When To Sign Your House Over To Your Family

It is not uncommon for aging homeowners to transfer ownership title of their home or property to a younger family member - be it a son, daugter, or grandchild - before they pass on. Besides the act being an obvious gesture of a gift, there is also the benefit of protecting the estate from Medicaid claims for end-of-life medical expenses or nursing home costs.
However, many estate planners are warning that simply deeding a home to your child may cause by anguish then relief. First of, you (the parent) will lose control over the property, and secondly, your child or grandchild, may grow resentful of the potential costly nature of the "gift". They could wind up paying considerable capital gains taxes if they decide to sell the home. Also, protecting the estate from Medicaid may prove to be fairly limited.
Under the currently laws, people with insufficient funds may be eligible to have their long-term nursing home care covered by Medicaid. However, if the individual owns a home, then Medicaid can place a legal claim (liens) on it to recover some of the benefits paid. This is the reason why many aging homeowners attempt to shield their property from Medicaid liens by transferring ownership in the form of a gift, to their children or other loved ones. But many of these people do not know, and find out too late, that such transfers are subject to a three-year "look-back period."
So upon transferring your deed over, the three-year Medicaid clock begins to tick. So this means that if the transfer takes place less than three years before Medicaid benefits are sought, there is a waiting period before benefits can begin. The waiting period is calculated using a formula that takes into consideration how much the asset was worth and how recently the transfer was made.

A Significant Life

The Academy for Lifelong Learning provides quality educational programs for adults 55 and over to enhance their intellectual, physical, and personal well being in a friendly and flexible environment.
The Academy for Lifelong Learning offers educational programs in art, computers, finance and legal issues, health and fitness, history, local history, literature and writing, music, personal enrichment, philosophy and religion, and science. Additional special interest programs, lectures and trips are also held throughout the year.Programs are offered at the Ocean College campus, off site locations, and can also be brought to your group or adult community. Explore the current Academy for Lifelong Learning brochure for course descriptions.If you are 55 and over, you can receive all the great benefits of membership of the Academy for Lifelong Learning for only $10 a year!

Reverse Part 2

To qualify for most loans, the lender checks your income to see how much you can afford to pay back each month. But with a reverse mortgage, you don't have to make monthly repayments. So you don't need a minimum amount of income to qualify for a reverse mortgage. You could have no income and still be able to get a reverse mortgage.
With most home loans, you could lose your home if you don't make your monthly payments. But with a reverse mortgage, there aren't any monthly repayments to make. So you can't lose your home by not making them. Most reverse mortgages require no repayment for as long as you — or any co-owner(s) — live in the home. So they differ from other home loans in these important ways:
you don't need an income to qualify for a reverse mortgage; and
you don't have to make monthly repayments on a reverse mortgage

A New Loan Reverse Part 1

A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:
all at once, in a single lump sum of cash;
as a regular monthly cash advance;
as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
as a combination of these payment methods.
No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home. To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

LEISURE VILLAGE ORIGINAL, THE BEST BUY IN TOWN

IN THIS COUNTY OF OCEAN, SOME OF THE BEST PRICES FOR HOMES CAN BE FOUND IN LEISURE VILLAGE ORIGINAL. WHERE ELSE CAN YOU FIND LAKE FRONT PROPERTY FOR $160,000 OR LESS? WHERE CAN YOU FIND 1600+ SQ. FT. 2 BEDROOMS, 2 BATHS PLUS DINING ROOM HOME FOR UNDER $200,000? WHERE CAN YOU OWN A HOME WITH PRACTICALLY NONE OF THE HOMEOWERS RESPONSIBILITIES? LEISURE VILLAGE AN EXTREMELY ACTIVE ADULT COMMUNITY IS CENTRALLY LOCATED TO THE SHORE, MAJOR HIGHWAYS AND SHOPPING. YOU CAN DRIVE YOURSELF OR GET ON THE VILLAGE BUS AND BE TAKEN SHOPPING ON A TWICE DAILY BASIS ANY MONDAY THROUGH FRIDAY. IT IS THE ONLY ADULT COMMUNITY THAT OFFERS IN ADDITION TO ALL ITS ACTIVITIES AND ACCOMMODATIONS AN ON SITE NURSES STATION 24/7. TYPICAL WARM DAYS IN THE VILLAGE INCLUDE EARLY MORNING GOLFING, A DIP IN EITHER OF THE TWO POOLS, OR CLUB ACTIVITY, LUNCH AT HOME OR PICNICING ON THE GROUNDS THEN MORE CLUB MEETINGS OR ACTIVITIES AND, TO END YOUR DAY, A QUICK DIP IN THE POOL AND DANCING TO END YOUR EVENING. THERE ARE MANY DAYS WHEN YOU CAN GET ON ONE OF THE CHARTERED BUSES AND TAKE A MINI VACATION OR DAY TRIP TO SHOWS, LUNCH OR ATLANTIC CITY. AS AN ADULT COMMUNITY RESIDENT, I CAN ATTEST TO THE FACT THAT YOU CAN BUSIER TRYING TO GET THROUGH YOUR RETIREMENT DAYS THAN YOU EVER WERE GETTING THROUGH YOUR PROFESSIONAL DAYS. FOR THAT REASON THERE ARE MANY RESIDENTS WHO DECIDE JUST TO SIT BACK AND ENJOY THEIR DAYS READING A GOOD BOOK OR ENJOYING THE QUIETUDE OF RETIREMENT LIVING.

