Categories
Legal Personal Injury

What is Motor Vehicle Accident Law?

motor vehicle law

Motor vehicle law is an area of law that is often seen as a blend of personal injury law and traffic law. While the personal injury component is important, it often relies heavily on the traffic law component to show fault and determine liability.

After an accident, the police officer on the scene will take statements from the drivers and passengers involved. They will also take pictures, speak with anyone who may have witnessed the incident. After all of this, they will create the official accident report. This will show how they believe the accident happened, and who the officer believes is at fault.

The accident report is frequently not the “last word” in liability for an accident. However, it does go a long way toward showing who may have acted with a higher degree of negligence. This negligence will ultimately be the primary factor that determines which driver is considered at fault for the accident.

If the injuries and damages that result from the accident are serious enough, the plaintiff, may file a personal injury lawsuit against the driver considered to be at fault, the defendant. In most cases, the defendant’s insurer will shoulder the cost of the defense and any awarded damages.

Motor Vehicle Accident Terminology

  • Negligence – Either the action or inaction that caused the accident initially.
  • Comparative Negligence – This is a fault determination method used in some areas that will decrease a personal injury award by the degree to which the plaintiff’s negligence contributed.
  • Comprehensive Coverage – This is car insurance that even provides coverage for damages that don’t happen in an accident.
  • Collision Coverage – Insurance that covers damages that happen in an auto collision.
  • Uninsured/Underinsured Driver Coverage – This is an insurance product that helps those who are in an accident with another driver who lacks insurance, or whose insurance cannot cover the full damages.
  • No-Fault State – Some states are “no-fault” states. This means that any driver injured in an accident needs only to see compensation for their damages from their own insurer and do not rely on proof of negligence. This cuts down on costly litigation as most claims are settled quickly.

Why Working With A Lawyer Is Important

The insurance companies are fully staffed with attorneys retained for the specific purpose of defending against insurance claims. This means that filing a personal injury claim puts a victim against vicious defense lawyers. These lawyers will try everything to minimize or deny their claim for fair compensation.

Accident victims, however, can leverage legal assistance of their own. They can hire attorneys that are specially trained in motor vehicle law. These attorneys will help to fight the insurer in order to get compensation for their damages. Lawyers who practice motor vehicle law are also known as car accident attorneys or personal injury lawyers. If you think you may have a claim under motor vehicle accident law, speak to a lawyer today.

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Financial Savings

Organize Your ‘Paying Your Bills’ Process

organize paying your bills process

Paying bills is a necessary evil, there’s no way around it and it can be painful at times. Despite this, it’s vital to organize your bills and pay them on or before any due dates. Being negligent with paying your bills can lead to fees and penalties, but it can be the beginning of deep debt and bad credit.

Sometimes it can feel like you’re just hanging on, month to month, and keeping up on your bills can be overwhelming. If that describes you sometimes, or if you just need a few ideas on how to organize a little more consistently, here are some guidelines for helping you to organize your bill-paying process.

You’ll want to grab some basic supplies first. Get a nice notebook, envelopes, stamps, a red pen, and a trash can with a paper shredder nearby. Then decide where you will be paying your bills, if it’s a desk in your office, the kitchen table, wherever, and set your supplies up there.

Organize Paper And Online Bills

Most creditors, lenders, and billers have the faculties to accept online billing. If so, take advantage of them. This way you only need to retain confirmation numbers in your records, making for a cleaner and easier notetaking.

If you are still using paper billing for any reason, make sure you open them as soon as they arrive. Using your red pen, mark the amount owed and the due date on the envelope. Note any issues to be addressed later.

Schedule It

Make a point to pick at least 30 minutes per week to review and pay your bills. Schedule it like any other appointment that you should not cancel. While reviewing your bills, make it a point to check your bank accounts for accuracy.

Make It A Routine

You’ll need to be attentive to your weekly bill payment appointment, and be sure you stay accountable for it. By incorporating it as another part of your weekly routine, you make it easier for yourself to stay up to date with your finances.

Pay Your Bills

During your weekly bill-paying appointment, make sure you give proper attention to each of the bill payment types, both online and paper. Be sure to pay your paper bills far enough ahead of time that they do not arrive after their potential due date. Online bills are generally much quicker and will reflect payments made within a business day or two, sometimes they will even post the same day they are paid.

