If you are planning to get a mortgage or any other form of refinancing - Toronto or elsewhere - then you should always do this prudently. Exercise caution, so to speak. Mortgages are a major thing, and sometimes, they could even get messy. And because getting a mortgage is probably the most important financial decision that you will make in your life, then you should choose the best mortgage provider.

But how do you get to that? Here are a few marks to check if you are indeed getting the services of the best mortgage provider.

The One that Can Give you the Best Mortgage Rate

Whether you like it or not, a mortgage is about money - and lots of it. So for you to make the most out of this arrangement, you should only settle for the one that can give you the best mortgage rate.

But knowing whether a particular mortgage rate is best for you is hard. So, how do you exactly know that you are getting the best mortgage rate - Woodbridge or elsewhere?

The answer is, "it depends." The best mortgage rate depends on your circumstances - your capacity to pay, the amount of your loan, and all the other terms of the loan. Before you even sign up for a particular mortgage, you have to check whether you expect to have a steady income over the years or it will substantially increase. If the latter is true, then it makes better sense to get an adjustable mortgage rate. Here, the interest rate varies and the term of the loan is shorter.

Also, to ensure that you get the best mortgage rate, check out the present rates in the market. That way, you know what to expect and what to benchmark with. After all, it is always best to be informed than sorry.

The One that has the Best Customer Service

Of course, who would want to work with an unfriendly lender? No one. So, customer service is another requirement of a lender. The best mortgage provider for you is the one whom you can talk to, the one who will be gentle on you. After all, getting a mortgage is in one way or another, a form of "pleading." By nature, people are uncomfortable with this set-up. So the best mortgage provider then is the one who makes you feel comfortable regardless of the uncomfortable nature of this financial arrangement.

Being informative is also another mark of customer service. Your lender should be the able to inform you of all the things you need to know regarding the mortgage. No hidden fees involved, no fine prints. In short, the best mortgage provider for you is the one that is comfortable being transparent with you.

The One that You've chosen from the Heap

The word BEST is a superlative degree of adjective - meaning, you've compared it with others. If there's only one, then you cannot say that it is the best. Therefore, to be the best mortgage provider, it should be compared with others. There should be other options that you've consulted first. You should have shopped around for lenders and then choose one. As many financial experts would say, to get the best terms in a mortgage arrangement, shop around, search for lenders, compare, negotiate and then choose.

Allegro Mortgages Corp. – Best Broker for All Your Financing Requirements
(416) 987-0008

Get the best mortgage rate - Woodbridge or elsewhere - and the best mortgage lenders at AMortgages.ca. Check the site to if you are looking for options in refinancing - Toronto or anywhere else in Canada.

There are many ways to do your banking, but there are smart ways to get benefits and advantages with internet banking today is easy and safe, and is the most convenient way to go. You can transfer funds, check your balances, order checks, and do a lot more on line.

Some people are wary about online banking because of its bad press. But the people who have had bad experiences with this type of banking are actually very few and far between, if you compare that number to the many who never have any trouble with this. There have been a great deal of improvements made over the years to protect the consumer in this regard. And the improved security with your private information continues to be enhanced. Your accounts are set up by you alone, with private passwords and codes so that only you can access them. And it is not difficult or complicated to change your password at any time you desire. Improvements are also always being made for the ease of use for the consumer.

The auto complete function has been eliminated. This was when the completion of the application for the account was automatically finished. Now only you can finish it, and it cannot be accessed by strangers. And many banks have enforced new rules so that you are no longer responsible if an unauthorized person does access your account. This guarantees your security on line.

So how does one start an online account? You will need to have a computer with Internet access. If your browser, like Internet Explorer, is supported by your bank, that is all you need. There is no software you need to buy. Then all you do is register on line.

The form for registration will require your social security number, your debit card, or credit card account number, and you will be given the opportunity to choose a personal identification number, or pin, for your accounts. You can also use a checking account number or savings account, if you do not have a credit or debit card. Your mortgage loan or other loan account will also do fine.

Imagine never having to leave the house to attend to your banking needs. That will also save you gas money and travel time. And you can do this twenty four hours per day, and seven days per week. You will be given a confirmation number for every transaction you make, and you are bound to find this type of banking easy and convenient.

