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Question: What is the best way to set up payment accounts for loved ones?

I have a few brothers that I want to set up a bank account for, so that they can draw from it as needed.
I have a few needs:
1. Cover potential liability reasons (if one of them were to clear out the account(s) or drastically overdraw the account(s), I need to be protected). Would debit cards be better for this?
2. Need a way to check on account, probably online
3. Ideally, a way to auto-refill the account every month
4. Ideally, a personal inscription, eg “The Family” under the brother’s name on the card.
I think I have a few options:
1. Set up an LLC and set up a small biz account that way. But I’m afraid of the costs, and I have no idea what the tax implications are. Literally, all I’ll be doing is to fund the account for these guys, who will withdraw from it.
2. Just set them up as additional users on my credit card, but a) if they overdraw, I have to pay fees, b) there’s a delay for charges.

Are there banks (online?) who offer free additional users on debit cards?

Answer: Why?

The easiest thing (with the least liability for you) is to just send them a check each month or deposit it directly into their account.

Or, you can give them a pre-paid credit card each month.

But seriously, you aren’t doing them any favors. From what you’ve written it sounds like they’re irresponsible. The best thing you could do would be to teach them to be responsible, not fund their problems. Do you plan on supporting them until they die?

As far as your options:

1: this is not a business so an LLC doesn’t make sense.
2: only do this if you’re willing to have them run up thousands in debt and you have the means to pay if off.

I really can’t stress enough what a bad idea I think this is. Eventually they need to act like adults. Better to help them now than wait until things come to a head.

Good luck!

MoneyGram International Reports Fourth Quarter, Full-Year 2009 Financial Results

MINNEAPOLIS—-MoneyGram International, Inc. , a leading global payment services company, today reported financial results for the fourth quarter and full year 2009. Money transfer transaction volume increased 7 percent, and money transfer fee and other revenue increased 6 percent in the fourth quarter of 2009 versus prior year.

2010 Homebuyer Tax Credit

For people belonging to the middle class, managing a tax debt problem has always been a challenge. The circumstances become even worse when the debtors are unable to pay off their IRS taxes. In addition, it gets worse when the IRS starts adding up penalties upon the outstanding tax amount. In such circumstances, one ought to think about tax debt settlement alternatives to lead a stress free life, in addition to repaying the IRS tax debt. There are some alternatives available for you to settle your IRS debt, which can be easily availed through the help of a good tax professional. The options are discussed below:

Offer in compromis

Offer in compromise (OIC) is generally a contract between a taxpayer and the Internal Revenue Service to resolve the taxpayer’s tax liabilities, and to pay less than the total IRS amount due.

Tax penalty standards

At times one fails to pay off the taxes on time, and IRS starts imposing penalties as well as fines to your net taxable amount. Generally, these fines and penalties are not calculated without taking in to consideration the individual’s state of affairs, nor think about the reasons the debtor couldn’t pay off the taxes in time. Any IRS debtor can avail IRS tax relief if he or she has a valid reason to avoid the penalties.

IRS payment plans

It’s the best possible alternative for people who are looking to avail IRS tax debt relief without affecting the credit history or ratings. It provides a chance to reimburse the IRS debts in the form of flexible repayments over a period. However, one needs to keep in mind that in most of the cases, the debtor might be paying all the penalties and interest while redeeming the IRS dues.

203k Rehab Loan – New York FHA Loan to Renovate and Improve Property Owners’ House, Condo, or a Mixed Use Property

Great Northern Mortgage Corp., a correspondent lender approved by the Federal Housing Administration, offers assistance to apply for a New York FHA loan that allows to receive one low interest mortgage to finance improvements in your house, condo, or a mixed use property. (PRWeb May 12, 2010) Read the full story at http://www.prweb.com/releases/203k_Rehab_Loan/Great_Northern …

What we know and don’t know about using the $8,000 tax credit for down payment assistance

Question: buying a home but have a little debt?

