Another Green Article- Solar

Another Green Article- Solar

This is a great article about a huge solar project in Sacramento. Enjoy.

The roof of a North Sacramento plastics factory will host the biggest West Coast installation of a new type of solar panel.
The technology, built by Fremont's Solyndra Inc., uses racks of solar cells roughly the size and shape of long fluorescent light tubes. The shape allows the panels to harvest sunlight from any angle, including what's reflected from the white rooftops common on large commercial buildings.
The technology promises to cut the cost of solar power.
In March, Solyndra gained a $535 million loan guarantee from the U.S. Department of Energy to greatly increase its Fremont-based manufacturing operations. According to news reports, the company has contracts for orders worth more than $2 billion.
The 208-kilowatt system atop Sacramento's Plastic Package Inc. will supply about one-third of the factory's annual electricity needs, according to company Chairman Jim Kaye.
Plastic Package has been in Sacramento since 1984 and makes mostly food containers and trays. About a quarter of the raw material used in the plant is post-consumer recycled plastic, Kaye said.
The $1.3 million system was supported by a 30 percent subsidy from a federal renewable-energy program.
In addition, for five years SMUD will pay 30 cents for every kilowatt-hour of energy the project produces. That subsidy rate is set to decrease for future solar projects.
The SMUD subsidy is drawn from a fund created under a 2006 state law that promotes solar power. SMUD customers now pay 2 cents into the fund for every 100 kilowatt-hours billed.
Starting Jan. 1, ratepayers' contribution will rise to 9 cents per 100 kilowatt-hours, according to Jim Barnett, who oversees some of SMUD's solar programs.
Plastic Package's Kaye said he expects his solar system to pay for itself in five to six years. After that, power generated by the panels is virtually free.
A ribbon-cutting for the installation with Rep. Doris Matsui, D-Sacramento, is scheduled for today.
Articles above have been provided by the listed author immediately following the article. For additional resources and information to the authors, please visit the following sites.Resource Links:
http://www.gmacrealestate.com
Bill Fields All Star Coaching Program: http://www.AllStarCoaching.netGreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.comGreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.comT. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.comBrodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.comGreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.comGreatWest Videos: http://www.youtube.com/brodiestephensFacebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephensFacebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsaleMySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephensMySpace GreatWest Blog: http://www.myspace.com/greatwestPicasa Web Album: http://picasaweb.google.com/brodiestephensGreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.comGlobal Employee Relocation: http://www.employeerelocation.blogspot.comApply for a Loan: http://www.choice1funding.com
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Company WordPress Site http://www.thehomeholders.com
Real Living http://www.realliving.com

