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November 19, 2004     Cape Gazette
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40 - CAPE GAZETTE, Friday, Nov. 19 - Nov. 22, 2004 Upfront bank fee may not be a good option Dear Edith: In a recent col- umn, a reader questioned a propo- sition put forward by the holder of their mortgage. Let me see if I have this correct. If they pay an up-front fee of $295 and then $60 a year, the bank will, in its gen- erosity, make an extra payment each year to the reader's mort- gage payment. Taken presumably from the reader's own bank ac- count. Huh? Whooee. What a deal for the bank. They not only get an extra payment on the mort- gage but a fee of $295 and an ex- tra $60 a year. Better the reader save that mon- ey and apply it toward an extra payment themselves. What a deal. - N.W.L. Dear N. W.L: What concerned me was that like m:ny people, that reader saw biweekly and translated it as twice a month. You're right in pointing out that a half payment every two weeks will equal one extra payment a year. In fairness, for borrowers who don't have the will power to make extra principal payments on their own, the plan does offer a form of enforced savings and a shorter mortgage payoff. It may also be convenient for some folks' salary schedules. Edith Lank Forced to sell Dear Edith: I owned property HOUSE CALLS with my brother. When he passed away, his wife basically forced me to sell the land. The land had been deeded to my brother and me from our parents. We owned it for approximately 15 years, and we split the taxes, which were ex- pensive. Is there a way to figure the cost basis or the value at the time the land was deeded over at the cost of $1, and what is the best way to save on income tax? Would it benefit me to talk with a tax attor- ney or someone to advise me on how to handle this? - Via email Answer: Value at the time you received the gift doesn't really matter. You also received your folks' cost basis, which, if it's any consolation, has got to be more Business loan seminar session set for Dec. 6 The First State Community Loan Fund will hold several small busi- ness loan information sessions titled Show Me the Money! The ses- sions will cover resources for Delaware's small businesses and a review of the application process. In Sussex County, a session will be from 6:30 to 7:30 p.m., Dec. 8, at the Department of Labor, Division of Training, 600 N. DuPont Highway, Suite 207, Georgetown. For more information, call 800-652-4779, Let's Talk Money airs Nov. 21 on WGMD Tom and Craig of the McGlone/Lusco Financial Advisory Group of Wachovia Securities will discuss the stock market, personal financial topics such as IRA rollovers and retirement planning on Let's Talk Money, set for noon to 1 p.m., Nov.21 on WGMD 92.7 FM. The format of the show allows listeners to call 945-9292 with specific financial questions. This week's topic will be a comparison of different retire- ment accounts To set up a complimentary financial review, call 227- 7342. POOLSIDE Open House Sat. & Sun. 11am - 2pm RETREAT TRANQUIL SPACIOUS 302-227-6101 800-321-2268 PRECONSTRUCITON New 10 unit complex east of Route 1 in Rehoboth. Upgraded amenity package includes: hardwood floors, ceramic tile, garage and screened porch to name a few. Prices starts at $470,000. Won't last long! Call Bill Peiffer Or Tony Mongello. @ Prudential Gallo, REALTORS" 702 Rehoboth Ave., Rehoboth Beach than $1. If there are any improve- ments to the land such as road, buildings or the like, their cost is also added to the basis. You can subtract legal costs of selling from your proceeds also. If you've been renting out the property and receiving income, the matter gets complicated. Oth- erwise, that's about it. If a great deal of money is involved, you may want to consult a tax attor- ney. It sounds, though, as if you have a simple capital gain. Any tax pro- fessional should be able to help you with the return for this year. And at the moment, capital gains taxes are pleasantly