A person can create a time-phased budget by charting a certain period of time and then allocating resources to that specific period, states 4castplus. This type of budgeting allows individuals and organizations to better understand resource expenditures during particular periods, or phases.Know More
The basic format for a time-phased budget is to list time periods in the first row and specific resources in the first column, notes 4castplus. Typically, resources are items expended as part of the project or goal. For instance, a person may use time-phase budgeting to allocate hours spent throughout the day. Moreover, businesses may use time-phased budgeting to track costs over particular time periods.
Managers use time-phased budgeting to assess performance, according to Project Insight. Under this approach, time intervals are labeled in the first row, whereas the specific employee is labeled in the first column. The resources utilized by the employee are then entered in the intersecting row and column. A manager can track employee progress with this type of chart. However, it is important to consider the concept of a cost baseline when using a time-phased budget. This baseline represents the total cost allocated over a specific time period and should not be altered unless the scope of the specific project changes, notes Project Insight.Learn more in Financial Planning
One of the easiest ways to avoid probate is to create a revocable living trust, which allows the decedent's living family members to transfer property quickly and efficiently. A married couple is able to use a single trust for separate property and co-owned property.Full Answer >
Anyone can create a holographic will by writing down his wishes for who inherits his property and signing the paper. A hand-written, unwitnessed will is legal in about half of the United States, while some states also require that a hand-written will also be dated. To be valid, a holographic will must be completely hand-written.Full Answer >
Some of the advantages of a living trust are being able to avoid probate and being able to name alternate beneficiaries to inherit property, says Nolo. Disadvantages of living trusts include the time they take to draw up and the amount of extra maintenance required when compared to a will.Full Answer >
Account holders can withdraw money from Simple IRAs at any time, but if they are under 59 1/2 years old, the distribution is subject to a penalty tax of 10 percent or more, reports the IRS. Account holders who turn 70 1/2 must initiate required minimum distributions or face penalties.Full Answer >