Automate It

If you still feel you need some help, there are a number of personal finance apps, like Mint, or Prism. You connect your bank account, billers, and lenders, and the apps monitor for bill due dates and facilitate payments. They have arrangements for automatic online payments, as well as automatically mailed checks. Apps like these offer you a deeper look into your spending and budgets, often helping you to better your finances and pay down debt.

Categories
Financial Insurance

Life Insurance Policies You Need to Know

life insurance policies

When you start shopping for life insurance, you’ll quickly notice that policies fall under one of the two main categories: whole life insurance or term life insurance. However, there are many other subcategories that stem from those two. As a result, there are several different options from which you can choose.

In our article on the basics of life insurance, we touched on some of the different types. This guide goes deeper into explaining the different types of policies, which include:

  • Term
  • Whole
  • Universal
  • Variable
  • Variable Universal
  • Indexed Universal
  • Final Expense
  • Group

Term Life Insurance

A term policy provides you with death benefits for a set number of years. Death benefits are only payed to your beneficiaries if you die within the term. For that reason, this policy type is often the most affordable and simplest policy to get. However, you’ll have to shop for a new policy every time the term expires, so it can create more work in the long run. It can also leave you with higher premiums as you age.

Whole Life Insurance

If you want to stick with one life insurance policy, then a whole policy is the best option for you. It never expires, so you can keep it for as long as necessary. Though it can be up to 15 times more expensive than its term counterparts, whole policies build a cash value that you can withdraw, invest, or borrow against.

Universal Life Insurance

Universal policies also have a cash value. Your premiums contribute to both the cash value and death benefits, but unlike whole, you can change your policy without having to cancel and get a new one. In fact, you can change the premium and death benefit amounts as long as you maintain the minimum premium. Many policies allow you to use your cash value to pay the premium, so you could someday find yourself in a position where you won’t have to pay premiums out of pocket.

Indexed Universal

Indexed universal plans are a variant of the standard universal plan. With an indexed universal policy, your cash value interest rates are based on the performance of a specific group of investments, also known as an index. You never have to worry about losing money, though. IUL policies have a minimum guaranteed interest rate.

Variable Life Insurance

A variable life insurance policy is very similar to an IUL, but instead of having an indexed interest rate, it is variable. That means there is more risk involved, but you could also see a lot of growth. It’s easier to understand how these policies work if you view its cash value as an investment option.

Variable Universal Life Insurance

If you choose variable universal life insurance, you’ll see that it’s very similar to both a universal policy and a variable policy. Variable allows you to adjust your premium and death benefit amounts while also investing its cash value. It’s the best of both worlds, but it is one of the more complex policies to understand.

Final Expense Insurance

Older people without life insurance may find final expense insurance to be a good fit. This policy is designed to cover any end of life expenses, such as a funeral, cremation, or medical care costs. It’s very expensive compared to the coverage it provides, so it should only be considered by people who don’t have enough savings to cover these costs.

Group Life Insurance

Some employers offer group life insurance at no cost to you. In these cases, it’s a great benefit, but keep in mind that it may not provide you with enough coverage for your family.

Find Out More

Now that you know more about the different types of life insurance, you should be better prepared to make a decision about your policy. However, we still encourage you to speak with an agent to find out which policy type is the best option for you and your needs.

Categories
Financial Tax Services

Want To Buy Stocks? How It Affects Taxes

investing in stock market and affect taxes

Stocks are hot these days and in some respects, the market is doing better than it’s ever done. Additionally, investing is easier than ever with the explosion of retail trading apps. But many people are hesitant to begin investing until they know how it’s going to impact their taxes. Here are the tax basics of investing in stocks.

Realized And Unrealized

If you open a standard brokerage account with any of the popular companies, you then deposit money and invest that money. You typically invest in a number of different stocks or funds, often referred to as “diversification”.  A few months go by, and all of your investments are up a bit.

You now have “unrealized” gains. Once you sell those investments or any part of them that has appreciated, you then have “realized” your gains. This is the same for losses. If your investments are down and you then sell them to stop your losses, you have turned your “paper” losses into “realized” capital losses.