low. Still more trees Dear Edith: What happens when the trunk of the neighbor's tree eventually grows into my property? I want it down, and he wants it up. The trunk is currently 85 percent his and 15 percent mine. The branches, though, are most- ly over my property because of more sunlight and space and due to aggressive pruning on his part. If I cut everything over my line, the tree may die. He wants the tree to look nice and would object to radical pruning on my side. I am/earing down an old house and building a new larger house. The overhanging limbs can't be per- mitted to grow into the new roof. This is a big tree, and I couldn't put my arms around the base. The guy is a good neighbor, but some- what inflexible on this subject. 9 The SEA Options? - V.C. Dear EC.: For more than a month now, I've received more questions about neighbors' trees than I have about capital gains taxes. It's like the overwhelming re- sponse after I once made the mis- take of mentioning that some peo- ple bury a" statue of St. Joseph to help in a house sale. At any rate, I'd suggest contact- ing a qualified professional ar- borist. There may be a way to prune enough to protect your new con- struction without killing that tree. You have the every right to do that, but it may be diplomatic to bring your neighbor into the dis- cussion. I wish you good luck. About toxic mold Dear Ms. Lank: My daughter was in the process of buying a beach condo when she discovered toxic mold and backed out of the purchase. What is toxic mold, and how does it differ from .ordi- nary mold? - R.W. Dear R.W.: Despite all the re- cent alarms about the dangers of mold in buildings, the fact re- mains that many kinds of mold are harmless to human beings. Other forms, those that can cause illness, are labelled "toxic." Editor's note: Edith Lank is a past director of the National As- sociation of Rel Estate Editors and the Real Estate Educators As- sociation. She will personally re- spond to any questions sent to her at 240 Hemingway Dr., Rochester, N.Y. 14620. Include a stamped return envelope. She alsoaccepts email at ehlank@aol.com. LYNN O'DONNELL,,. / 302 856 7394 302 856 7328 Practice primarily limited to: Real Estate Settlements Estate Planning and Administration Elder Law: Guardianships, Powers of Attorney, Medicaid Planning, MillerTrusts Member  National Academ o_t Elder Law Attorneys BOVA Associates Direct: (302) 226-0338 Toll Free: (877) SEA-BOVA LINDA BOVA  BRIDGET BAUER REALTOFI, ABF REALTOP 43 Cout HkJlmP/, Su 0he Rekobolh Beach,  () -.0. (m) CREEKWOOD - Townhouse. Located in quiet wooded section. 1st-floor, 2BR/2BA w/1 car garage. Just right as a vacation or year-round property. Investment potential w/rental history of $12,0OO/yr. Screened porch & patio. $284,900 (MLS#518474) BEACHAVEN - 1st. floor end unit. This 2BR/BA home is being offered tastefully furnished & includes chic track.lighting. Also has under-cab lighting in the kitchen. Screened porch overlooks poo1.$210,000 (MLS # 515857) CREEKWOOD - Townhouse. Roomy 3BR/2BA home w/l-car garage. Tucked back in a pretty wooded area w/glimpses of the pond. Relaxing screened porch & open bal- cony, Lotsof 1st floor storage space w/main living area on 2nd floor. $299,900 (MLS#518475) CREEKWOOD - Atlantic Model, 1st-floor, end-unit condo (handicap accessible). This 2BR/2BA home features custom wall colors, 9' ceilings w/crown molding, screened porch & more. Only 5 lights N of Reh Ave. $212,000 (MLS#515320) BEACHWOODS II - Cedarwood Ln. Charming 3BR/2BA Salt Box features a wonderful 4-season porch, oversized 1-car garage & outdoor shower. Idyllic cedar-sid- ing & wainscoating throughout & cute gal- ley kitchen. 1/2 Acre. Fully furnished. Office Independently Owned & Operated by Bay Coast Development, Inc. www.bay-coastcom home is fully furnished. Includes storage shed for your beach things. Community pool =on $209,000 (MLS#516824) Virtual Tours @ www.realtor.com/Sussex/LindaBova TI""W ..... 11TlllTlmFllllgmmlllUglnnlllillT-''"r--7 - 1 FI Tiili/m! ]FTT" 71 l-lll ilTNl|Blllllnllm$iillllll]lnlmmi]ii7 11 ........ 