Ask HTM - Perpetual Homeowners Insurance, Deflating Your Taxes, & Paying Less for a Living Trust #829
May 20, 2024
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Topics include perpetual homeowners insurance, reducing property taxes, factors to consider in a living trust presentation, and saving money with a health sharing plan. Learn about personal finance tips, credit card tools, and cell phone bill savings. Dive into chapters exploring insurance policies, property tax assessments, legal services for living trusts, and affordable estate planning solutions. Discover the benefits of health sharing plans and financial protection for future planning.
Rethinking perpetual homeowners insurance as a cost-effective option with upfront lump sum payments and potential future financial flexibility.
Reducing property tax assessments by evaluating fair property valuations, documenting maintenance issues, and choosing between DIY appeals or professional assistance.
Approaching living trust presentations with caution regarding potential reciprocity tactics, evaluating privacy needs, and considering cost-effective trust creation alternatives.
Deep dives
Challenging Property Tax Assessments
When facing an increase in property tax assessments, there are proactive steps to consider. Firstly, evaluating the fair valuation of your property based on comparable sales data can be pivotal in arguing for a lower assessment. Documenting any deferred maintenance or unfavorable aspects of your property, like older fixtures or needed repairs, can help paint a less appealing picture during the appeal process. Additionally, individuals can choose to represent themselves or hire professionals to navigate the appeal process, with tech solutions like Ownwell providing a no fee upfront approach that charges 25% of the savings only upon success.
Advantages of Perpetual Homeowners Insurance
With the rarity of perpetual homeowners insurance policies, understanding their potential benefits becomes crucial. By making a larger lump sum deposit upfront, homeowners can secure insurance coverage without annual premiums, hence providing future financial flexibility. The appealing aspect is the full refund of the deposit upon policy cancellation, offering a cost-effective strategy for those capable of the initial payment. While these policies may lack certain coverage items offered by traditional insurers, they lock in lower valuations for a set period, providing financial savings over time.
DIY Approach or Professional Assistance for Tax Appeals
When considering appealing property tax assessments, individuals face the choice of a DIY approach or seeking professional assistance. DIY appeals involve collecting evidence like comparable sales data, property condition images, and valuation discrepancies to support a lower assessment successfully. Alternatively, hiring professionals, such as lawyers or tech solutions like Ownwell, can streamline the appeal process, providing expertise and potentially enhancing the chances of securing a reduced valuation. Whether opting for self-representation or professional aid, challenging property tax assessments can lead to substantial cost savings over time.
Beware of Free Presentations and Reciprocity Tactics
Attendees of free presentations may feel compelled to purchase products due to reciprocity tactics, similar to receiving a free brunch at a timeshare event. It is crucial to be cautious with these seemingly complimentary events, as the tactics can lead to impulsive decision-making and unnecessary expenses.
Considerations for Living Trusts vs. Wills and Cost-Saving Options
Determining the need for a living trust involves assessing assets and privacy preferences, as trusts avoid probate and offer more confidentiality than wills. While more expensive to establish, trusts are vital for individuals with significant assets, contrasting wills that are more affordable but lack privacy. Exploring cost-effective alternatives like online services such as trustandwill.com can provide affordable trust creation and updates, ensuring financial security at a lower cost.
Let’s dive into the week with some fresh listener questions we have lined up for you! And don't just stand on the sidelines- if you have a question you’d like us to answer, toss your voice memo our way. It only takes about 90 seconds to record and you can find a step by step guide over at HowToMoney.com/ask . Regardless of how random or bizarre you might think it is, we want to hear it!
1 - Is perpetual homeowners insurance the everlasting gobstopper of insurance products?
2 - How can I reduce my property tax assessment?
3 - What important factors should I look out for at a living trust presentation?
4 - Should I consider a health sharing plan to save a ton of money every single month?
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