finance Archives - Page 7 of 8

Tips on How to Ensure You Get Alimony from your Divorce

November 21, 2017 by admin

A divorce can be a complicated affair, no matter how amicably everything was settled. Alimony, or the monthly financial support a spouse is legally mandated to provide the other, can even be more complicated due to the many factors that can affect who gets rewarded with it. The decision of who gets alimony and the exact amount comes from the result of a court case after reviewing the circumstances surrounding the divorce itself.

To help with this we’ve compiled a list of things you can do to ensure you get alimony from your divorce, and continue to receive alimony for the foreseeable future.

Prove that your spouse’s total income is higher than yours throughout the course of your marriage. Salary slips, bank account statements, purchase receipts – everything that you think that can prove that your spouse or partner has a higher and more substantial income than you may help get you the alimony you deserve. Evidence of your own underemployment throughout the marriage – as a stay-at-home parent or spouse – will be handy as well.
Prove that you have an inability to obtain work or income that will allow you to survive financially without alimony in the long term. If you are sick, elderly or have a chronic condition/injury that prevents you from working (or could affect your chances of being hired), prepare to bring it up in the court hearing. It may be beneficial if you could get a doctor’s signed statement about your condition or inability to work, as well as a tally of your total monthly expenses.
Prove that your financial status and/or quality of life will be severely affected without alimony. Be sure to mention (and provide evidence for) everything that can happen to you financially if you are not awarded alimony. From being unable to buy your prescription medication to being unable to pay utility/food bills, do your best to paint as detailed a picture to the judge presiding over your divorce hearing. As much as possible, try not to mention any luxury or hobby expenses that you will not be able to partake in – the key here is to gain the judge’s sympathy and favor.
Prove that you do your best to live within your means and can be financially responsible with the alimony. Looking and acting the part for all your court appearances is the key to winning a civil case, divorce or otherwise. Refrain from wearing loud, extravagant and casual clothing – clean and business casual fashion works. Speak clearly and respectfully to the judge, your lawyer, and even your ex-spouse. Avoid emotional outbursts and quarrels, especially in the view of your children and the judge.

If the judge rules in your favor and awards you alimony, remember that it shouldn’t be relied upon as a permanent means of income. Your right to receive it can be reviewed and revoked at any time should the court decide that it is no longer necessary. Thankfully, you can do the following to help prevent against this:

Stay single. Having a relationship is fine, but formally remarrying will not be in your favor in the eyes of the court.
Live alone. Just like remarrying, living with someone will make the judge think that you now have someone to share expenses with, whether you do or don’t. As you may think, this could drastically affect the alimony decision.
Maintain good relations with your ex-spouse. Avoid quarrels and public scenes as much as possible, online or offline.
Lawyer up. If your ex-spouse decides to skip on paying alimony, seek the services of an attorney to help you file a petition to force them to do so. If you find this to be an expense you cannot afford, contact your local legal aid organization for a pro-bono attorney who will take your case for free.

6 Steps to Take After a Car Accident

November 1, 2017 by admin

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There’s one daily activity that most people take part in despite the fact it could be deadly. Driving in vehicles is a convenience most people can’t pass up, and most people never think twice about it. But with more than 1 billion vehicles on the road today, car accidents are a common occurrence.

A car accident can happen to anyone at any time even if they’re a cautious driver. Even celebrities like Keanu Reeves have been touched by the tragedy of a car accident. When it happens, few people are prepared to get through the ordeal. The steps you take after a crash can mean the difference between getting the help you deserve and living with the repercussions of someone else’s actions.

If you get into a car accident, experts recommend that you follow the steps below.

Step 1. Call the Police

Anytime you are involved in a traffic collision the police should be called immediately. An officer can help keep things civil and he or she will also create a police report. This report can be used as evidence when you file claims.

Step 2. Get Information at the Scene

You (or someone you’re with if you need medical treatment) should gather critical information at the scene. You’ll need to get:

The other driver’s name and phone number
The other driver’s insurance information, including policy number
The license plate number of the other vehicle
The make, model, and color of the other vehicle
Pictures of the scene

All of this information is needed to ensure the other driver doesn’t try to forgo their responsibility or lie about the events that occurred. If there are witnesses get their brief statement, name and contact information.

Step 3. Hire a Local Attorney

You can make the rest of the process much easier on yourself by hiring a local car accident lawyer if someone sustained an injury or there was significant property damage. Traffic regulations vary by county, which is why it’s important to have a local attorney that understands the laws.

Even if the insurance company offers compensation it may not be enough to cover all the damage and long-term expenses. Your lawyer can help you file a personal injury claim against the other driver so you receive adequate compensation based on the real costs you’ll incur.

Step 4. Contact Your Auto Insurance Agent

Your insurance company will also need to be involved after a car accident. Contact your agent to let them know what occurred and get directions on how to file a claim. Once the claim is received the insurance companies of both drivers will investigate. Hopefully, you have the police report handy to back up your claims.