GMAC Real Estate Merges with Real Living

GMAC Real Estate Merges with Real Living

Date: November 11, 2009
To: GMAC Real Estate Sales Associates
From: Graham Badun, Managing Partner & CEO, Brookfield Residential Property Services
Re: GMAC Real Estate to be Re-branded ‘Real Living’
I am very pleased to let you know that Brookfield Residential Property Services has acquired Real Living Network Services, and as a result will now rebrand GMAC Real Estate as Real Living.
Real Living is a national, award winning company known for its innovation, customer service and track record of attracting results-driven brokers and sales professionals, along with a culture of partnership and collaboration. It brings a suite of innovative marketing tools, relevant training and a technology platform that when brought together with key GMAC Real Estate services like Premier Service, will position us for success for many years to come.
I am also excited to let you know that as a result of this acquisition, we are welcoming an additional 2,000 Real Living brokers and sales associates into our North American real estate network of almost 30,000 real estate professionals. By merging GMAC Real Estate and Real Living, under the Real Living brand, we are creating a very solid real estate brand that will become the foundation for future growth opportunities across the U.S. and into new markets internationally.
The Real Living acquisition is the culmination of several months work and satisfies all that we were looking for through the rebranding process. We considered many options including developing a brand from scratch and the Brand and Transition Councils were instrumental in guiding our thinking and reflecting the broad interests of our entire company. As well, our research pointed us toward creating a company that has great services to help you be more successful and a differentiated culture and brand promise that positions us to stand out from, and above, the competition. With this acquisition, we can take the best from what we have in our existing business, such as Premier Service, and combine it with the best that Real Living has to offer; allowing us to take advantage of the opportunity identified in our research and deliver a brand that meets your needs.
I am also pleased to announce the appointment of Real Living’s Harley Rouda, Jr., a long-time real estate industry broker, owner, operator and franchisor, as President of the newly combined operations. We believe that under Harley’s leadership, and with our solid, combined management team, the guidance of our Advisory Board which is chaired by Dick Schlott, and strong, successful brokers and sales professionals on the frontlines delivering exceptional customer service, we have a winning team with a proven track record for success.
We realize that you may have a number of questions about the new brand and transition, and we want to make it easy for you to get the answers you need. Accordingly, we are making available in the News > Transition News section of gmacmembers.com, a number of informational pieces including the Press Release, Sales Associate Q&A, Talking Points, Real Living Fact Sheet and a biography on Harley Rouda. Also included will be materials, such as a new video, and client and vendor letter templates, that will help you to communicate this great news to your clients, prospects and vendors. If this information does not provide answers to all of your questions, please speak to your broker or manager, or alternatively, contact the Real Living Help Desk at 866-208-6050. And, as always, we will continue to communicate with you on a regular basis.
Kindly direct all media enquiries to Hugh Siler, Siler & Company PR at 949-646-6966 or hugh@silerpr.com.
On a final note, it has been my pleasure to serve you as Interim President of GMAC Real Estate over the last few months, and to get to know many of you personally. I will return to my role as CEO of Brookfield Residential Property Services (the parent company to our real estate and relocation operations) and will remain closely involved throughout the transition and integration of Real Living. Thank you all for your commitment to GMAC Real Estate and your untiring service to our industry and clients. I hope you join in my excitement about our future, as we begin this great, new chapter for our company.
Graham Badun,
Managing Partner & CEO
Brookfield Residential Property Services
Articles above have been provided by the listed author immediately following the article. For additional resources and information to the authors, please visit the following sites.Resource Links:
http://www.gmacrealestate.com
Bill Fields All Star Coaching Program: http://www.AllStarCoaching.netGreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.comGreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.comT. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.comBrodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.comGreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.comGreatWest Videos: http://www.youtube.com/brodiestephensFacebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephensFacebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsaleMySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephensMySpace GreatWest Blog: http://www.myspace.com/greatwestPicasa Web Album: http://picasaweb.google.com/brodiestephensGreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.comGlobal Employee Relocation: http://www.employeerelocation.blogspot.comApply for a Loan: http://www.choice1funding.com
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ActiveRain Blog Company http://activerain.com/blogs/greatwestgmac
Sacbee http://www.sacbee.com
Company WordPress Site http://www.thehomeholders.com
Real Living http://www.realliving.com

First Time Home Buyer Tax Credit

First Time Home Buyer Tax Credit

News Flash
Homeowners win big with extension and expansion of federal tax credit
The U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week.
The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.
For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.
Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important" factor in their decision to buy a home.
To read stories about the extension and expansion of this valuable home-buying incentive, please visit the following:
Aid for jobless, homebuyers clears CongressTo read the full story, please click here.
Congress Extends Jobless Benefits, Home-Buyer CreditTo read the full story, please click here.
Congress passes bill extending unemployment insurance, home buyer tax creditTo read the full story, please click here.
Articles above have been provided by the listed author immediately following the article. For additional resources and information to the authors, please visit the following sites.Resource Links:Bill Fields All Star Coaching Program: http://www.AllStarCoaching.netGreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.comGreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.comT. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.comBrodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.comGreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.comGreatWest Videos: http://www.youtube.com/brodiestephensFacebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephensFacebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsaleMySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephensMySpace GreatWest Blog: http://www.myspace.com/greatwestPicasa Web Album: http://picasaweb.google.com/brodiestephensGreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.comGlobal Employee Relocation: http://www.employeerelocation.blogspot.comApply for a Loan: http://www.choice1funding.com

New First Time Home Buyer Tax Credit Bill

New First Time Home Buyer Tax Credit Bill

Let’s all hope this bill passes. It will continue to spur the economic and real estate recovery.WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that program scheduled to expire at the end of November, the Senate voted 98-0 Wednesday to extend and expand the tax credit to include buyers who already own homes. The House is expected to vote on the bill Thursday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30. The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.The bill is H.R. 3548.HOW THE HOMEBUYER TAX CREDIT WOULD WORKTax credit: 10% of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.Cost: $10.8 billion.Source: Joint Committee on Taxation.Articles above have been provided by the listed author immediately following the article. For additional resources and information to the authors, please visit the following sites.Resource Links:Bill Fields All Star Coaching Program: http://www.AllStarCoaching.netGreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.comGreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.comT. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.comBrodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.comGreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.comGreatWest Videos: http://www.youtube.com/brodiestephensFacebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephensFacebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsaleMySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephensMySpace GreatWest Blog: http://www.myspace.com/greatwestPicasa Web Album: http://picasaweb.google.com/brodiestephensGreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.comGlobal Employee Relocation: http://www.employeerelocation.blogspot.comApply for a Loan: http://www.choice1funding.com