My husband and I are planning to buy a home in 3-6 months, we currently have about $32,000 in debt (credit card and cars).By the time we buy a home one of the cars will be paid off and everything from our tax return will go toward our credit card debt.We have always paid our minimum due on time every month (no late payments ever)My husbands credit score was 720 but went down after we got the second car to 690 and my credit score is 717.And we’d like to know how that will effect us in getting a home loan. We are military and my husbands income is about 3200 a month and my income is about 900 a month.We’d like to get a 100% loan for a home in the 90-120,000 dollar range,but don’t know if our current debt will effect us getting a loan in that amount. I do have 13,000 dollars that I could put down for a down payment if I had to, but I’d really like to save that money for the future,emergencies,ect.What are our chances of getting a loan in that amount with our current debt?

Answer: From my experience, you should be able to get a loan just fine. I would consider building up a little money to put something down. You’ll probably get a better interest rate if you can.

PRINCETON: Consolidation looming?

Furthering efforts toward consolidation of Princeton Township and Princeton Borough and navigating the perilous fiscal environment in New Jersey will continue to be top priorities in the upcoming year, according to Princeton Township Mayor Bernie Miller.

Emergency Surgery Leaves Family in Crisis

You should always be ethical in your judgment recovery activities and selective in your judgment recovery cases. It is advisable to find the judgment recovery debtor and you will see that he will never recommend a re-try of the judgment recovery case. In this, you need work intelligently and effectively. It is better to locate the judgment debtors’ assets and whereabouts. If you have persistence in judgment recovery actions then you won’t get a successful judgment recovery. Bankruptcy shouldn’t be the sole reason to totally give up on judgment recovery. Sometimes due to the nature of the judgment, judgment recovery is still possible. The debtor has already had his day in court and there is no reason to hold back from judgment recovery. Do not spare any expense in judgment recovery. It is always that in any judgment recovery the best prepared succeeds.

International Judgment recovery rarely generates easy solutions, but there are often several good judgment recovery options. International law often allows many scenarios for judgment recovery. Though the laws vary with the particular countries involved and can often hinge on international treaties, the following questions must almost always be asked:

FAQs for Judgment Recovery:

1. Under what authority is the judgment recovery to take place in?

2. Is your home country court allowed to assert judgment recovery in the foreign country?

3. What is the procedure to serve the judgment recovery complaint in that country?

4. Will you be able to do with a judgment recovery from your home country?

5. Is it possible to collect the judgment recovery from the foreign company in your home country?

6. Is it possible to take that judgment recovery to the foreign country and use it to collect on it there?

7. What is the procedure to apply for judgment recovery and its process?

8. How long will it take for the judgment recovery to move quicker in your own country?

9. What is the cost of judgment recovery in the foreign jurisdiction?

10. Are there assets to seize in international judgment recovery?

11. Is it possible for the assets to be seized in international judgment recovery?

President signs Carper’s anti-waste bill into law

Sen. Tom Carper (D-DE) stood with President Barack Obama as he signed The Improper Payments Elimination and Recovery Act (S.1508) into law.

President Obama on Health Care Reform at the AMA

Question: new tax credit for down payment?

me and my husband are saving for a house, we know we have to have %3.5 of our own money for a down payment, is that 7500 tax credit additional, or could that be less we have to save?. would it be say our 5000 plus that 7500 or we save 3000 and use 7500 and have a 10500 down payment? please no guesses, only people who actually know
i read that website already, u can put that u bought the house 12/31 and get it before u buy, i know u have to pay it back. 0% 15 years, works out to be 502 a year i believe
and you don’t have to start paying it back till 2010
ok i kind of get how it works now, so which a tax credit would my federal income tax return be larger?

Answer: What? You are confused.

The 7500 is a tax credit, you will get it when you file taxes in 2010.

There will be no check arriving, you do not receive the money as cash.

Credit crunch: Home-equity lending evaporates

Credit crunch: Home-equity lending evaporates By ADRIAN SAINZ During the housing boom, millions of people borrowed against the value of their homes to remodel kitchens, finish basements, pay off credit cards, buy TVs or cars, and finance educations. Banks encouraged the borrowing, touting in ads how easy it is to unlock the cash in their homes to “live richly” and “seize your someday.

Free Listing Online & Tax Credit Down Payment Money