The one thing you should never do is lie to your insurance company about what occurred. If the insurance company believes you aren’t being truthful they could deny your coverage. Your attorney can help during this process and should be in contact with your auto insurance agent.

Step 5. Keep Track of Medical Records

If you or one of your passengers sustained injuries medical records will be needed to substantiate injury claims. Be very diligent about keeping track of these records. You’ll want to track:

Names of doctors
Names of health professionals
Which treatments are recommended
Which treatments are received
Date of treatments

You’ll also need to document every one of your medical bills and keep a record of how the injuries impact your quality of life. Tracking things like missed workdays, changes in daily routine and affects on your family can help justify pain and suffering compensation.

Step 6. Follow the Doctor’s Orders

It’s important for your own health to follow the doctor’s orders to a T after a car accident. There are also legal reasons for doing so. The at-fault driver’s insurance company may try to deny compensation by arguing that you didn’t follow the doctor’s order and therefore you made an injury or made it worse.

The Insurance Information Institute also recommends that drivers prepare themselves long before an accident occurs. Make sure you have adequate auto insurance coverage, keep pertinent documents (proof of insurance, vehicle registration, etc.) in the car and have emergency supplies like road flares on hand.

Different Types of Accounting Reports and When You Need Them According to Scott Tominaga

September 29, 2017 by admin

The SAS 70 Report was recently changed by the American Institute of Certified Public Accountants (AICPA). Mainly, they added new guidance that relates specifically to service organizations. This change came into force on June 15, 2011 and professionals like Scott Tominaga.

Originally, the SAS 70 Report was designed to ensure auditors could communicate about assertions in financial statements. However, it quickly started to become almost like a certification, designating availability, security, and more in the world of financial reporting. Because there are no significant risks in organizations, many of which are outside of financial reporting, new reports were needed as well.

What the AICPA decided to do, was create an alternative so that those who use third-party services could remain focused on the key issues at hand, being:

Privacy.
Confidentiality.
Availability.
Processing integrity.
Security.

All of these issues were place into the new Service Organizational Control (SOC) reports. Three versions of them now exist, SOC 1 through 3, and each has a unique purpose.

Three SOC Reports Explained by Scott Tominaga

SOC 1

This report looks at the controls within service organizations as this relates to the entities of users who have internal control of financial reporting. SOC 1 is compliant with the Statement on Standards for Attestation Engagements (SSAE) 16.

SOC 2

This report also looks at the control within service organizations. However, this report is specific to privacy, confidentiality processing integrity, availability, and/or security. This follows a number of set criteria and determines whether organizational operations are fully compliant.

SOC 3

This report is different because, while it still relates to service organizations, it is the SysTrust report. This means it is similar to SOC 2, but it focuses particularly on basic trust services. It does not look into more details and tests. The SOC 3 can also be added as a seal on a website.

How Reporting Has Changed

Because of the new standards, reporting contents have changed significantly, as has the process itself. This means that organizations can now set themselves apart as being more relevant to their clients. Any service organization must describe what their system is, and this goes into far more details than the original SAS 70 did. In fact, it must include details about:

Technology.
Processes.
People.
Transaction classes.
A written assertion that indicates management is fully responsible for how the system works and according to which evaluation criteria.

How to Choose a SOC Report

When you choose a SOC, you have to consider who will read it, what they will use the report for, and why. Ask yourself whether auditors will require the results and whether they need to know what test results you had and what your controls were. You need to know, basically, how much detail they require. Transitioning from SAS 70 to SOC is quite a lot of work, but that is why there are professionals like Scott Tominaga who are there to explain it all.

Robert Bassam – Your Checklist for Buying a Used Car

September 28, 2017 by admin

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Buying a used car is a big decision and one you need to understand fully when you are about to do it. Used car dealers are notorious for luring unsuspecting and unknowledgeable car buyers into their dealerships and selling them cars that look and even run great for a short period of time and then quickly turn rotten.

For this reason, you need to set some guidelines for yourself when shopping for a new car. Ones that will keep you knowledgeable about how to get a good one for the right price. Here are some important parts of the guideline for buying a used car.

Pick a Reputable Dealer

Choosing a dealer who has a great reputation like Robert Bassam helps you to avoid the majority of problems one can encounter when purchasing a used car. Reputable dealers will make sure the vehicle you buy does not have scary issues like undisclosed previous accidents, inaccurate odometer readings, low quality and uncertified parts, sloppy paperwork, and other things that will cause you trouble once you buy the car.