Capital Gains

Once you invest through your brokerage of choice, and you have invested in a number of stocks. One of your stocks shoots to the moon, and you suddenly find yourself selling those stocks for a healthy sum. You now have realized your capital gains, and you will now have to eventually pay taxes on them. They’ll be listed on your upcoming 1099-B form that your brokerage will provide at the end of the tax season.

There is more, and it might be good news, it might be bad news, depending on your particular investments and gains. You’ve now got capital gains, and you need to pay taxes, but the tax rate is going to depend on how long you held that investment.

Investments that are sold less than a year after purchase are classified as short-term capital gains. These can be taxed up to 35%. However, if you keep your investments for a minimum of a year before selling, you can cut that down to 15% or less.

Capital Losses

It happened. Your investment tanked, and you lost big time. If you are still on paper, your losses are unrealized, but if you sold to stop the bleeding, then you can leverage those realized capital losses. Your capital losses can be claimed against your capital gains, to offset them and pay a lower tax rate. Additionally, if your losses cancel out your gains, you can claim up to $3k in additional losses against your income.

Dividends And Interest

Not only will you be taxed on capital gains, but you will also be taxed on dividends. These are periodic payments made to shareholders of certain stocks by the company they are invested in. You are taxed on dividends even if you do not sell any investments. The interest you can be taxed on is interest from bonds and will vary depending on the type of bond and interest that has been earned.

Categories
Financial Savings

5 Financial Professionals and How They Can Help

financial professionals

1.   Financial Planner

A financial planner will help you create a roadmap for reaching your long-term goals. They often work with you to first discover what your goals are. Once you have figured out what your overall goals are, they will help develop the plan of action that will get you there.

Financial planners are also adept at things like retirement plan diversification, and even financial planning for a growing family. But not all of them run their business, or their billing, the same. You will want a fee-only fiduciary, meaning they are paid by you directly. Bonus if they are trained as a CFP or PFS.

2.   Financial Coach

A financial coach is a must if you struggle with keeping to a budget. They are also great if you need some help decoding some of the short-term financial options available to you. Financial coaching is still somewhat new and was created as a way to fill the short-term market where financial planners often do not operate.

3.   Tax Accountant

This is the person who will help you file your taxes, and depending on their skill set they may also help you build tax-saving behaviors that can benefit you for years to come. These are the people that help you figure out all of your deductions so that you can reduce your taxable income as much as possible.

Popular tax credentialing includes EAs, or Enrolled Agents, and CPAs, or Certified Public Accountants. EAs are licensed by the IRS after taking a test made up of 3 parts. CPAs are professionals that have been licensed by the state they operate in, after taking a 4 part test.

Tax accountants can be an important part of your overall financial health. They will help you be more mindful of how your income and other finances affect your taxes and any subsequent refund. This can put you in a better and better position each year.

4.   Credit Counselor

One of the most valuable financial professionals is credit counselors. They can help you if you are dealing with high-interest debt or debt management struggles. Many times you will find that your credit counselor will be a non-profit and will have the specific training needed to help you get the most out of your credit. They can often help with building credit, as well as fixing bad credit.

5.   Investment Advisor

Managing investments can be difficult with all the other things on our plate. An investment advisor will help you understand the process of investing, and will be able to give advice on various investment strategies. This will include things like stocks, bonds, mutual funds, and even cryptocurrency and NFTs.

Before you get to the stage of hiring an investment advisor, you will need to make sure the rest of your financial plan is in order. Investment advisors will often not provide any guidance on anything directly related to your long term financial goals, such as children, home buying, or retirement financials.

Categories
Credit Debt Financial

6 Tactics for Handling Piles of Credit Card Debt

credit card debt

If you have a significant amount of credit card debt, you are not alone. You want to figure out how to improve your situation, or you wouldn’t be here. That is the best first step to climbing out of a deep hole of credit card debt, you have to want it.

Once you want it, and you are ready to work for it and fight for it, then you need a strategy. We’ve pulled together a robust list of the 6 most effective things you can do to put a dent in your credit card debt.

