Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Ring. Ring. DING: New text message, RING RING: Email Notification. DING. DING. RING. TEXT. What in the world!? You literally just finished a consultation and loan planning with your trusted professional and now your phone is sounding alarms and ringing like crazy with scripted text and call center reps trying to convince you that they have a better deal, or sometimes they are sneaky and make you think they are working with your trusted professional. How do you avoid this? With a projected $1.64...
We all want to stay healthy and live independently throughout our retirement years. Unfortunately, that won't be possible for some of us, so it's a good idea to be prepared for health-related challenges - such as the need for long-term care. As you may know, long-term care covers a variety of services, ranging from occasional visits from a home health aide to full-time residency in a nursing home. But while these types of care may vary in duration and intensity, they all have one thing in...
Higher taxes could follow in the wake of soaring government spending on pandemic relief measures – a likelihood that shines a new light on the tax advantages of life insurance. Permanent life insurance offers a tax-free death benefit, and a portion of each premium goes into a cash-value account that accumulates on a tax-deferred basis. The policy owner may also access the cash value, if needed, without triggering income taxes. Assets in tax-deferred retirement accounts will eventually be t...
It's been an interesting year with important tax changes that will impact you. Here are some of the changes and issues you need to know about. Tax return due dates: • Individuals must file returns by April 18, 2023, for the 2022 tax year. • Partnerships must file returns by the 15th day of the third month following the close of the taxable year (March 15 for calendar-year taxpayers); • C corporation returns are generally due by the 15th day of the fourth month following the close of the taxab...
This article (part 1 of 2) will help you understand California deeds, including the different types of deeds and available options, when transferring real property interests. We have tried to answer many of the most frequently asked questions about assignments of title in California, provide a basic understanding of simple terminology relating to real property, and explain the function of the most common deeds utilized by California real property owners. Grant Deed The most used type of deed, a...
In the past year, we've seen some big swings in the financial markets. This volatility may make you feel as if you have little control over your investment success. But the truth is, you do have more control than you might think, as long as you don't let fear guide your decisions. Investment-related fear can manifest itself in a few different ways: • Fear of loss – Some investors may emphasize avoiding losses more than achieving gains. Consequently, they might build portfolios they consider ver...
If you have not heard of the term "2-1 buydown," you likely will soon. Like a 1980's fashion trend coming back full circle, loan programs can do the same. This is not at all a new concept, or program but a time in the market that makes, for many, a very smart loan strategy. So what exactly is a 2-1 buydown and is it a good option for your potential loan strategy as a buyer? In reality, a 2-1 buydown is a temporary interest buyout, not a buydown at all. This special temporary reduction in the...
Hate rolling blackouts? Hate losing power on high wind advisory days? Beat power outages for good. Stop paying SoCal Edison so much money! Drastically cut your electric bill down from 5% to 100% less than you are currently paying. Have you spent a little too much money for the holidays? We have a potential solution for you to pay off those looming bills and help you save money, now. Electricity bills continue to rise. Did you know that there is another 18% increase coming to the cost of your...
Now that it's the holiday season, gifts are probably on your mind – and you might intend for some of those gifts to go to charities. Although your intentions are good, you could be shortchanging both your recipients and yourself with your method of giving. But with some guidance, you can make choices that work well for you and those charitable groups you support. Of course, you could simply give money to these groups. However, by donating other types of assets, can you increase the value of y...
Cybercrime is booming. In 2021, the FBI reported that cybercriminals scammed nearly $7 billion from Americans - a figure slightly higher than the gross domestic product (GDP) of Switzerland for that year, according to research organization World Economics. How can you protect yourself from cyberthieves? Here are some suggestions that can help: • Watch out for "phishing" attempts. You may receive emails that appear to be from a legitimate firm, requesting information your financial institution wo...
The passage of the SECURE Act in 2019 effectively eliminated the stretch IRA, an estate planning strategy that allowed an inherited IRA to continue growing tax deferred, potentially for decades. Most nonspouse beneficiaries, including children and grandchildren, can no longer stretch distributions over their lifetimes. Moreover, proposed IRS regulations require most designated beneficiaries to take annual required minimum distributions (RMDs) within the 10-year distribution period if the...
Buy down your rate The most well known and common way is a permanent buydown by paying discount points for a lower rate. Paying one point is the equivalent cost of 1% of your loan amount. Do not mistake this with a 1% reduction in rate. Your loan officer will be able to tell you what the costs and options are specific to your scenario. Pre-Pay Mortgage Insurance Or pay a split MI. If you are purchasing with conventional financing and not putting at least 20% down, you will have mortgage insuranc...