You can check ATM transactions (that is, automatic teller machine), and checking and savings transactions, as well. You can pay bills this way anywhere in the United States. You will be able to view check images, statements, even phone transactions. And you will never have any doubts again about deposits or withdrawals that you have made, because you can see them whenever you need to. You can even apply for credit online, or request a credit card increase. You can order checks, and stop checks, as well. And you will even be able to get insurance service quotes, and check your brokerage and investment balances.

So make the choice to make the switch to internet banking today.

This cutting-edge global financial institution offers many commercial and personal banking services, including investment opportunities for Virgin Islands Finance. Our experts will gather the resources and info to establish a profitable Jamaica business plan for you.

If you are clipping and using grocery coupons to save on your grocery bills to stay within a budget each month, you know the importance of cutting your spending in other areas, too.

You are most certainly familiar with the routine. The clock on the wall in the office says noon and the usual group of coworkers decide where to have lunch. In many modern offices in cities and towns, where the driving time to the nearest eatery takes up a good portion of the lunch hour, not to mention adding wear and tear to the car and using up gas for the car.

It’s difficult to find a decent lunch for fewer than ten bucks including tip. You swallow your food, share a few laughs with coworkers and run back to the office wishing you could take a nap somewhere.

As you make your way back to your desk, you notice this gal putting away his brown paper bag. She seems calm, happy and ready to get back to work, some of which he apparently did while enjoying his lunch and thinking how delicious it was, the hassle she avoided by eating at she desk, and how much money she saved.

But is the money you save really worth the time and effect needed to prepare and bring your lunch to work each day? Let’s take a few minutes to do the math to see how much money you can save.

For example, let’s say you can fix your own lunch at a cost of about $3.50 a day. It’s probably much cheaper if you are buying in bulk and using grocery coupons. That works out to $17.50 for a five day work week.

And let’s say you spend $10.00 per lunch eating out five day a week, which comes to $50.00 each week, not counting wear and tear on the car and gas money.

The difference comes to $32.50 each week that you are spending on lunch with the gang. That works out to $1,625 a year. Is that money that you could use for something else more essential?

A great way to get started with brown bagging your lunch is to talk people you know who are already doing it. But here are some tips to get you rolling:

Prepare the lunch the night before so you’re not hurried in the morning. You don’t want to be stressed early in the morning over what you will be eating for lunch. Keep the menu simple but be creative and prepare something different everyday, and always think healthy. Simple sandwiches with whole gain breads are fine, but try to include some nuts, at least a serving of fruit or yogurt. Also, brown bag a treat for yourself that you can look forward to, maybe a health bar or your favorite snake.

Keep your brown bag lunches in mind when you are shopping for your groceries, which means planning ahead and buying in bulk. Instead of buying small individual packaged bags something which usually cost more, buy it in large packages and divide up smaller portions and put them in smaller re-sealable plastic bags.

If you don’t like sandwiches or you prefer home cooked meals, plan to cook larger than normal dinners and save some “left over” for lunch either for the next day or the whole week. Put the lunches in individual containers the night before so you can brown bag it and go the next morning.

Even with all the planning, you’re bound to be running late on some mornings or just don’t have time to prepare lunch the night before. There’s nothing wrong with occasionally eating out a can once in awhile. Leave a can of soup or vegetable chili at the office. Most offices have at least a small kitchen with toaster ovens or microwaves that you can use for heating up your soups.

Don’t forget to bring your drink. Don’t rely on the soda venting machines that are also in the office kitchens. You can stock up on a 12-pack of soda for as little as 10 cents a can. Of course, you can always just drink water, which is usually free provided by the office, with your lunch.

Depending on your work load, you may or may not want to have working lunches. That’s up to you. The time is your time and you can use it to catch up on personal emails or just take a break from work. You just may find that you are more relaxed, less hurried and more productive. Don’t be surprised if your coworkers come to you for tips on brown bagging their lunch.

There are lots of good points to brown bagging your lunch: You eat healthier, save time and money, and you’re more productive. Now you have a new task of figuring out where in your budget to allocate the money you saved.

If you are interest in learning how to save money buying your grocery items for your brown bag lunch by using grocery coupons, visit www.couponsforgroceriessite.com [”http://www.couponsforgroceriessite.com/”], where you will find ideas on where to find free grocery coupons to print from home.