Oyster Creek Open Forum Ocean County Library 2/28 6:30 pm

A second forum will be held at 6:30 p.m. Feb. 28 at the Toms River branch of the Ocean County Library.At The last forum in January Rutgers Law Clinic attorney Richard Webster represents Stop the Relicensing of Oyster Creek, a coalition of environmental groups, and spoke about safety and security issues.Webster explained in a slide show the function of the dry-well shell or liner, which resembles an inverted light bulb and is used to contain radiation in the event of an accident.Adequate tests pertaining to the integrity of the critical system have not been performed, Webster said. Only a small area has been tested for what he said were increased corrosion problems caused by water, which has leaked into the metal plating of the device.Rutgers Law Clinic attorney Julia Huff is concerned about Oyster Creek's impact on the environment.Oyster Creek needs 1.4 billion gallons of water a day for its system as part of reactor system, she said. Water circulates through the plant and is discharged back out."It sucks water in, and along with it, draws in sea turtles and some fish, which sometimes get smashed into an intake grate," she said.The Rutgers Law Clinic and the environmental coalition "formed an opinion that (AmerGen) are not meeting the letter of environmental law," Huff said. "The environmental impact statement that has just been released by the NRC contains information based on data that is 50 to 35 years old. Very little of it is current."Paul Gunter, director of the Reactor Watchdog Project, said his fellow speakers outlined "safety, security and environmental concerns, but that is just half the problem. The lack of government oversight is another issue."Gov. Jon Corzine's office is under pressure to increase its scrutiny of the license renewal process and the threat of a terrorist attack on Oyster Creek, the speakers said. Regulators are "in defense of the nuclear industry, which precludes public safety concerns," Gunter said. "It was an environmentalist — not the NRC — that blew the whistle on the corrosion issue (of the dry-well liner) at Oyster Creek."Gunter urged the audience, which was made up mostly of members of the environmental coalition and the League of Women Voters, to write to their lawmakers and the governor's office about the regulation of the power plant.

Love

A Happy Valentine’s DayThe wonderful month of February
We think of big, red hearts that say
Many wishes to you, my dear
And a happy Valentine’s Day.
We think of lovers and sweethearts
Of warm kisses, embraces, and hugsOf boxes of candy, gifts and flowers
Children cutting valentines on the rug.
We think of someone special
Who brought love and joy to our life
Someone there through thick or thin
Whose support lightened bouts of strife.
Therefore, my darling sweetheart
Happy Valentine’s Day is my wish for you
For all the things you’ve done,
For all the things you do.
A lot of understanding
A lot of patience, dear
Are treasures that you’ve given me
While you kissed away every tear.
The joys of just knowing you
The magic of your touch
The sweetness of your gentleness
Have all meant very muchS
o I say to you, my love
May this day be yours I pray
As my special gift to you
On this wonderful Valentine’s Day

Happy Valentines Day

There are varying opinions as to the origin of Valentine's Day. Some experts state that it originated from St. Valentine, a Roman who was martyred for refusing to give up Christianity. He died on February 14, 269 A.D., the same day that had been devoted to love lotteries. Legend also says that St. Valentine left a farewell note for the jailer's daughter, who had become his friend, and signed it "From Your Valentine". Other aspects of the story say that Saint Valentine served as a priest at the temple during the reign of Emperor Claudius. Claudius then had Valentine jailed for defying him. In 496 A.D. Pope Gelasius set aside February 14 to honour St. Valentine.
Gradually, February 14 became the date for exchanging love messages and St. Valentine became the patron saint of lovers. The date was marked by sending poems and simple gifts such as flowers. There was often a social gathering or a ball.
In the United States, Miss Esther Howland is given credit for sending the first valentine cards. Commercial valentines were introduced in the 1800's and now the date is very commercialised. The town of Loveland, Colorado, does a large post office business around February 14. The spirit of good continues as valentines are sent out with sentimental verses and children exchange valentine cards at school.