Recession's over, but it doesn't feel that way in capital area

Recession's over, but it doesn't feel that way in capital area

It looks like the longest U.S. recession since the 1930s is over.
So why doesn't it feel that way?
After four quarters of shrinking, the nation's economy – as measured by its gross domestic product – grew 3.5 percent in the third quarter, the Commerce Department reported Thursday.
But the news did little to erase the gloom that has settled over Sacramento's economic landscape like a thick tule fog.
Local businesses are keeping the umbrellas within arm's reach. Local consumers, battered by furloughs and job losses in nearly every sector, are struggling to find shelter.
They're making less, spending less and holding on.
"Yeah, I just bought a bigger wallet, because I'm making so much money over here," said Steve Ryan, co-owner of Rudy's Hideaway on Folsom Boulevard in Rancho Cordova, when he heard the news that the economy was officially growing again.
"Over the last couple of months, it hasn't gotten worse, but I feel like it's trying to get out of its own way," he said. "In the whole scheme of things, it hasn't gotten worse, but it has gotten only a little bit better."
Ryan said his restaurant's fate is shared by other local eateries – things aren't as bad as they were, but business is far from booming.
"The GDP is growing, but the signs of the recession are going to be with us a long time," said Suzanne O'Keefe, an economist at California State University, Sacramento.
"It's hard to feel that the recession's really over when you see all these signs that it's tough out there."
The signs seem to be everywhere: the housing collapse and its devastating effect on the Sacramento region's construction sector; state and local budget woes; wary consumers and businesses afraid to spend or hire.
The Sacramento area lost 40,500 jobs in the 12 months ended in September – 4.6 percent of its labor force, the U.S. Bureau of Labor Statistics reported Wednesday.
Across the state, the numbers are even more bleak: 88,000 lost jobs in the San Francisco-Oakland area; 47,800 in the Silicon Valley; a staggering 220,000 jobs in the Los Angeles area.
The Sacramento area now has 80,000 fewer jobs than it did in 2007, and the employment base is smaller than it was in 2003, said Ryan Sharp, director of the Center for Strategic Economic Research in Sacramento.
Some economists around the nation Thursday suggested that the nascent recovery is artificial – goosed by billions of dollars in federal stimulus spending on programs such as Cash for Clunkers and a tax credit for new homebuyers.
It is unclear that the economy is ready to stand on its own, they said. When Cash for Clunkers ended, for instance, car sales tanked.
"Consumers are in no position to go on another spending spree," said Sung Won Sohn, a former bank executive who teaches at California State University's Channel Islands campus in Camarillo.
"The job market is poor," he continued. "Even with the ongoing economic growth, potential employers are unwilling to hire people. They want to make sure that economic recovery will be sustained. The unemployment rate will continue to rise well into 2010."
Without jobs, he added, "Consumers are unlikely to open their wallets."
Still, he said Thursday, the recession is "technically over."
Rick Niello, president of the Sacramento-based Niello Co., which operates 13 car dealerships in Northern California, chuckled when he heard the economy was growing again.
"I haven't felt it yet," he said. "I think we're kind of at the bottom of the market right now," he said.
"I think we're kind of bouncing along the bottom. The good news is that we will come out of it, and I'm very optimistic."
Even though Cash for Clunkers has ended, and the housing tax credit may expire, there are still many millions of stimulus dollars coming Sacramento's way – money that could stimulate demand for hiring in a variety of sectors.
Federally funded job programs are "starting to make a dent," said Teri Carpenter, spokeswoman for the Sacramento Employment and Training Agency.
Some $7.4 million in stimulus funding has gone toward SETA job creation programs, putting nearly 800 people to work, she said.
"A lot of programs we've funded are just starting to percolate, but we've still got a long way to go."
What will it take for Sacramento to recover? Mike Lyon, head of Sacramento-based Lyon Real Estate, says it will just take time.
He said consumers have been bombarded by so much bad economic news that their confidence has been shattered.
"What it really gets back to is California's ability to heal," he said.
Sharp said California's recovery will likely lag months or years behind the rest of the nation.
"There's a decline in consumer and business confidence," Sharp said. "Add the coupling of state and local budget (problems) – the state budget issue is so tied to the economy – and that's also going to make the recession last longer."
No matter the national indicators, retailers in Sacramento's midtown remain worried, said Rob Kerth, executive director of the Midtown Business Association. A number of midtown boutiques have closed in the past two years.
Yet now, Kerth said, there is a feeling that the remaining businesses have survived the worst of the storm.
"The water has quit coming up in the lifeboat, I'd say."