Sponsor Equity: This is the cash investment contributed by owners of a project.

Preferred Equity: Preferred equity is similar in structure to a mezzanine loan; however, many of the complexities involving mezzanine debt are avoided. Inter-creditor agreements with senior lenders are not required and, because this investment involves equity and not debt, prohibitions in the senior loan documents against secondary debt become irrelevant.

The returns and general investment time horizons required by preferred equity investors fall into the same range as that of mezzanine debt. These investments are generally structured so that after the payment of debt service the investor receives a coupon return of 8 % to10 %. From the remaining cash flow, the sponsor is paid the same coupon return as the investor before distributing the remainder between the parties based on a predetermined formula. Unlike traditional equity, which shares the upside of a transaction with no ceiling, preferred equity investments enable a sponsor to determine at inception what will be necessary to pay off a preferred equity partner in the future.

This structure is attractive to a sponsor who can contribute capital for 10% or more of a project cost and has an operating plan to increase net operating income over a three-to-five year period.

Institutional Joint Venture Equity: Institutional investors have a strong appetite for joint ventures with experienced owner-operators or developers. Most importantly, investors seek a strong operator with a track record of success in a particular market. Investors seek partners who can create value in a way they can’t on their own. Creation of value can come in many ways, including the identification of off-market transactions that are purchased at attractive prices, rehabilitation of an asset in need of work, more effective management of a property or ground up development of an asset.

Yield expectations among institutional equity investors vary based on several factors, including transaction risk, desired hold period, the amount of leverage, and the amount of co-investment by the sponsor. Generally, investors seek five-year internal rates of return between 15% and 18% on an un-leveraged basis. On a leveraged basis, returns generally range between 18% and 22%. In many instances, institutional equity partners seek to limit overall property leverage to between 50% and 60%, thus lowering the internal rate of return to the sponsor.

Institutional joint venture equity transactions generally are structured so that the institutional investor contributes between 80 percent and 90 percent of the required equity, with the sponsor investing the remainder. These joint ventures usually include buy/sell agreements that allow a sponsor to buy out the partner within a specified time period. Investor’s generally have approval rights over major decisions including financings, sales and annual budgets.

The capital stack is the total mix of capital invested in a project, including pure debt, hybrid debt, and equity. The higher the investment appears in the stack, the greater the risk for that investment. The lower the placement, the less the risk. As a consequence, higher stack positions expect greater returns on the capital invested because of the higher risk involved. The typical capital stack is arranged as follows:
1. Sponsor Equity
2. Preferred Equity
3. Mezzanine Debt
4. Senior Debt

Andy Bogdanoff is the Founder and Chairman of Remington Financial Group. Mr. Bogdanoff is an expert in commercial real estate and equity capital transactions with over 35 years experience.

You can benefit from Internet banking in many ways. Certainly, there are the more obvious reasons, but also other ones that some people just don't think about. For many people who tend to be slightly lax about getting to the bank and making payments by the due date, or those who keep envelopes in their briefcases and never seemed to mail them, this is the best solution. Late payments will result in poor credit.

When your credit suffers, it will show on a credit report, which will have a negative effect on your life in some way. However, if you start using Internet banking, you'll be able to make all your payments by their due date, no matter what time of the day you choose to make them. Additionally, you can be pretty much anywhere in the world and still be able to make your payments.

However, one of the most incredible points is that anyone can set up their payments so that they are completely automated. That means that you only have to date for a particular bill to be paid on, and the system will see to it that it is done. This all results in easy and responsible banking.

It is in fact one of the most convenient ways to do any banking whatsoever. It has gained a lot of popularity or the last couple of decades because of its convenience. Unfortunately, many people fear becoming the victim of fraud by using online banking services. But, being an informed consumer, you shouldn't have any problems at all.

The bank will issue a card in your name, and you will be able to pick your own personal identification number, or PIN. This number must be kept completely confidential. That means that you should never give it to anyone. Additionally, it is important that you only supply information to your bank by typing in the URL of the bank. Never click on another link that will possibly redirect you to a webpage that is seeking out personal information. If you are informed and act responsibly, there is nothing to worry about.

Online banking will allow you to accomplish practically any task without having to leave your home. For example, besides Bill payments, you can order statements, ensure payments have been processed, you can also order checks and even transfer money from one account to another. But it doesn't end there! You can even apply for credit cards or even loans just as easily as you would by entering a branch.

