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How to Calculate Splitting Your Estate

March 27, 2024 By Leave a Comment

Having an estate plan is one of the best things that you can do for your peace of mind and for the security of your loved one’s future. That said, it can be hard to figure out the best way to go about splitting it so that you can be sure that everyone gets their fair share. Read this guide to see some tips that you can use to split your estate in the best possible way, making sure that you do something you’ll be proud of, and that your loved ones will be happy with.

Compile a List of Your Assets

To begin with, you need to figure out how many assets you actually have so that you can work out how to split them. Some of these assets include real estate, businesses that you may have, intellectual property such as novels you may have written and other creative works, and your personal effects, including furniture and jewelry. Once you know exactly what you own, you may have a much easier time splitting it among your loved ones. You may even have novelty golf clubs and be among the record three million Americans who played golf for the first time on a golf course in 2020. Don’t forget to think about your financial assets, which include life insurance policies, investment accounts, bank accounts, and even money that’s owed to you in the form of debts you may have loaned to people.

Consider Dependents with Special Needs

If you have dependents who have special needs, such as disabilities. In this case, you may be in good standing by dividing your estate up into different proportions. Leaving more of your assets to those who are at a disadvantage is the fairest thing that you can do in this case. Otherwise, it’s a good idea to divide your estate equally among all your dependents, ensuring that there’s minimal chance of squabbles. The second option is the easiest one to use since you simply have to compile all your assets and then divide them by the number of beneficiaries that you have.

Find Out What Can’t Pass Through Probate

It’s important to keep in mind that there are certain assets that cannot pass through probate. These include retirement accounts and life insurance, which you need to name a beneficiary who will inherit them from you. Bank accounts are another one of these assets, and they have a survivorship feature. In this case, your bank account will pass on automatically to the person that you’ve named without having to pass it through probate.

Physical properties are generally going to have to go through probate, and in this case, you need to know the value of the property. For example, you should know that a standard 2,200 to 2,600 square foot roof is bound to cost homeowners anywhere from $1,000 and $4,000 to replace it fully, while professionals charge $2,000 to $8,500. When working on roofing, keep in mind that roofers charge for their work using ‘squares’, and so one ten foot-by-ten foot roof patch makes a square. This means that the average roof has between 22 and 26 squares that need to be replaced.

Hire a Professional to Help You

To make sense of the entire process, you would do well to hire a lawyer or another professional. They’re going to let you know the best way to go through the process so that it’s easier for you. To begin with, they’ll tell you what documents you need to collect in preparation for the process, which will include property and asset ownership documents. They’re also going to let you know things such as that it’s recommended that you update your estate plan once every five years. This is barring any major life events, such as moving states, marriage, or divorce.

These details should help you split your estate in the best possible way. As a result, you can improve the quality of your life, even mapping out a way to set yourself free of debt. Your loved ones are also going to be happy when they know that their future is safe from the unknown.

Filed Under: Budget

4 Party Ideas to Try For Your Child’s 21st

March 20, 2024 By Leave a Comment

It’s always good to celebrate milestones in your child’s life, and their birthdays are such occasions. The 21st birthday can be an especially special one to mark, so it’s great to learn the best way to celebrate it. This should be something memorable and fun for them, so while you can borrow ideas from the internet, you’ll need to know your child’s reputation so that you can make the right call. Here are four of the party ideas that you can use for your child’s 21st birthday and which are sure to leave a lasting impression. Plan well for them to make sure that you can pull them off without ending up in debt as a result.

1. A Western-themed Party

If your child is a fan of everything Western, you can use this as the theme for their 21st birthday party. For this, you can choose to go all out, heading out to a ranch or even finding a range to do some target practice. This may be the best party idea if you’re based in Colorado, where you need to be at least 21 years old in order to get a permit for carrying a firearm. Make sure that everyone is happy with this theme so that you can get maximum enjoyment out of it. Dress the part to complete the theme and head out to enjoy your child’s birthday in a way that they’re likely never going to forget.

2. An Adventure Party

If your child is more adventurous and they would enjoy something like a hike, a road trip, or any other kind of adventure, then this is something to consider doing on their 21st birthday. To make it memorable, you should pick a place that they’ve never been before, even letting them pick if you prefer. For this, you’re going to need ample time in advance to plan, and you can be sure that you’re going to enjoy it a lot, especially if it’s something that the whole family can get some enjoyment out of. If you allow ample time to plan, you can be sure that you’ll be able to shop for everything that you need to make the party not only fun, but safe as well. One of these things is a GPS, the global market for which is expected to reach a value of $5.5 billion by the year 2028, according to Globe Newswire.

3. A Festival Themed Party

Your child may live for festivals, in which case you can be sure that they’re going to love a festival-themed 21st birthday party. For this, you can decorate your home to make the atmosphere feel more festival-like. Pick a festival that you know will make an impression on your child, getting the necessary decor. If it’s a spring-based festival, you may need to include flowers to get the best final touch, with 73% of consumers currently having a higher appreciation of flowers, which is a considerable increase in comparison to 2009.

4. A Creativity-Based Party

Finally, if your child leans on the creative side more, they may enjoy a party that’s based on one of their creative outlets. For this, the options are as endless as there are ideas of hobbies. Just make sure that you settle on a hobby that your child actually enjoys. From painting to gardening and even writing, you can add a festive touch to any activity that you choose. Remember to get all the supplies that you need well in advance, or pick the right venue for the activity in question so that you have an amazing time.

These are just four of the ideas that you can make use of for your child’s 21st birthday party. Since you know their personality and preferences, you should find it easy to pick the best option and add a personal spin to it. Be prepared to plan well in advance and you can avoid issues that could leave a negative spot in the sea of intended fun.