Certified Distressd Property Expert

Certified Distressed Property Expert- Linda Hess

LINDA HESS of GREATWEST GMAC REAL ESTATE, 2235 Douglas Blvd.#520, Roseville, Ca. has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
In the Sacramento, Placer and El Dorado Counties, more homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said REALTOR HESS. “It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as LINDA HESS with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.
Linda can be reached at (916)709-1419 or visit www. ShortSellersHelpers.net
For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.Articles above have been provided by the listed author immediately following the article. For additional resources and information to the authors, please visit the following sites.Resource Links:Bill Fields All Star Coaching Program: http://www.AllStarCoaching.netGreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.comGreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.comT. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.comBrodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.comGreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.comGreatWest Videos: http://www.youtube.com/brodiestephensFacebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephensFacebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsaleMySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephensMySpace GreatWest Blog: http://www.myspace.com/greatwestPicasa Web Album: http://picasaweb.google.com/brodiestephensGreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.comGlobal Employee Relocation: http://www.employeerelocation.blogspot.comApply for a Loan: http://www.choice1funding.com

Do your homework on reverse mortgages

Ask the Experts: Do your homework on reverse mortgages

Our three new "Ask the Experts" writers have been busily answering financial questions this month from online readers.
Here's a sample of their advice on personal finance, wills/estates and investing.
To see more questions or to get advice from our other financial experts on taxes, banking and investment clubs, go to: www.sacbee.com/ask.
Pamela Christensen, Certified financial planner
I expect to retire in about four years and will have a small Sacramento County retirement. We also have about $150,000 in CDs to live on. My parents got a reverse mortgage a couple years ago for the extra cash to live on and to have no mortgage payment. It seems to be working for them and we are considering it as well. Is this type of mortgage safe?
As with most financial planning, these issues are very individual. I like reverse mortgages in some situations, although it's always wise to get lots of counsel on your particular circumstances and the ramifications. For instance, do you have heirs in line to inherit your house? Do they want or need it? How much equity do you have in the home?
Do your homework and learn as much as you can. Start by going to the federal Department of Housing and Urban Development Web site (www.hud.gov) and search for "Reverse Mortgages." There's also information on the state Department of Real Estate Web site (www.dre. ca.gov). Click on "Consumers", then "Home Buyers/Borrowers," then "DRE Publications and Resources." Talk to your estate planning attorney and other financial professionals to get their opinions. Talk with family and friends only if you know they are well educated in reverse mortgages.
Gina Lera Estate planning attorney
My brother passed away, with no assets other than his car, which has a salvaged pink slip. He has credit card debt of about $15,000. Do I have to sell the car to pay off his debt? He'd said he wanted my son to have the car if anything ever happened to him. A couple credit card companies have already cleared him of the debt he owed. He lived with me, has no children and no other assets. What do I need to do?
I am sorry about your loss. Since your brother died without a will, his assets will pass as provided by the laws of the state where he resided at the time of death. Assuming he died in California and was not survived by a wife, children or grandchildren, his estate would pass to his parents (or, if both parents are deceased, to his siblings in equal shares).
Because the estate's value is less than $100,000, the heir(s) can assume the vehicle's title by making an appointment with the DMV, completing a "small estate affidavit" form and providing a copy of the death certificate.
The heir can then assign the car to your son without gift tax consequences, assuming the car's value is less than $13,000. Your brother's statements about wanting your son to have the car after his death have no effect, since California does not recognize oral wills.
Be careful in this process. The credit card company can collect up to one year following your brother's death. You indicated some debts were voluntarily discharged by several card companies, which is common in more modest estates. Be sure to get this confirmed in writing, to ensure you are not taking on additional problems. Even after the car is transferred to your son, the heirs are still liable for any debt up to the value of the car.
Cameron I. Beck, Investment adviser
I've read that people with defined pension plans should consider them as the short-term or fixed part of their asset mix, in terms of an overall retirement portfolio.
For instance, if 60 percent of your retirement income was in a defined pension, the other 40 percent could be placed in more aggressive investments to round out the portfolio.
Because of the recent market meltdown where investments may have shrunk 40 percent or more, is it still wise to think that way? Or should the rest of the portfolio be invested totally separate from the pension? I guess it goes back to how much risk I should be willing to accept.
In this day and age, you are very fortunate to have a defined benefit pension plan. Many employers find them too costly and are switching to employee-directed plans or defined contribution plans. At retirement, most of those fortunate enough to have a traditional defined benefit pension plan can expect to receive a fixed-income stream for their lifetime. It can be considered a fixed-income part of an asset mix. Unlike stocks, which fluctuate in value, pension plan distributions usually remain steady.
Whether your income comes from a pension plan run by your employer or from interest-bearing investments like CDs, it is important to practice diversification, which includes both growth and fixed-interest investments. Diversification, if practiced wisely, can lead to a prosperous retirement regardless of where your income comes from.