Bassi, Vreeland & Associates, P.C.Bassi, Vreeland & Associates, P.C.2023-10-17T12:32:30Zhttps://www.bmvlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1603062/2021/04/apple-touch-icon-75x75.pngOn Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473982021-10-05T20:40:07Z2021-10-05T20:40:07ZOverview of distracted driving
Distracted driving is defined as any activity that causes a driver to lose focus on the road behind the wheel. Besides talking on a cellphone and texting, other distractions include talking to others, eating, drinking, multitasking and changing the radio.
Visual distractions cause the driver to look away from the road, such as checking a GPS or picking up dropped items. Manual distractions remove hands from the wheel, and cognitive distractions commonly involve losing focus from stress or emotions. Pennsylvania drivers commonly must pay a $50 fine for a first offense if no injury or fatalities occurred.
Distracted driving stats
In 2019, over 3,100 people were killed in distracted driving incidents, accounting for 8.7% of crashes according to the National Highway Transportation Safety Administration. Most states make using a phone while driving illegal, and some states allow use of hands-free devices. Studies report that drivers get distracted by cellphones for 10% of the driving time, and cellphones were a factor in 27% of crashes in 2015.
According to the Center for Disease Control, drivers 20-29 years old cause 25% of motor vehicle accidents involving distracted driving. Statistics show that drivers between 15 and 19 have a higher risk of getting distracted on the road and causing fatal accidents. In 2018, one in five fatal vehicle crashes with a distracted driver involved victims outside the vehicle.
Drivers should take steps to reduce the chances of crashes from distracted driving, such as keeping phones put away. The goal is to help everyone stay safe and alert on the road.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473752021-09-30T14:52:34Z2021-09-30T14:52:34ZGeneral warranty deed
This type of deed is the safest for you, the buyer, because it offers you the most protections. A general warranty deed guarantees the legitimacy of the property’s title and protects you from any problems with the title all the way back to the beginning. If at all possible, you want to make sure the seller gives you one of these deeds.
Special warranty deed
These are the next safest type of deed. Special warranty deeds guarantee the health and legitimacy of the title, but only for the time that the seller has owned this property – not for when the people before them owned it. Thus, there could still conceivably be title problems that arise from many years ago that you might have to end up dealing with.
Quitclaim deed
This is the type of deed that you probably don’t want to sign unless you have no other options, or unless you’ve really done your homework on the property’s title history. Quitclaim deeds don’t offer the buyer any protection – they simply transfer title to the buyer “as is.”
This means that, if you sign a quitclaim deed, and later find out that there is a lien on the property, a wild deed or some other problem that arises down the road, you might have to go to court to defend your rights to the property.
There are many more types of deeds that you could run into. These three are the most common, and the most important to know, before you decide to take steps to finalize the purchase of your new dream home.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473802021-09-27T15:32:41Z2021-09-27T15:32:41ZLoan approval is not guaranteed until the sale officially closes
Typically, you obtain approval for a home loan days or weeks before the sale becomes official. In the meantime, your lender will keep an eye on your credit report to ensure that nothing changes that could increase your risk of defaulting. If any changes are detected, there is a chance that a financial institution might modify or withdraw its offer.
You may be required to maintain a minimum cash reserve
Traditional mortgage lenders may require that you keep a certain amount of money in your bank account until after your home purchase becomes official. If you make a major purchase, it is possible that you will fall below that threshold. It is worth noting that some lenders check to see how long funds have been in your savings account. Therefore, simply replenishing the money after buying an expensive item might not be enough to remain eligible for a home loan. Your real estate law attorney may be able to further explain any cash reserve requirements that your lender imposes.
If you are planning on buying a home soon, it is important to learn more about the various loan products available to you and their requirements. Doing so may help you avoid mistakes that could potentially delay or derail your chances of becoming a homeowner in the near future.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473882021-09-27T15:55:08Z2021-09-24T13:00:55ZThe financial portfolio
All of your assets have the potential to increase the value of your estate. Building a financial portfolio is done by accounting for your liabilities and income. The better you understand your finances, the more likely you will foresee your needs in retirement.
Tax protection
Estate planning covers taxes and how your estate can avoid them. As a rule of thumb, estates can be tax havens that protect your assets until beneficiaries receive them. Some of the taxed-delayed options you have include trusts and Roth IRAs.
A power of attorney
Managing your estate and responding to its needs are things power of attorney can do for you. Power of attorney is the authority someone receives that lets them act on your behalf. When you are enjoying retirement, that person manages your estate.
Your will and testament
Peace of mind about your family's financial future might only be possible if you draft a will before you retire. Children and other beneficiaries of your estate need confidence that you have considered them. Writing or updating a will can even help you develop a succession plan with your intended beneficiaries.
Building an estate can lead your assets toward a trajectory of growth. That growth then supports you when you are no longer working, so you can have a comfortable retirement.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473622021-09-15T13:28:59Z2021-09-15T13:28:59ZAn example
While you are going through the estate planning process, you will have to name beneficiaries. However, unforeseen events can happen. If your beneficiary passes away before you do, they can obviously no longer receive an inheritance from your estate.
For example, you name your spouse as a beneficiary, but you both die suddenly in a car accident. You and your spouse did not have any children, and you do not have any children from a prior relationship. However, you decided to add your niece as an alternate beneficiary to an insurance policy. Your niece would receive the insurance proceeds
Keeping your documents updated
It is very important to always keep your estate planning documents updated. This includes legal documents, will, powers of attorney, living trust, beneficiary designations and more. In addition to changing beneficiaries in the event of a death, you should check and possibly rename your beneficiaries if you get a divorce, marry or remarry, have a child or move to another state.