Another positive point that comes with Internet banking is that it will save you money. With many banks, using a teller means paying a price for it. But, through your computer, you have many free transactions within your particular package. Some have unlimited amounts of transactions that can be performed while others charge very low fees.

Regardless of the amount of transactions you have to make monthly, Internet banking will help you along the way, providing you with the convenience and many benefits that are second to none.

Find out more about cibc online banking. You can also check out internet banking information.

The traditional methods of heating a home are fast approaching a point where they are becoming non-viable. The world's supply of fossil fuels is dwindling, and the costs of heating and cooling a home are ever increasing. Smart forward thinking individuals are becoming more and more interested in renewable sources of power, heat, and light. Two of the most discussed and innovative technologies to date are Air Source Heat Pumps and Ground Source Heat Pumps. These two styles are heating are very important steps toward decreasing the carbon foot print of humanity as well as allowing for long term viability of a home and residence with renewable sources of heat that do not necessarily depend on dwindling fuel supplies.

A air source heat pump is a type of heating and cooling system that accomplishes its task by moving a chemical refrigerant through the pump's coils and compressors. This allows for a similar effect as a refrigerator on a much larger scale. An air source heat pump draws heat out of the air and funnels it into the home. There are a few drawbacks in extremely cold weather. However, the potency of the device can be improved by changing the type of refrigerant used. These units have an average coefficient of performance (COP) rating of three that can waver from a rating of four in a mild climate to a rating of one in a very cold one. The COP is determined by how much heat output is generated compared to the amount of electricity used. In the instance of a three rating the equipment generates three times as much heat as the amount of electricity being used.

A ground source heat pump, which is also known as geothermal heat pumps, work in a manner similar to the air source heat pumps. The difference in their function is that ground source heat pumps are installed in the ground and are proven to be much more efficient. These types of heat transfer pumps generally maintain a three and a half to four rating on the COP scale. Ground source heat pumps start out with a higher COP rating at the beginning of the heating and cooling system and gradually lower in efficiency as heat is transferred. however, they maintain their efficiency longer than air source heat pumps due to the generally stable temperature of the earth at around eight feet below ground level.

Installing either source of heating can be quite expensive. There are many sources of funding to aid the individual or commercial enterprise in outfitting or retrofitting their homes and offices with such renewable heating and cooling sources. There are several types of government sponsored funding in the United Kingdom that can be acquired by residential owners and commercial enterprises alike. These grants and funds are the Low Carbon Building Programme (LCBP), Carbon Emissions Reduction Target (CERT), Community Energy Savings Programme (CESP), Scottish Community & Household Renewable Initiative (SCHRI), and the upcoming Renewable Heat Incentive (RHI).

The LCBP has two phases. The first phase is designed for personal homes and residences, and house builders. This is a lower scale grant that can be acquired for a grant of up to twenty-five hundred pounds. The second phase is useful for commercial enterprises on a larger scale. Schools, charity organizations, corporate structures, and similar individuals receive monetary compensation for installing energy saving heat systems. This particular grant scheme will end on April 11th. It is set to be replaced by the RHI. Claims with the phase II version of this grant can be made available up to fifty percent of the cost of installation.

The CERT is a programme designed around compensation for retrofitting older homes and commercial properties. This is a programme slated primarily for home builders and renovators instead of private residence owners. This grant can be awarded for up to ninety percent of the actual cost of the installation depending upon the level of improved energy efficiency in comparison to the older system.

The CESP is a grant for not-for-profit organizations in the UK area that are for community-based. The amount of the grant varies between each organization but there are millions of pounds worth of funding in this grant at present for worthy charity organizations that qualify.

The SCHRI is an initiative programme available only in Scottland. This is a programme scheme equivalent to LCBP I and allows for thirty percent of the installation costs for installation of energy efficient equipment. There is a hard-cap of four thousand pounds that can be awarded in this grant.

The RHI is a grant programme many individuals are eagerly awaiting. In this scheme the owner of an energy efficient home can receive several hundred pounds per year for eighteen to twenty three years simply for installing an air or ground source heat pump. The incentive programme will completely pay for the average cost of installation in three and a half to sixteen years for most private residences or businesses depending upon which type of heating source is used. For large scale complexes and buildings the amount of money awarded can be nearly double the standard rate but the must use a ground source heat system and it will generally take roughly nineteen years to have it completely paid off.

