Creating Legacies: January 2012
Happy New Year
Subscribe to Creating Legacies Newsletter 
Easier student loan repayment plans to begin
Beginning January 1, 2012, a program, titled "We Can't Wait," will give students more time to wait on paying back their student loans.
The program modifies the federal government's "income-based repayment" plan, which allows qualifying students to pay back loans using a monthly percentage of discretionary income.
Currently, eligible students can cap their loan payments at 15 percent of their discretionary income. The new plan lowers that to 10 percent.
The plan will also forgive the balance of eligible student's debt after 20 years of payments, as opposed to 25 years, which is what current law allows.
You can't ignore a federal student loan debt, because your wages could be garnished, your tax refunds withheld, and your credit score will plunge. Other solutions to the problem that could be considered:
Reducing payments. The standard term is 10 years, but federal student loans can be extended to 25 years. To qualify, you must owe at least $30,000 to a Direct Loan program or a Federal Family Education Loan Program lender. Of course, over this longer period, you will pay far more interest.
Graduated repayment. You pay interest only for up to four years. After that, your payments will gradually increase so you pay the loan off in 10 years. Interest will be much less than if you extend the loan to 25 years. In spite of these benefits, the program is underused, according to the Institute for College Access and Success.
Postponing payments. For graduates who are out of work or have a lower-than-expected salary, default is avoidable. Federal student loan borrowers who are experiencing hardship can have their loan payments deferred for up to three years.
Return to Top 
Staying Well
Adults: Is it a cold hanging on, or is it a touch of asthma?
Your doctor could have an unexpected diagnosis for that pesky cough or bronchitis that won't go away.
The Centers for Disease Control and Prevention say one in 12 adults are now diagnosed with asthma. Symptoms can develop at any age.
Diagnosis is important, because you can then get the right treatment. Inhaled corticosteroids are the most common anti-inflammatory medications. Sometimes a quick-relief inhaler is prescribed for asthma attacks.
Avoid triggers, which commonly include allergens such as pet dander, dust mites and mold (wash your sheets in hot water every week). Tobacco smoke can be a trigger as well.
Your doctor will develop an action plan designed to help you know whether your treatment is working or has to be changed.
Get out of the easy chair
Experts have long known that physical activity decreases the risk of heart disease, diabetes and obesity. New research by the American Institute for Cancer Research indicates that long periods of sitting may be responsible for 90,000 new cancer cases each year in the United States.
Their study indicates that about 49,000 cases of breast cancer and 43,000 cases of colon cancer could have been avoided if people got up and walked around occasionally.
Ideally, brisk 30-minute walks would lower these risks over time. But even among individuals who were regularly active, the risk of dying prematurely was higher among those who spent a great deal of time sitting.
People should avoid prolonged sitting without moving. They need to get out of the easy chair and take breaks.
A cellphone in the car
Using a cellphone inside a metal vehicle increases its radiation due to reflection. And your cellphone signal has to be stronger in order to exit the vehicle, according to electromagnetic field expert Magda Havas.
Return to Top
Protecting Against Children's Identity Theft
One of the first and easiest things you should do to prevent your child's identity from being stolen: caution him or her about giving personal information, especially their Social Security number, to anyone over the Internet.
The most likely person to steal your child's identity is a family member or frequent visitor to your home. Be sure your child's Social Security card is stored in a secure place. Shred any papers that have your child's Social Security number on them.
One part of the problem: credit bureaus don't check social security numbers with the Social Security Administration in order to verify a person's name and age.
That means thieves can use the number with their own name, or a fake name, to open credit accounts, get student loans, home, boat and car loans, receive government benefits, unemployment compensation, tax refunds or access to medical care and employment, all using your child's number.
The crime will not be known until your child grows up and is denied credit because of debts on his credit report.
To obtain your child's credit report, you have to contact a credit bureau through the mail by sending them your child's complete name, address, date of birth, a copy of the child's birth certificate, a copy of the child's social security card, and a copy of your own driver's license or other government-issued proof of identity.
Also, the proof must include your residential address along with a current utility bill that also includes your home address.
Mail these items to one or more of these credit bureaus:
Equifax, P.O. Box 740256, Atlanta, GA 30374.
Experian, P.O. Box 9532, Allen TX 75013.
TransUnion, P.O. Box 6790, Fullerton, CA 92834.
Be suspicious of credit offers sent to your children. Notify credit bureaus, then check your child's credit report.
You need the report to prove your child is a victim. Learn more by contacting the Federal Trade Commission at www.ftc.gov or (877) IDTHEFT.
Return to Top
Announcements
One of the first and easiest things you should do to prevent your child's identity from being stolen: caution him or her about giving personal information, especially their Social Security number, to anyone over the Internet.
Planning for a Lifetime of Guidance and Protection
These are adult-only events where we will discuss estate planning, living trusts and all your questions about protecting and providing for your children. Wine and light fare will be provided.
Tuesday, February 28
6:00 - 7:30 pm
Sorrento Valley Boardroom
(across the street from our office)
5752 Oberlin Drive
San Diego, CA 92121
Register Now
Kids Protection Planning & Trust Workshop
Bring the whole family! Your children can play while you learn how to protect your children and your assets. Breakfast will be provided.
Saturday, March 3
9:30 - 11:00 am
Pump It Up Sorrento Valley
9370 Waples Street, Suite 102
San Diego, CA 92121
Register Now
Haymes Law Group, PC
5755 Oberlin Drive, Suite 301
San Diego, CA 92121
Phone (858) 461-6844
Return to Top
Subscribe to Creating Legacies
In addition to our regular blog entries, we publish a monthy eNewsletter with helpful articles about Trusts, Estates, Families, Business and Conflict Resolution. To receive this monthly newsletter by email, please send us your name and email address using the form below.
Return to Top
|