What if there are no alternate beneficiaries?
If you fail to name alternate beneficiaries and one you named dies, the following could happen to an asset:
It goes to a residuary beneficiary.
It goes to the beneficiary's descendants.
It goes to your heirs in the way it would if you did not have a will.
Bottom line: have backup beneficiaries in mind just in case your beneficiary passes away.]]>by Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473592023-10-17T10:12:27Z2021-08-31T13:55:33ZTypes of real estate agent contracts
Part of the reason why you hire a real estate agent in the first place is to find and present houses to you. You may feel that, since you found this FSBO home yourself, you do not have any legal duty to involve your realtor in the transaction. However, that depends entirely upon the type of agency agreement you signed.
Some agency agreements are non-exclusive, meaning you are only contracting to pay the agent fees if you buy a house that they present to you. This type of contract does not prevent you from using other agents, or from buying a house yourself without agent representation.
Other agency agreements are exclusive. If you signed one of these agreements with your real estate agent, you have a legal duty to: inform them of the house that you want to buy, involve them in the process, and ensure that they receive their fee (which the seller typically pays, but which you will be responsible for if the seller does not pay).
Exclusive agency agreements are not permanent. They have a set time limit – typically three months to a year – after which they expire. If you do not want to involve your agent in the purchase of the FSBO home you found, you must wait until your exclusive agency agreement expires.
What if I do it anyway?
If you decide to purchase the home without your real estate agent, you run the risk of breach of contract. Many agency agreements contain clauses that give agents the power to collect their fee if clients try to cut them out of a purchase. The agent can sue to enforce the clauses.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473402021-08-06T15:03:24Z2021-08-06T15:03:24ZHow large should your down payment be?
To qualify for a traditional mortgage at a reasonable interest rate, you will need a down payment of at least 20 percent. For example, if a house costs $100,000, aim to put down $20,000 on closing day. The minimum down payment for an FHA loan is 3.5 percent. It's important to note that you may need to add private mortgage insurance to your loan if your down payment is less than 20 percent.
What's the advantage to paying off a mortgage early?
The longer it takes to pay down a loan balance, the more expensive that loan becomes. This is because the lender will charge interest on the outstanding balance until it is paid off. Therefore, it is generally a good idea to pay off your mortgage as quickly as possible. A real estate attorney may be able to provide more insight into why you should avoid mortgage products that have terms of more than three decades.
If you are in the market for a home, it is important to spend time doing your due diligence. Taking time to compare the various loan products that may be available to you can make it easier to find one that meets your needs and budget.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473372021-07-30T13:09:34Z2021-07-30T13:09:34ZSeeking adequate condemnation
Eminent domain does give the governmental entity the legal right to possess your property for some types of developments or improvements, but the government must pay you the fair market value for the portion of your property that was taken. If the government doesn’t pay you an amount of money that you think is fair, you can sue them.
You can challenge the government on what you think is the fair market value of your property, but a court will decide whether the government owes you anything.
How inverse condemnation cases are handled
Most inverse condemnation cases are handled in the county or state where the plaintiff lives. If the plaintiff doesn’t get the resolution that they were hoping for, they can take it to the federal court.
If the government has taken part of your property and hasn’t compensated you properly, you may be able to get the money that you feel they owe you. You should seek legal help from someone that has experience dealing with inverse condemnation cases.]]>On Behalf of Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473432021-07-30T13:43:28Z2021-07-29T13:00:45Zestate planning now. Failure to leave a set of instructions can result in tax problems and create stress for the surviving family members.
Figuring out what is missing
Do your parents have a will? There are statistics that suggest 58% of American adults do not. Do they have advance directives? Now is a good time to add this to the conversation.
Help your parents find their papers that prove ownership to cars, homes, and other property. Discuss the titling of the different instruments. For example, do they have joint accounts with rights of survivorship? Do their accounts name beneficiaries? Is there someone they would like to act as executor who will take charge of the probate process?
Looking ahead to additional needs
Right now, your parents are healthy. What happens if this changes? Do you need a power of attorney to guide their financial or health care decisions? Explain to your parents that they will still be independent adults and that the agreement only goes into effect when there is mental or physical incapacity.
If you have questions about estate planning, contact an attorney who is experienced in this area of the law.]]>by Bassi, Vreeland & Associates, P.C.https://www.bmvlaw.com/?p=473212021-07-01T15:21:12Z2021-07-01T15:21:12ZQuestions for the initial consultation with an estate planning lawyer
The needs of each family or individual are different, but there are some general questions to ask early in the process. These can also help identify the right attorney for the job.
What services do you offer?
Attorneys have individual skillsets, so it is critical to ensure that the attorney can do what the client wants, such as drafting a special needs trust, guiding survivors through the probate process, or offering innovative strategies for asset protection.
What am I missing?
The attorney's job is to execute the wishes of their client. They can also provide helpful guidance on matters not previously considered, such as drafting healthcare directives, powers of attorney or creating a living trust.
Can you construct a comprehensive plan for me?
Estates often involve a mix of real property, retirement accounts, insurance policies, bank accounts, and other things. A comprehensive plan considers all the above as well as other matters specific to the client.
Can you execute the plan?
Attorneys can provide invaluable assistance to grieving survivors by settling the estate and addressing all legal matters, which can be stressful and time-consuming.
What is your fee?
Some attorneys charge a flat fee, while others charge by the hour. Some do a combination of both.
Picking the right attorney
It is recommended that any consumer shop around before making an important decision. Asking the same questions to a few different attorneys during the initial consultation can give clients peace of mind knowing that they picked the right attorney for moving forward with their estate plan.]]>