Overall the funding and incentive grants are available to any individual or commercial enterprise that meets the energy efficiency standard as outlined in the individual grant. An approved installer of micro-technologies must be used to meet the requirements of each grant. With the available programmes most individual or commercial enterprises can afford to install a heat pump, whether it be an air source or ground source version.

Click here for more information about funding for ground source heat pumps

While there is a present lapse in the estate and generation-skipping transfer taxes, it’s likely that Congress will reinstate both taxes (perhaps even retroactively) some time during 2010. If not, on January 1, 2011, the estate tax exemption (which was $3.5 million in 2009) becomes $1 million, and the top estate tax rate (which was 45% in 2009) becomes 55%. Assuming the federal estate tax (FET) exemption is reinstated at $3.5 million or more, then for most people the FET has been repealed. According to the Tax Policy Center, only five of every 100,000 people who die have estates over $3.5 million.
For married couples with taxable estates, the common planning tool is for each spouse to establish a revocable living trust. Upon the death of the first spouse, an amount equal to his/her FET exemption is allocated to a Credit Shelter Trust (CST). Other terms for the Credit Shelter Trust are Bypass Trust, Family Trust and Residuary Trust. A CST allows the surviving spouse broad access to the assets in the CST without the assets being included in the spouse’s estate. Thus, the CST allows each spouse to leave his/her FET exemption to their children. Without a CST, the first spouse to die “wastes” his/her estate tax exemption.

The provisions that the spouse can enjoy from the CST during his/her lifetime (without causing the assets in the CST to be taxable in the surviving spouse’s estate) are:

1. The spouse can have all of the income of the CST. Treas. Reg. Sec. 25.2518-2(e)(5), Example 4. Alternatively, the trustee can “sprinkle” the income of the CST to children and grandchildren so as to shift that income to lower tax brackets, or can accumulate the income and add it to principal.

2. The spouse can receive principal distributions from the CST (see Paragraphs 5 and 6 below).

3. The spouse can have the power to withdraw the greater of $5,000 or 5% of the principal of the CST each year. IRC Section 2041(b)(2).

4. The spouse can have a testamentary limited power of appointment (LPA) over the assets in the CST. An LPA allows the spouse to “rewrite” the dispositive provisions of the CST. However, the LPA is usually drafted so that the LPA can only be exercised in favor of the grantor’s descendants and/or charities. The LPA cannot be exercised in favor of the spouse, his/her creditors, his/her estate, or the creditors of his/her estate. IRC Section 2041(b)(1).

5. The spouse can be the sole trustee of the CST, provided that distributions to the spouse are limited to an “ascertainable standard” (i.e., health, education, maintenance and support). IRC Section 2041(b)(1)(A).

6. Distributions to the spouse in excess of the ascertainable standard can be made from the CST if an independent co-trustee is named to serve with the spouse, but discretion on distributions to the spouse must be limited solely to the independent co-trustee.

7. The spouse can have the power to remove the co-trustee and appoint an individual or corporate successor co-trustee that is not related or subordinate to the spouse (within the meaning of IRC Section 672(c)). Rev. Rul. 95-58.

The deceased spouse’s estate, over and above the amount allocated to the CST, will pass estate tax free to the Marital Trust because of the unlimited marital deduction. When the surviving spouse dies, the assets in the Marital Trust (along with the assets in the spouse’s Living Trust) will be subject to estate taxes, but only after subtracting the surviving spouse’s FET exemption.

The two most common types of Marital Trusts are the General Power of Appointment (GPA) Trust and the Qualified Terminable Interest Property (QTIP) Trust. Both types of Marital Trusts must provide the surviving spouse with all of the income and may (but need not) provide the spouse with principal. The typical GPA Marital Trust allows the spouse to determine the ultimate beneficiaries of the Marital Trust upon his/her death, and usually allows the spouse to withdraw the principal of the Marital Trust during his/her lifetime without restriction. The QTIP Marital Trust, on the other hand, does not allow the spouse to determine the ultimate beneficiaries and usually restricts the spouse to principal as needed for health, education, maintenance and support. But, to add flexibility to a QTIP Marital Trust, the spouse may be given a $5,000/5% annual withdrawal power and/or a limited power of appointment over the QTIP Trust.