NJ Tax Relief

Homeowners who qualify for the property tax credit program state lawmakers spent months wrang ling over will see an average of $1,051 sliced from their property tax bills this year, an analysis re leased yesterday by the state Treasury Department shows.

The $2 billion tax relief program, which Gov. Jon Corzine is expected to sign into law, would cover 20 percent of property tax bills for those with incomes up to $100,000; 15 percent for those with incomes from $100,001 to $150,000; and 10 percent for those earning $150,001 to $250,000. The credit applies to the first $10,000 of a homeowner's property tax bill, meaning the maximum credit is $2,000.

Senior citizens, who were entitled to rebates of up to $1,200 under the state's existing tax relief program, will continue to receive annual checks, for either the new program's credit or the old program's rebate, whichever amount is larger.

What Is A Short Sale?

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess inventory and bad loans on their books; therefore, if they see an opportunity where they can sell the property without a huge loss, they will do it. Secondly, lenders know they could lose a lot more money if the property goes to auction. There are so many fees involved if the property goes to auction, that they would be better off taking the discount beforehand and be finished with the headache of it all.

Social Security

I pay a lot of money into Social Security. Why can’t I depend on that for my retirement?
Social Security benefits simply will not be enough to meet your basic needs in retirement -- let alone provide you with a comfortable old age. Social Security was never intended to be the sole source of your retirement income, and, between Americans living longer and fewer young people to pay Social Security taxes, the system is inevitably going to pay future retirees less generously than it has in the past. There will simply be too many people receiving benefits compared with the number of people paying in.

Enjoy The Best Years Of Your Life Here. One of the most beautiful 9 Holes Executive Private courses in Ocean County

Leisure Village Golf Course Lakewood NJ

Hot Golf Spot

Retire In Ocean County

Lakewood Golf Courses

Woodlake Country Club, Woodlake Course
18 holes over 6,766 yards with a par of 72 (Private Non-Equity) 25 New Hampshire AveLakewood, NJ 08701-3701(732) 370-1002 2 miles from center of Lakewood.
Eagle Ridge Golf Club, Eagle Ridge 1 Course
18 holes over 6,607 yards with a par of 71 (Public) 2 Augusta BlvdLakewood, NJ 08701-4639(732) 901-4900 2 miles from center of Lakewood.
Lakewood Country Club, Lakewood Course
18 holes over 6,566 yards with a par of 72 (Public) 145 Country Club DrLakewood, NJ 08701-1109(732) 364-8899 3 miles from center of Lakewood.

Serving Ocean CountyAdult Community Lifestyles

Crossroads Realty Inc Village Office

1-800-514-0039

www.retireoceancounty.com

Ocean County Real Estate

Crossroads Realty remains on top in Ocean County despite downturn

After a year-long downturn in the housing market, Crossroads Realty announced that the company maintained its place as the No. 1 Realtor in Ocean County based on unit sales, selling more than 2,029 homes in 2006.

"I'm really proud of our agents and the company for helping our clients through this difficult period in the housing market," said Mark Kotzas, senior vice president of Crossroads Realty. "Anyone can sell houses in a hot market, but when the market slows, that's when experience makes all the difference."

withdrawing money from savings for retirement

NEW YORK (Money) -- When it comes to withdrawing money from savings for retirement, why don't more advisors encourage people to just live off interest and dividends and leave the principal alone?
This approach would alleviate the worry of not having enough to live on late in retirement and would also assure you could leave an estate for heirs. That's my plan anyway, and that's what my father did as well. Why don't more advisors recommend this strategy?

The main reason advisers rarely recommend that people live off interest and dividends and leave the principal alone is that few retirees have a large enough nest egg to pull off such a strategy. For the complete story visit www.msnmoney.com

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A thing of beauty is a joy forever.

John Keats

Leisure Village Original

Leisure Village Located on the Brick / Lakewood Border is just 10 minutes from the Atlantic Ocean. Known As The Village Of Seven Lakes, A gated adult condo Community offering 2400 homes, A 54 Acre Boat-able Lake, 2 clubhouses, a nine hole executive golf course all surrounded by Beautiful Lush landscaping.