World War II Civil Air Patrol Congressional Gold Medal

by Shelton on December 24th, 2014

filed under Personal Funding

At a ceremony held on December 10, 2014 in Emancipation Hall at the US Capitol Visitor Center, a Congressional Gold Medal was collectively awarded to the World War II members of the Civil Air Patrol (CAP). The medal recognizes the organization for their humanitarian, combat, and national services during a critical time for our nation.

The unpaid volunteer civilian members of the Civil Air Patrol had used their own aircraft and personal funding to perform a myriad of essential tasks for the military and the Nation during World War II. From March 1942 to August 1943, the heroic aircrew is credited with escorting more than 5,600 convoys, reporting 173 U-boats and attacking 57, flying 86,685 total missions, logging 244,600 total flight hours, and flying more than 24 million total miles.

Under Public Law 113-108, enacted on May 30, 2014, a single Congressional Gold Medal was authorized to be awarded to the World War II members for the Civil Air Patrol in recognition of their exemplary record during World War II.

The obverse design of the medal features a depiction of two CAP volunteers looking towards the skies. In the background, a tanker is escorted by CAP planes overhead. The inscriptions read Civil Air Patrol and 1941-1945. The obverse was designed by United States Mint Artistic Infusion Program designer Donna Weaver and sculpted by United States Mint Sculptor-Engraver Don Everhart.

The reverse features a partial laurel wreath representing honor and service surrounding CAP insignias. The inscriptions include Honor, Civilian Volunteers Who Flew Armed amp; Humanitarian Missions, and Act of Congress 2014. The reverse was designed by Donna Weaver and sculpted by United States Mint Sculptor-Engraver Michael Gaudioso.

The United States Mint has made available for sale to the public bronze duplicate versions of the medal. A 3-inch medal is priced at $39.95 each and a 1.5 inch medal is priced at $6.95. These medals went on sale December 11, 2014 at 12:00 Noon ET.

Smart Money: Secured credit card only involves poor credit

by Shelton on December 24th, 2014

filed under Secured Credit

Dear Bruce: Does a person have to have bad credit to get a secured credit card? #x2014; Avid Reader

Dear Avid Reader: It is absolutely not a requisite that you have bad credit to get a secured credit card. But if you dont have bad credit, then I dont see any reason to get a secured card. Its generally going to cost you more than the card issued to a person with good credit, and I see no advantage to you.

As long as an individual has good credit, the best deals will be available to him/her. For people with poor credit or no credit, the secured card is a good way to get back on track for a traditional card.

Dear Bruce: I heard from a friend that you have to be in the military to open an account at a credit union. Is this true? #x2014; JC

Dear JC: I think what you have confused is that if you have a credit union established, for example, for members of the Air Force, then you must meet that qualification in order to become a member of that credit union. But a credit union can be established for other affinity groups, say, for people who share a specific occupation, such as accountants. There is absolutely no reason for military preference unless the credit union has been established to benefit military members and perhaps former military members.

Dear Bruce: I have a question about putting rental properties in an LLC. I own three rental properties in Las Vegas; one has $150,000 in equity and the other two are underwater. I also have two rental properties in Florida; both have no mortgages. Should I put each property in its own LLC, or all five in one LLC? #x2014;#xa0;JM

Dear JM: First, lets put everything in order. The property that you own free and clear in Las Vegas is no problem. Also, the rental properties in Florida have no mortgages. If you wish to put each in its own LLC, and frankly, that would be my choice, no problem.

Then there are the two you say are underwater. To be technically underwater, they would have to be mortgaged, so I am assuming that they are mortgaged. I cant imagine why the mortgage company would allow you to take your name off of them, given the fact that the company is better protected having the property in your name and you having the responsibility of paying the obligation.

I will tell you that the separate properties I own and have owned in the past have all been in a separate corporation. An LLC would be my choice.

Dear Bruce: How come mortgage companies can trade your mortgage to other companies? #x2014;#xa0;RT

Dear RT: The answer is simple. The mortgage obligation that is owed to a mortgage company may be traded as long as someone else is willing to purchase it. Whether its a profit or loss has absolutely no bearing. If the two parties #x2014; the buyer and the seller #x2014; come to an agreement, it can be bought and sold.

I can understand how you might be a little uncomfortable having someone other than the people you chose holding your mortgage, but uncomfortable or not, its a perfectly proper proposition. There is no reason for you to worry. The second holder is bound by all of the terms in the original mortgage.

Send questions to bruce@brucewilliams.com.

#xa0;

#xa0;

#xa0;

#xa0;

#xa0;

#xa0;