1 1 1 'i m;IINTII [l .... 40 - CAPE GAZETTE, Friday, Nov. 19 - Nov. 22, 2004 Upfront bank fee may not be a good option Dear Edith: In a recent col- umn, a reader questioned a propo- sition put forward by the holder of their mortgage. Let me see if I have this correct. If they pay an up-front fee of $295 and then $60 a year, the bank will, in its gen- erosity, make an extra payment each year to the reader's mort- gage payment. Taken presumably from the reader's own bank ac- count. Huh? Whooee. What a deal for the bank. They not only get an extra payment on the mort- gage but a fee of $295 and an ex- tra $60 a year. Better the reader save that mon- ey and apply it toward an extra payment themselves. What a deal. - N.W.L. Dear N. W.L: What concerned me was that like m:ny people, that reader saw biweekly and translated it as twice a month. You're right in pointing out that a half payment every two weeks will equal one extra payment a year. In fairness, for borrowers who don't have the will power to make extra principal payments on their own, the plan does offer a form of enforced savings and a shorter mortgage payoff. It may also be convenient for some folks' salary schedules. Edith Lank Forced to sell Dear Edith: I owned property HOUSE CALLS with my brother. When he passed away, his wife basically forced me to sell the land. The land had been deeded to my brother and me from our parents. We owned it for approximately 15 years, and we split the taxes, which were ex- pensive. Is there a way to figure the cost basis or the value at the time the land was deeded over at the cost of $1, and what is the best way to save on income tax? Would it benefit me to talk with a tax attor- ney or someone to advise me on how to handle this? - Via email Answer: Value at the time you received the gift doesn't really matter. You also received your folks' cost basis, which, if it's any consolation, has got to be more Business loan seminar session set for Dec. 6 The First State Community Loan Fund will hold several small busi- ness loan information sessions titled Show Me the Money! The ses- sions will cover resources for Delaware's small businesses and a review of the application process. In Sussex County, a session will be from 6:30 to 7:30 p.m., Dec. 8, at the Department of Labor, Division of Training, 600 N. DuPont Highway, Suite 207, Georgetown. For more information, call 800-652-4779, Let's Talk Money airs Nov. 21 on WGMD Tom and Craig of the McGlone/Lusco Financial Advisory Group of Wachovia Securities will discuss the stock market, personal financial topics such as IRA rollovers and retirement planning on Let's Talk Money, set for noon to 1 p.m., Nov.21 on WGMD 92.7 FM. The format of the show allows listeners to call 945-9292 with specific financial questions. This week's topic will be a comparison of different retire- ment accounts To set up a complimentary financial review, call 227- 7342. POOLSIDE Open House Sat. & Sun. 11am - 2pm RETREAT TRANQUIL SPACIOUS 302-227-6101 800-321-2268 PRECONSTRUCITON New 10 unit complex east of Route 1 in Rehoboth. Upgraded amenity package includes: hardwood floors, ceramic tile, garage and screened porch to name a few. Prices starts at $470,000. Won't last long! Call Bill Peiffer Or Tony Mongello. @ Prudential Gallo, REALTORS" 702 Rehoboth Ave., Rehoboth Beach than $1. If there are any improve- ments to the land such as road, buildings or the like, their cost is also added to the basis. You can subtract legal costs of selling from your proceeds also. If you've been renting out the property and receiving income, the matter gets complicated. Oth- erwise, that's about it. If a great deal of money is involved, you may want to consult a tax attor- ney. It sounds, though, as if you have a simple capital gain. Any tax pro- fessional should be able to help you with the return for this year. And at the moment, capital gains taxes are pleasantly low. Still more trees Dear Edith: What happens when the trunk of the