If you receive Social Security, you've probably already heard that your checks in 2023 will be bigger – considerably bigger, in fact. How can you make the best use of this extra money? Here's what's happening: For 2023, there's an 8.7% cost-of-living adjustment (COLA) for Social Security benefits – the largest increase in 40 years. Also, the monthly Medicare Part B premiums are declining next year, to $164.90/month from $170.10/month, which will also modestly boost Social Security checks for...
It's hard to believe we are in the holiday season again! It sure seems this year has flown by. Now is the perfect time to get your estate planning in order. Don't let another year go by without a plan. What is better ... a will or a trust? A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate (in California if you have assets like a house, and it is worth more than $166,000, there will be a probate in most...
Here are some things to consider as you weigh potential tax moves before the end of the year. Set aside time to plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There's a real opportunity for tax savings if you'll be paying taxes at a lower rate in one year than in the other. However, the window for most tax-saving moves closes on Dec. 31, so don't procrastinate. D...
As the year winds down, your thoughts might drift to the future. And, as part of that future, you may be thinking of where your financial assets will end up. You've worked hard to accumulate them, and you'll certainly need some of them to support your retirement, but what about the rest? What's the best way to pass them on to your loved ones? There's no single path for everyone to follow. But you might consider establishing a trust, which offers some key benefits. For example, your estate can av...
If you worry about your retirement investments during market downturns, you're not alone. Unfortunately, emotions are often the enemy of sound investing. Here are some points to help you stay clear-headed during periods of market volatility. Markets can rebound Historically, even the worst bear market has bounced back and eventually gone on to reach new highs. In fact, since 1970, bear markets have lasted an average of 14 months. A chance to buy lower If you're investing a set amount of money...
You can find many ways to support charitable organizations. One method that's gained popularity over the past few years is called a donor-advised fund. Should you consider it? The answer depends on your individual situation, because donor-advised funds are not appropriate for everyone. However, if you're in a position to make larger charitable gifts, you might at least want to see what this strategy has to offer. Here's how it works: • Contribute to the fund. You can contribute to your d...
I remember several years ago during a panel discussion between loan officers and real estate agents, the question got asked about whether we would ever see conditions like the early 2000s again. Many people chimed in with "no way," "it's unlikely" and simply "no, too many things have changed for that to ever happen"... but there was one opposite answer "we all have pretty short memories, so probably." Differing options on whether or not this is possible is at the forefront of people's minds....
It's unfortunate, but recessions are a fairly normal part of the economic landscape. When a recession occurs, how might you be affected? The answer depends on your individual situation, but regardless of your circumstances, you might want to consider the items in this recession survival checklist: Assess your income stability. If your employment remains steady, you may not have to do anything different during a recession. But if you think your income could be threatened or disrupted, you might...
The limited time offer For the fall season: "Limited Edition Pumpkin Spice Mortgage!" It smells like vanilla pumpkin hot cocoa with just a hint of apple pie, feels like the crisp crackle of the fireplace and looks like the picturesque color of changing leaves making a fall colored rainbow. If fall is your favorite season, this will be your favorite mortgage program ever! Celebrate move-in day with a fall worthy celebration sooner than you can get to Kamenz Kafe for a pumpkin spice latte! Don't F...
There are no shortcuts to investment success – you need to establish a long-term strategy and stick with it. This means that you'll want to create an investment mix based on your goals, risk tolerance and time horizon – and then regularly review this mix to ensure it's still meeting your needs. In fact, investing for the long term doesn't necessarily mean you should lock your investments in forever. Throughout your life, you'll likely need to make some changes. Of course, everyone's sit...
Special events in Tehachapi draw crowds and economic impact The economic impact of special events in the City of Tehachapi is an important economic driver for both locals and tourists alike. There is the benefit of these events, whether it is hotel stays for larger events or additional revenue for small and large businesses while people visit Tehachapi and Downtown, specifically. There is also the impact brought on by the event itself, this includes the time by City Public Works, police and admi...
One of the rewards for working over several decades is the ability to contribute to tax-advantaged retirement accounts, which can help provide needed income for you when you do retire. As the years went by, you may well have accumulated several retirement accounts, such as IRAs and 401(k)s or similar employer-sponsored plans. But you might find it advantageous to consolidate these accounts with a single provider. Consolidating them can provide you with several potential benefits, including...
Imagine stepping into an elevator and realizing that you're about to spend the 30-second ride with someone who could make your retirement dreams come true - if only you could explain them before the doors open again. How would you summarize your financial situation, outlook, aspirations and plans if you had 30 seconds to make an "elevator pitch" about achieving one of your most important goals? Answering that question, and formulating your own unique retirement dream elevator pitch, could help...