A CST has the following advantages: It utilizes both spouses’ FET exemptions, while giving the surviving spouse access to and control over the assets in the CST; it preserves assets for the couple’s descendants (in case the spouse remarries); and it protects the spouse and descendants from creditors.

But, there are disadvantages to a CST as well. The surviving spouse’s access to the assets in the CST, albeit broad, is (as noted above) restricted. Moreover, if the spouse withdraws more from the CST than permitted, he/she may be accountable to the ultimate beneficiaries of the CST (i.e., children and grandchildren). The CST also adds complexity to the spouse’s life in that separate records for the CST must be maintained and annual income tax returns (Form 1041) must be filed for the remainder of the spouse’s lifetime. And, if a co-trustee over the CST is used, the spouse will have to cooperate with that trustee.

For many couples with non-taxable estates, particularly those with children all from the same marriage, the disadvantages of a CST outweigh the advantages. Therefore, they would prefer to simply leave their estate to a GPA Marital Trust for the surviving spouse. But, if their estates were to increase and/or the FET exemption was reduced by future legislation, they still want the ability to use both spouses’ FET exemptions. It is possible to accomplish both objectives with a Disclaimer Trust.

Disclaimer Trusts became popular after the 2001 Tax Act was passed because of the increasing FET exemption and the uncertainty created by the Act. With a Disclaimer Trust, a married couple’s revocable living trusts leave the deceased spouse’s entire estate to a GPA Marital Trust. The CST is then funded only if the surviving spouse disclaims (refuses) part of the deceased spouse’s estate. This enables the spouse to decide how much to keep outright (to be taxed at the second death) and the amount to be allocated to the CST (where it is shielded from estate tax at the second death). In making an informed decision to disclaim and how much to disclaim, one must examine the size of the combined estate, the spouse’s age and health (which impacts the spouse’s needs for funds), whether minor children will be beneficiaries of the CST, the potential appreciation of the assets not disclaimed, and the status of the FET exemption.

For example, assume a married couple has combined assets of $4.5 million, which are evenly divided between their revocable living trusts. Each trust provides that 100% of the trust property is allocated to a GPA Marital Trust upon the death of the grantor-spouse. But, if the surviving spouse disclaims all or a portion of the decedent’s estate, the disclaimed portion passes to a CST. If, at the time of the first death, both husband and wife are in their seventies or eighties and the FET exemption is $3.5 million, it might make sense for the spouse to disclaim $1 million of the deceased spouse’s $2.25 million estate. This will leave the spouse with a $3.5 million taxable estate (i.e., $2.25 million in the spouse’s living trust and $1.25 million in the GPA Marital Trust), which will be completely sheltered from estate taxes by the spouse’s FET exemption.

But, if at the first death the surviving spouse is only in his/her forties or early fifties, the decision might be to forgo the disclaimer. The younger the spouse, the more likely the estate will not increase, but instead be consumed and decline in value. This would be particularly true if there are young children involved. Moreover, the spouse will have ample time to gift a portion of the combined estate to children and grandchildren (using his/her $13,000 annual gift tax exclusion) so that there may be no estate tax due upon the death of the surviving spouse.

For couples whose estates are below the estate tax exemption, a disclaimer trust still makes sense. It’s possible the estate could grow through appreciation, inheritances, and/or by acquiring life insurance on one or both spouses’ lives. It’s also possible the estate tax exemption will be reduced by Congress in the future. The disclaimer trust avoids saddling the surviving spouse with the time and expenses of administering a CST, unless funding a CST would result in an estate tax savings.