1.   Buddy Up

This is something that most people do not think about. They underestimate the power of having someone for support while facing their debt problem. This can be anyone from a variety of roles in your life. Some people prefer a financial advisor, while other people are more trusting with a friend or family member. Another benefit to not going solo is it helps boost your accountability as well as your chances of reaching each goal you set.

2.   Hide The Credit Card

Stop using your credit card or cards for financial emergencies, that is likely a contributing factor to how you got into debt. Instead, build a savings reserve that you would use for emergency dental or vehicle work. This way you can catch up on your debt, and lower your credit utilization as well, which makes your credit score look better. For an emergency fund, make an initial goal of one month worth of expenses, and work your way up to a 6-month cushion.

3.   Pay High-Interest Debts First

This is another one that people overlook. After you get smaller debts out of the way, focus on your highest interest rate, and pay that down as fast as possible. Pay a much over the minimum as you can, while still staying current on your other obligations. This can save you thousands in interest alone on higher limit accounts and will reduce the time it takes you to pay it off.

4.   Ask Your Lender For A Lower APR

This is another tactic that few people think to utilize, or realize is even possible. Simply call your lenders and ask them if they can reduce your APR. Not only will this save you money every month, but it will allow you to pay debts down quicker since you won’t need to make nearly as many payments over the life of the debt.

5.   Budget Firmly

This is always one of the obvious ones, so we put it at the end, but it’s still so important that we couldn’t omit it. Budget and stick to it as much as you can. This goes for not only your spending but your debt repayment. Once you know your current bills are accounted for, figure out how much you can then use to pay off credit card debt. Your budget will be another tool of accountability, only you answer to yourself.

Categories
Financial Savings

How Big Should Your Emergency Fund Be?

emergency fund

These days, things can seem a bit more uncertain than we’re used to. Pandemic shutdowns, market volatility, and more are causing millions of Americans to rethink their saving plans. People across the US are starting to save up an emergency fund, just in case. An emergency fund can save the day if you have one when you need it.

At most estimates, the average American should plan to have between 3 and 6 full months of living expenses at the minimum. Depending on your means and the circumstances, you may even want to sock away an entire year’s worth of money. Living expenses in our case means, all of your bills, mortgage or rent, food, discretionary spending, everything.

If this sounds like a lot of money, you’re absolutely right! That doesn’t make it impossible, but it does make it challenging. You may not need that much based on your particular situation, but we are going to help you figure it out.

The 3 To 6 Month Rule Of Thumb

Most experts say that keeping 3 to 6 months of living expenses based on your current pay is enough of an emergency fund. You might be able to get away with less than 6 months of expenses if:

  • You have minimal debt
  • Your cost of living is relatively low
  • Your rent does not fluctuate much, if at all
  • You have reliable transportation
  • Your job is stable
  • You have no kids or pets
  • You enjoy generally good health

While not all of these would have to be true, you can see how they give you an idea of the fluctuations and potential “surprise” expenses that may happen in some cases. This is often considered the best-case scenario for an emergency fund.

You may want to consider saving much closer to 6 months of expenses if:

  • You have some relatively low-interest debt
  • It would be difficult to replace your current job
  • You own a home
  • Live in a high cost of living area
  • You have children
  • You have any medical issues
  • Have dangerous or high-risk activities
  • Have no financial support outside yourself

6 To 12 Months Of Expenses

There are scenarios when you may want to have a much larger financial cushion. This is not just in case something happens to you or your source of income, but also to augment your potential retirement if you are not already retired. Consider saving up to a year’s worth of expenses if:

  • You provide solely for multiple dependents
  • You are approaching or at retirement age
  • Your job is highly specialized, a niche position, or may need you to relocate at some point
  • You are a high-income earner

Once you have decided how much you should save, be sure to set that goal and stick to it. Break it into milestones of one month worth of expenses each, this helps you reach smaller goals on the way to your eventual goal of an emergency fund.

Categories
Health & Home Home Improvement

Home Trends Experts Say Will Dominate 2021

home trends of 2021

As we make our way further into 2021, we are starting to see shifts in design trends. What was once considered a popular home style is being replaced with several new looks. If the start of the new year has left you feeling inspired to start fresh, why not tackle some of these house projects? Leading design experts expect many home improvement projects centered around these seven trends.

