly was a remarkable year. I do still look back and wonder where the time has gone. I wake up in the morning and head off to work. Before I even blink my eyes, I am home making dinner and heading off to bed again. I have said it before, and I will say it again, I can look back and see each moment of my life; I can play it like a movie through my mind’s eye. Yet I still wake up in the morning and say, “I’m going to be 60 years old this year. Where in the world has the time gone?” This time of year also inspires us to look at the year ahead. What hopes and dreams lie before us; what hurdles may cross our paths. Retirement may be something you are enjoying, or it may be a glimmer in your eye. If you are just beginning to think about retirement, or are new to it, you are probably feeling a bit excited, a little scared and definitely full of wonder about what the future holds. As we contemplate what retirement will look like there are so many things we want to do, try, experience, and yet we also want to slow down and enjoy a more leisurely lifestyle. We dream about all we are going to do and all that we are not going to do once we get that gold watch. My girlfriend just retired today, and she received a travel mug that says, “Goodbye tension, Hello pension.” In years gone by, we used to retire at 62-65 and generally we would pass on at 75-ish … maybe 80. That was 10 to 15 years of retirement to fund. With Social Security, Medicare and our healthy pension, we were going to live the high life and we had earned it! As we are well aware, things have changed. Some change has certainly been for the good, some has created a bit of anxiety to say the least. Today we are retiring from 62 to 72 and we are living to 90, 95, even a 100+ years of age. Of course

Beth Miller-Rowe has been in the mortgage industry for 36 years, specializing in reverse mortgages for the past 10 years. Beth has degrees in economics and business administration.

that is not always the case but without any doubt we are living longer. So, we know we have many more retirement years to fund. We know that the cost of medical care is skyrocketing, and we know that the money we have saved may not get us through to the end. The question is what do we do? How do we fund our extended longevity? A reverse mortgage may be an option that could provide you with some much wanted relief from financial stress. A reverse mortgage is an FHA insured retirement funding tool that allows you to access your home equity without having to take on a monthly mortgage payment. You may ask, “How does that work?” Instead of making a monthly payment to the bank, the interest that is payable is added to the loan balance so the balance grows over time. Instead of using your checkbook to make a payment to the bank, you are using your equity. There are several myths that surround reverse mortgages so let’s address some of them. 1. You must own your home outright. MYTH! You can own your home with no current mortgage or you may have a current mortgage that will be paid off by the reverse mortgage. 2. Reverse mortgages are scams to take advantage of seniors. MYTH! The FHA insured reverse mortgage is a highly regulated loan program. It is filled with consumer protections to ensure that you understand exactly what your responsibilities are and what our (the bank’s) responsibilities are as well. 3. The bank owns your home/the bank takes your home when you die. MYTH! You own your home just like you do today. The only way the bank can take your home is if you default on the terms of the reverse mortgage. I call them “The Big 5,” and they include paying your property taxes, your homeowner’s insurance, your HOA dues, maintaining your home and living in your home. As long as you do those 5 things then the bank cannot

take your home away from you. When you pass away, your heirs will repay the loan through either a refinance or the sale of the property. 4. If one of us dies, the other one has to leave the home. MYTH! As long as one borrower is still living in the home and they cover “The Big 5,” then the remaining spouse can stay in the home until they choose to leave or they pass away. 5. I hear they now have proprietary reverse mortgages – that not all reverse mortgages are FHA insured. TRUTH! We now have a variety of products that offer many options including loans to borrowers who are 60 years old, Jumbo loans, condos that are not FHA approved and many more. It is an exciting time in the reverse mortgage business! 6. If I end up owing more on my home then it is worth I am not responsible for the deficit and neither are my children. TRUTH! On an FHA insured reverse mortgage, the FHA mortgage insurance will cover a deficit, if any, and therefore there is no personal recourse to you nor to your heirs! The key is education. If you would like more information about reverse mortgages, I am happy to come to your home and review the program, the costs and the requirements in detail. I will answer all your questions and then leave the information with you to review. If you decide it is the right path for you then you give me a call and we will go forward. I look forward to hearing from you soon. – Advertorial

Let’s take a look and see if we can Make Your Retirement Dreams Come True.

Beth Miller-Rowe NMLS: 294774

Branch Manager and Reverse Mortgage Specialist

The Reverse Mortgage Group • A Division of American Pacific Mortgage Corp.

Office: 925-969-0380 Cell: 925-381-8264 Beth@YourReverse.com

3478 Buskirk Ave., Ste. 1000 Pleasant Hill, CA 94523

Your Retirement Dreams Can Come True! A Division of American Pacific Mortgage Corporation NMLS 1850

BRE: 00950759/01215943 • NMLS: 294774/831612/1850

Licensed by the Dept of Business Oversight under the California Residential Mortgage Lending Act

*Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency. **American Pacific Mortgage Corporation is not financial service company or licensed tax advisors; the material provided is for informational and educational purposes only and should not be construed as investment, tax and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors. We are not financial or tax advisors, please contact your financial professional for your personal financial situation.