Filed Under: Personal Finance

What’s The Difference Between Blue Collar and White Collar?

March 19, 2024 By Leave a Comment

You have more than likely come across the terms blue collar and white collar in the field of employment. These two distinctions simply differentiate the kind of labor that each specific tag of work involves, whereby blue-collar jobs are generally manual while white-collar jobs are office-based. Each has its merits and demerits, but one thing that they have in common is that they can offer you the ability to make money and live a life that’s free of debt. There are a few other things that can be used to tell apart each one of these types of employment, and they’re discussed in detail below.

The Work Setting

The first point of difference between blue-collar jobs and white-collar jobs is the work settings for each. For blue-collar jobs, which are generally going to be more manual as mentioned, you can expect that the work setting will be out in the open. Work will involve going to an outdoor site or a factory where various tasks can be done, such as crafting and packaging. An example of a blue-collar job in this case is that of a roofer, where a roofer’s typical day will involve doing roof repairs or replacements. How busy they are will depend on how many clients they have, with the typical roof lasting between 25 and 50 years, according to Roofer’s Guild.

White-collar jobs, on the other hand, will typically be in an office setting, and they’ll involve managerial and administrative tasks. For this, workers will go to an office where they’ll be involved in brainstorming, strategic thinking, planning, and ideation. You can expect a typical day in this job type to be spent in an office or cubicle for the entirety of the work day.

The Barriers to Entry

Another point of difference to note between these two is the barriers to entry. Since blue-collar jobs are mostly manual and involve tasks that are worked on by hand, some may argue that blue-collar jobs have a lower barrier to entry. A better way to look at this, however, is to state that the barriers to entry to blue-collar jobs are simply different from those for white-collar jobs.

Someone can have exceptional skills with their hands, making them impressive at something like being an auto mechanic. This does not mean that they’re not as skilled as their peer who is a professional gamer or a doctor. That said, it may be best to say that each type of employment calls for a different set of skills in terms of barriers to entry.

The Amount Payable in Wages

The third difference between blue-collar jobs and white-collar jobs is the amount that one may earn in wages. As blue-collar jobs call for manual skills, they may fetch a lower pay if you go by the hours of work that one can put in for each. That’s because a single person can only offer so much output within reason, and so there’s bound to be a limit to how much they can make. That said, one may have manual skills that are specialized and therefore in high enough demand to be paid a premium wage. Take athletes, for instance, if sports were to be considered as work.

On the other hand, there are white-collar jobs that require a mix of education, training, and manual skills. One of these is dentistry, which calls for a considerable length of time in school alongside a number of both soft and hard skills. According to the American Dental Association, there were 202,536 professionally active dentists in the U.S. in 2022, and each one of those professionals spent time in school in order to get to where they are now.

These are the main differences between blue-collar jobs and white-collar jobs. They should give you a better idea of what to expect if you choose a particular career to venture into. As such, you’ll know exactly what you’re getting involved in, and you’re bound to have an easier time navigating the employment scene.

Filed Under: Spending

Save Money on Your Grocery Bills by Starting a Veggie Garden Now!

March 18, 2024 By Leave a Comment

Looking for simple ways to save? Cut the cost of your grocery bills by starting a garden. Here are the main ways in which starting a veggie garden can prove to be the best thing for your family!

You Get Healthier Food

To begin with, you can feed yourself and your family healthier food when you start your own garden. That’s because you’ll take the best care of your crops, making use of safe and organic fertilizer and pesticides whenever necessary. It’s a necessity to use these measures for the most part, since food crops have to compete with 10,000 species of insects that eat plants. That said, if you need to plant food crops, you need to be prepared to handle a detail like that. With healthy measures in your garden, you won’t be exposing your family to the risk that comes with putting chemicals in food items for their protection.

You Can Reduce Your Household Waste

When you start your own garden at home, you can reduce the waste that you produce in your house. That’s because you can start a compost pit and dump organic matter into it, getting healthy, natural fertilizer and also saving a substantial amount of waste from ending up in landfills. This can go a long way in the end, with each American throwing away roughly 4.9 pounds of garbage every single day. With less waste, your garbage collection fees may also go lower and help you make significant savings in this other way.

You Save Time and Money on Trips to the Grocery Store

You can also save on gas by starting a garden at home since you’ll no longer have to make trips to the store every time you need to top up on groceries. To enjoy this benefit, you may want to plant a variety of crops that you use the most often, or even those that are the most expensive. This should make it possible for you to realize the best outcome from your garden.

That said, you may have to invest in gardening tools and equipment, but this cost may prove to be lower in the end and quite worth it. This is likely well-known by everyone who’s ever had a garden at home, or even simply a lawn. That’s because 228.73 million Americans owned garden and lawn equipment in 2020.

You Could Trade with Other Gardeners in Your Area

Finally, when you start a garden at your home, you don’t even need to plant every type of crop that you may need to enjoy the full benefits. You can simply plant a few crops and look for other gardeners in your area who have crops that you haven’t planted. They’re more than likely to be happy to do a trade with you since they also stand to benefit from doing so. Alternatively, you can work with these people during planting season, finding out what they intend to plant so that you can plant what they won’t. In the end, you may not have to buy any groceries at all, but you’re still going to get what you need.

These ways in which you can make savings by starting a garden should motivate you to get started on one right away. As long as you have the land and a willing heart, you simply need to set aside some time, and you’ll reap amazing results. You could motivate other people in your area to do the same, helping change the lives of many people as a result.

Filed Under: Personal Finance
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