Cozy Textures

It’s no surprise that so much time in our homes has caused many of us to reconsider our past style choices. Though sleek and chic designs are beautiful, they aren’t always the most comfortable. If you’re going to be spending a lot of time in your home, you want it to be cozy.

We expect to see a lot more integration of ultra-cozy pieces. Some of the most popular trends you can expect are faux furs, Sherpas, and chunky-knit blankets. Adding layers of various textures can create the cozy feel that so many of us need in the midst of a pandemic.   

Dark and Moody Colors

Since we are seeing so many people tackle house projects during this time, it’s not a surprise that some experimentation is happening. Though dark and moody colors are a bold choice, there’s no better time to try something new!

If you aren’t feeling brave enough to paint your whole office in one dark color, there are many ways to balance it. You can consider adding a single dark wall or playing with color in a room with a lot of natural light. Designers say that dark paint can make a big impact, so it is often a risk with a huge payoff.

Multifunctional Spaces and Furniture

Many children are still learning from home, and many of us adults are still working from home. It doesn’t look like any of this will be changing immediately, so it makes sense that a lot of homeowners are looking for multifunctional spaces. These kinds of pieces can include desks that double as chairs and vice versa, bedrooms that double as home offices, and more.  

Even outside of a pandemic, transitional designs give you more flexibility. More homeowners are looking at this home trend as an opportunity to pick pieces that are as beautiful as they are functional. That means that they still add something to the room even when they aren’t being used.

Neutral Colors

For those who still aren’t sold on the moody tones, have no fear! Neutral is still sticking around this year. Specifically, we’re seeing a lot of warm undertones in our neutral colors.

This home style is perfect for people who are going for a more relaxing setting. With all that is going on in the world, it is more important than ever that our homes feel like an escape. Best of all, it is easy to add bold accents to neutral designs when you’re finally feeling ready to embrace some color.

Mixed Metals

Gold and brass have already started to make their way back into home improvement projects. Whether the accents are through fixtures, knobs, lamps, or other accents, the home trend has continued to grow.

Not everyone is ready to ditch every silver finish in their home, so we are seeing a trend of mixed metals. If you’re feeling even more adventurous, now is the time to try adding some copper to the mix as well!

Natural Materials

Along with neutrals, natural materials have been a popular home trend for a few years, but experts say it isn’t going anywhere anytime soon. The change is in the way the materials are used. Caning and wicker are used in new ways with lighting, window treatments, and more.

We can also expect to see more wood used around the home. Many people are adding their own modern twist to wood molding to add visual interest to their walls. In fact, this home improvement project is easy to DIY, but it makes a huge impact in elevating a space.

Get Started on Your 2021 Home Improvement Project

These home trends aren’t only the start of what should be an exciting year in interior design. We hope that this list has left you feeling inspired to experiment with your own house while spending some much time inside. You can also consider taking this time to increase your home’s resale value with these home improvement projects!

Categories
Dating Health & Home

10 Things To Do For a Healthy Relationship

healthy relationship

Healthy relationships are those where both partners work to keep the spark alive. When you know you’ve found your soulmate, you cannot expect the spark to be alive and the relationship to sustain itself without your contribution.

It is the simplest things you do to touch each other’s hearts that keep your relationship healthy, your bond strong, and your spark alive. This week, here are ten things you can do to strengthen your relationship.

1. Take Him/her Down Memory Lane

Do you remember how his/her heart fluttered when you first dated, with the long conversations, sizzling chemistry, an uncontrollable desire to be with each other always? If you remember one that thing that made your partner feel all this when you first met, do that thing this week.

Whether it was dressing up for them, planning a candlelight dinner for two, or a stroll under the stars, whatever it was, do it this week.

2. Plan ‘US’ Time

Have kids and life’s responsibilities keep you both too busy to spend time with each other. You’ll feel too tired to make a concerted effort to spend an evening all by yourselves. Arrange a nanny, clear your schedules and go for a long, romantic drive, or just plan a date at home. Rekindle that spark.