neighbor's tree eventually grows into my property? I want it down, and he wants it up. The trunk is currently 85 percent his and 15 percent mine. The branches, though, are most- ly over my property because of more sunlight and space and due to aggressive pruning on his part. If I cut everything over my line, the tree may die. He wants the tree to look nice and would object to radical pruning on my side. I am/earing down an old house and building a new larger house. The overhanging limbs can't be per- mitted to grow into the new roof. This is a big tree, and I couldn't put my arms around the base. The guy is a good neighbor, but some- what inflexible on this subject. 9 The SEA Options? - V.C. Dear EC.: For more than a month now, I've received more questions about neighbors' trees than I have about capital gains taxes. It's like the overwhelming re- sponse after I once made the mis- take of mentioning that some peo- ple bury a" statue of St. Joseph to help in a house sale. At any rate, I'd suggest contact- ing a qualified professional ar- borist. There may be a way to prune enough to protect your new con- struction without killing that tree. You have the every right to do that, but it may be diplomatic to bring your neighbor into the dis- cussion. I wish you good luck. About toxic mold Dear Ms. Lank: My daughter was in the process of buying a beach condo when she discovered toxic mold and backed out of the purchase. What is toxic mold, and how does it differ from .ordi- nary mold? - R.W. Dear R.W.: Despite all the re- cent alarms about the dangers of mold in buildings, the fact re- mains that many kinds of mold are harmless to human beings. Other forms, those that can cause illness, are labelled "toxic." Editor's note: Edith Lank is a past director of the National As- sociation of Rel Estate Editors and the Real Estate Educators As- sociation. She will personally re- spond to any questions sent to her at 240 Hemingway Dr., Rochester, N.Y. 14620. Include a stamped return envelope. She alsoaccepts email at ehlank@aol.com. LYNN O'DONNELL,,. / 302 856 7394 302 856 7328 Practice primarily limited to: Real Estate Settlements Estate Planning and Administration Elder Law: Guardianships, Powers of Attorney, Medicaid Planning, MillerTrusts Member  National Academ o_t Elder Law Attorneys BOVA Associates Direct: (302) 226-0338 Toll Free: (877) SEA-BOVA LINDA BOVA  BRIDGET BAUER REALTOFI, ABF REALTOP 43 Cout HkJlmP/, Su 0he Rekobolh Beach,  () -.0. (m) CREEKWOOD - Townhouse. Located in quiet wooded section. 1st-floor, 2BR/2BA w/1 car garage. Just right as a vacation or year-round property. Investment potential w/rental history of $12,0OO/yr. Screened porch & patio. $284,900 (MLS#518474) BEACHAVEN - 1st. floor end unit. This 2BR/BA home is being offered tastefully furnished & includes chic track.lighting. Also has under-cab lighting in the kitchen. Screened porch overlooks poo1.$210,000 (MLS # 515857) CREEKWOOD - Townhouse. Roomy 3BR/2BA home w/l-car garage. Tucked back in a pretty wooded area w/glimpses of the pond. Relaxing screened porch & open bal- cony, Lotsof 1st floor storage space w/main living area on 2nd floor. $299,900 (MLS#518475) CREEKWOOD - Atlantic Model, 1st-floor, end-unit condo (handicap accessible). This 2BR/2BA home features custom wall colors, 9' ceilings w/crown molding, screened porch & more. Only 5 lights N of Reh Ave. $212,000 (MLS#515320) BEACHWOODS II - Cedarwood Ln. Charming 3BR/2BA Salt Box features a wonderful 4-season porch, oversized 1-car garage & outdoor shower. Idyllic cedar-sid- ing & wainscoating throughout & cute gal- ley kitchen. 1/2 Acre. Fully furnished. Office Independently Owned & Operated by Bay Coast Development, Inc. www.bay-coastcom home is fully furnished. Includes storage shed for your beach things. Community pool =on $209,000 (MLS#516824) Virtual Tours @ www.realtor.com/Sussex/LindaBova TI""W ..... 11TlllTlmFllllgmmlllUglnnlllillT-''"r--7 - 1 FI Tiili/m! ]FTT" 71 l-lll ilTNl|Blllllnllm$iillllll]lnlmmi]ii7 11 ........ 1 1 1 'i m;IINTII [l ....