If you live in Washington, finding Washington owners of cars who are reputable is paramount. Luckily, finding a reputable dealer has gotten easy because of the availability of locating relevant information on the internet. There are organizations that rate dealers and that provide buyers with information on the dealer’s licensing and track record. You can also look for those who previously purchased vehicles from the dealer to see what their experience was during and after the purchase. Did the dealer use hard sell tactics? Were they courteous? Were they pressured into buying more can then needed? Dissatisfied customers are happy to share their horror stories on-line. And conversely, those who have had great experiences never mind letting others know. So use these resources to find out which dealers are trustworthy and which ones to avoid.

Bring a Mechanic to Inspect the Car

If you have any doubts about the dealer or if you feel the need for any other reason, bring a reputable mechanic with you to look at the car before you purchase. Let the dealer know you intend to do this and that the mechanic will need to be given full access to the vehicle. A reputable dealer will welcome this step and one who is looking to seize an opportunity to cheat you, will give one million excuses about why this is not a good idea.

The mechanic should be given full access to the vehicle and check tires, fluid levels, hoses, the transmission, the brakes and the engine. Meanwhile, you should check the exterior and interior for any excess wear and tear or any signs of rust or previous undisclosed damage.

Always be Prepared to Walk Away

You might find a car you absolutely love, but the price is too high or the terms stretch you too much. Car dealers will often lengthen payments or ask for more money down to make payments fit your budget. If you find yourself in this situation you are probably buying too much car. Start with a budget and stick to that budget no matter what how excited you get during your shopping. Take your time and you will find the car you need for the budget you have, patience is the key.

8 Rules to Decreasing Health Care Cost in Retirement

September 20, 2017 by admin

As we age, our health care needs change, often becoming more prominent than our younger years. Aches and pains become constant, prescriptions pile up and doctor visits become more frequent. Just as we start to really need health insurance the options get slimmer and more expensive. In a real catch 22, new data shows that retirement benefits are decreasing due to rising health care costs.

Getting health care coverage in retirement can be costly, but it’s not impossible. There are also things you can do to decrease the overall cost of health care coverage once you reach retirement.

Rule #1 – See If You’re Eligible for Medicare

Medicare is a federal government insurance program for older Americans that covers 80% of allowable expenses. Those who are eligible for Medicare will have most of their health care needs covered for free or a low monthly premium. The main criteria for eligibility is age. You must be 65 or older to get Medicare.

Rule #2 – Take Out a Medicare Supplemental Plan

Retirees will still have to cover some expenses while using Medicare. You can reduce the out-of-pocket expenses with a Medicare Supplemental Plan, also known as a MediGap plan. If you’re already eligible for Medicare Part A and Part B you should be able to get a MediGap plan. There is a monthly premium, but for most people, the cost is lower than going without one.

Rule #3 – Start Planning for the Future Now

It’s never too late to start planning and saving for retirement – even if you’re already old enough to qualify for Medicare. In fact, younger people are encouraged to plan for retirement medical expenses without the help of Medicare, which is projected to run out of funds for Part A coverage in 2028.

If you’re still working and haven’t signed up for Medicare yet it’s a good idea to start a Health Savings Account (HSA). They come with major tax-saving advantages. Medicare recipients can’t add to an HSA, but they can use the tax-free money in the account to pay for medical expenses after the age of 65.

Rule #4 – Don’t Forget to Anticipate Cost Increases

One of the most common mistakes that people make when they plan for retirement is to not account for increases in medical expenses. On average, health care costs increase by 5% annually. However, in retirement years it’s better to plan for a 7% increase each year.

Rule #5 – Stop Smoking

One of the quickest ways to increase health insurance cost and life insurance premiums is smoking cigarettes. Smoking can lead to a number of chronic illnesses that cost a fortune over the long run. That’s why insurers increase premiums if you smoke.

Rule #6 – Take Advantage of TeleHealth Services

If you haven’t heard of telehealth services yet you soon will. In an effort to halt the increasing cost of health care, a number of new approaches and services are being offered. Instead of meeting with a medical professional in person you can communicate in real time using an interactive audio/visual telecommunication system on your phone or computer.

Next year, telehealth services will be made available in some states. Telehealth services will also be available to Medicare recipients.

Rule #7 – Stay Healthy

Last but not least, stay as healthy as possible. A new report from Fidelity estimates that the average couple will need $275,000 for medical expenses in retirement.

Good nutrition and lifestyle habits minimize the need for medical intervention now and in the future. Getting at least seven hours of sleep a night, hitting the recommended number of minutes of weekly cardio and eating a diet of whole foods is the easiest way to avoid chronic illness and reduce the cost of healthcare in retirement. Bonus – healthy habits also increase quality of life!

Rule #8 – Sign Up for a Wellness Program

If you’re still working see if your employer offers a wellness program. Sometimes employers will offer reduced health insurance to employees that join the program and work on maintaining good health. The money you save on health care costs can be put to retirement savings for added benefit. Another advantage of wellness programs is you can learn how to create healthy habits for the future.