3. Just Talk

Have you stopped communicating as you once used to? Then make time this week just to talk and talk your heart away. Schedule a time for both, be there, and listen. Ask questions as your partner unloads and share all you have bottled up inside too.

4. Read With Your Partner

Do something meaningful together, such as reading. Enjoying the simple pleasures of life together builds a stronger bond and creates a healthy relationship. Imagine how much you both will have to share with each other after your reading session.

5. Plan a Treat for Your Hardworking Partner

Has your partner been working too hard lately without a break? Plan a treat to relax them this week. It could be a spa booking, a lavish dinner, or just a soak in the tub. Facilitate them to show you care about them.

6. Check-in With Your Partner

Has it been too long since you checked in with your partner regarding the different aspects of your relationships and lives? Try to catch up after work or when the kids are busy to discuss topics like housework, workload, financial management, future plans, etc.

7. Order a Bouquet and a Card

Sometimes, we fail to appreciate others for all the input they’re putting into the relationship. This week, make it a point to gift your partner a bouquet with a card to thank them for all that they do for you and the house.

8. Help with a House Chore

It’s not fair for one partner to handle all the home chores even if they’re not working in an office. It feels great to do simple home chores together because it shows you care for each other’s burdens.

9. Redefine Intimacy

If you have let all the pressures, stress, and responsibility of life decrease your intimacy, it is time to five that. No matter how busy your schedules may be, make time to discuss with your partner how you two can redefine your intimacy.

10. Shift Focus

Have your differences drive you two apart or distant lately? Address that issue this week. Discuss how you two can accept and acknowledge each other’s differences and work your way around them.

Categories
Dating Health & Home

Keep the Romance Alive in Your Relationship

keep the spark alive in your relationship

Nothing compares to the thrill, the excitement, the butterflies-in-the-tummy feeling of a new romance. Everything turns into moonlight and roses in your world when you have only begun dating your soulmate. But what happens once the newness of the relationship wears off and your spark begins to dim?

You make weekend plans-grand ones. You plan surprises for one another to rekindle the fires of passion and the thrill of romance. And here’s how you can do that:

1. Plan a Surprise

A surprise date? But you’ve already heard that idea so many times before. So what? It doesn’t lessen the thrill and excitement of coming home from work on a Friday night to a candlelit room and dozens of rose petals lining the way to a cozy romantic set up for two.

2. Make Reservations at His/ Her Favorite Restaurant

Who can ever not feel delighted at such an unexpected treat? If he/she is fond of steaks, lobsters, or pasta, treat them to their favorite restaurant this weekend.

3. Plan a Romantic Picnic

Nothing rekindles passion and romance more than a picnic in the woods or at the beach, or somewhere in the mountains. Some mouthwatering al fresco food and chilled beverages would complete the fun.

4. Explore Your Hometown

When was the last time you both turned tourists? Remember the fun of hopping through colorful streets, trying a dozen delicious street foods, and just sightseeing? Plan them this week with some hometown exploration.

5. Give them a Spa Treatment at Home

Trust us, lathering your beloved in essential oils, perfumed massage creams with candlelight rose petals, and soft music will turn up the heat.

6. A Dance Class For a Little Romance

Is there a weekend dance class for couples coming up? Book yourself and your partner for it. Some rock n roll, Zumba, or even Waltzing can sizzle up the chemistry.

7. Plan a Movie Night in Your Backyard

Do you have a cute little yard in your home? Well, turn it into a romantic, open-air theatre for two this weekend. Spend the night watching romantic movies under the star and live some magic of your own.

8. Organize a Romantic Treasure Hunt

Leave a trail of romantic, naughty love notes for your partner. Lead them to a surprise (you all decked up) as the treasure hunt surprise. You can let the mood decide the rest.

9. Dance the Night Away

No, you don’t need to head to a crowded club for that. Set your sound system up, dim the lights, and put your favorite songs on a roll. Then take him/her in your arms and dance the weekend away.

10. Cook them a Grand Breakfast

Why not surprise your partner with his/her favorite breakfast? Sacrifice your sleep on Saturday morning and whip up a batch of their favorite breakfast muffins. Present it in bed with a bouquet of roses to sweeten the treat even more.