In order to be a “qualified” disclaimer for FET purposes, the disclaimer must meet the following five requirements set forth in Internal Revenue Code Section 2518(b):

1. It must be an irrevocable and unqualified refusal to accept an interest in property;

2. It must be in writing, signed by the spouse;

3. It must be received by the trustee within nine (9) months of the grantor-spouse’s death;

4. The spouse must not have accepted the disclaimed property or any of its benefits; and

5. As a result of the disclaimer, the interest must pass without any direction from the spouse.

Because IRC Section 2518 prohibits the surviving spouse from holding a power to direct the disposition of the disclaimed property, the spouse cannot be given a limited power of appointment over the CST (unless limited by an ascertainable standard). See Treas. Reg. Sec. 25-2518-2(e)(2) and Treas. Reg. Sec. 25-2518-2(e)(5), Example 5. Nor can the spouse (either as a beneficiary or as the sole trustee) have any discretion over the CST’s property. But, the spouse can serve as the sole trustee of the CST if the trust agreement contains mandatory distributions (i.e., no discretion on part of the trustee) or ascertainable standards for distributions of principal and income. Treas. Reg. Secs. 25-2518-2(e)(2) and 25-2518-2(e)(5), Examples 11 and 12.

There are also state law requirements for making a disclaimer. Failure by the surviving spouse to satisfy all of the federal requirements set forth above will result in the disclaimer being treated as a taxable gift from the spouse to the remainder beneficiaries of the CST (i.e., the children and grandchildren).

In summary, for a married couple whose combined estate may or may not exceed the FET exemption, a disclaimer trust will provide the couple with the greatest degree of flexibility. But, for couples with children from a prior marriage, a disclaimer trust will not guarantee that the children will receive an inheritance (as would be the case where the CST is funded automatically with the deceased spouse’s FET exemption). Even with a first marriage, the surviving spouse could remarry and leave the estate to the new spouse with a disclaimer trust. Finally, care must be taken immediately after the first spouse’s death (when the spouse may be unable to cope with making financial decisions) to protect the qualified disclaimer. Thus, the flexibility found is disclaimer trusts may not be right for every couple and, therefore, the couple should consult with an experienced estate planning attorney.

THIS ARTICLE MAY NOT BE USED FOR PENALTY PROTECTION.

Julius Giarmarco, J.D., LL.M, chairs the Trusts and Estates Practice Group of Giarmarco, Mullins & Horton, P.C., in Troy, Michigan. For more articles on estate and business succession planning, please visit the author’s website, http://www.disinherit-irs.com, and click on “Advisor Resources”.

Having bad credit is self-perpetuating: the worse your credit score, the harder it can be to get out of debt, start paying your bills on time and turn your financial life around. Regardless of your credit score, one of the most important building blocks of having a normal, healthy financial life is to have your own checking account.

If you have tried one or more times to get approved for a new checking account but have been rejected, you may believe that your credit score has something to do with your situation: it doesn't.

The Anatomy of a Bank Account Rejection

In reality, getting your checking account application rejected has nothing to do with your credit, or FICO, score. Rather, the sole purpose in life of your credit score is to determine whether you are eligible for auto, mortgage, or personal loans and what interest you qualify for.

The Real Culprit: Chex Systems

The real culprit in your acceptance or rejection into a new checking account is something called Chex Systems. This is a risk assessment database that banks use to share information with each other about customers or ex-customers whom they deem to be a banking credit risk. Your name can get reported to Chex Systems for any number of reasons, including:

a. You still owe a previous bank with which you did business money for their covering one of your past charges that resulted in an overdraft.

b. You committed some sort of bank fraud - or something that could be easily mistaken for bank fraud.

c. You committed or are suspected to have committed check fraud at some point in the past.

d. For some other reason, some bank out there thinks you represent a risk.

Your Backdoor: Second Chance Checking

Fortunately, if your name has been reported to Chex Systems, you do have another option: opening a second chance checking bank account. These checking accounts are identical in every way to a "regular" checking account, except for the fact that they the bank does not refer to Chex Systems during the application process. Bottom line: even if your name is on Chex Systems, it will not matter at all in terms of whether you will be approved for a new account.

If you want to find bad credit checking accounts with guaranteed approval, read on.

Finding Bad Credit Checking Accounts

To get a bad credit checking account, you need to:

1. Get out a piece of paper and create a list of at least 5-10 second chance checking banks.

2. Review their websites to determine which one looks like a fit for you.

3. Apply, but don't worry about being declined - even if you have a poor FICO score and/or if your name appears on Chex Systems.

Bad credit checking is actually within reach for most people. Now that you know that your past rejections by banks has nothing at all to do with your credit score, you have a better understanding of how to get an account. Find a second chance checking bank and you are guaranteed approval.

Get immediate access to a complete list of second chance checking banks in your area at: http://www.Checking-for-Everybody.info.