Archive for October, 2009

Lease Purchase Agreement

Tuesday, October 27th, 2009

A lease purchase is an arrangement, in real estate circles, where a property owner and a person wishing to use the property in question get intohouse an ordinary lease agreement; but with an option for the person wishing to use the property (now a lessee) to purchase the property upon the end of the lease. It is one of the ways of doing the property business that had almost been forgotten during the just ended real estate boom, but which have since been remembered… and turned out to be rather popular, as the property market goes through a rather tough stretch.

Like all other real estate contracts, the contract underlying the lease-purchase has to be in written form. That contract is often called the lease purchase agreement, and it is normally written by the lawyer retained by the property owner and the lessee to legally oversee the transaction.

For starters, a good lease purchase agreement is one that is fair to both parties involved. This is a lease purchase that has no bias. Surprisingly, it is not very easy to find such a lease-purchase agreement. Most tend to be somehow biased in favor of one party, to the detriment of the other party.

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The Charitable Trust

Saturday, October 24th, 2009

You may set up a trust fund prepared by an estate lawyer Philadelphia for cause you care deeply under a charitable trust account, which can be set up as part of your last will and testament or simply part of trust. Charitable trusts exempt you from estate taxes because they are irrevocable.

Features Of A Charitable Trust
Charitable trusts are irrevocable trusts that result in both as income tax deduction and an Estate tax deduction. They provide steady income stream to the beneficiary for your lawyer who specializing in estate planning Philadelphia. The public charity or any private foundation that you desire may receive the remaining value of the trust when it terminates.

These trusts, known as split interest trusts, must be carefully prepared by a lawyer doing Estate Planning in Philadelphia. The tax benefits can if obtained if you retain an income stream during your life, the remainder passing to a charity on you death or one where you create and income stream to a charity for a set number of years, the poperty passing to you or your heirs after the term of years expire.

Will I still pay capital gains tax when a charitable trust beneficiary sells the assets transferred to it? If you retain an income stream from the trust a portion of your distribution will be subject to capital gains tax, however with your Estate Planning Philadelphia lawyer can assist you in selecting the assets that will minimize capital gains payable to you.

The charitable remainder unitrusts plan may be a good choice for estate planning Philadelphia. If you are not so keen on dollar or market inflation then you do not have to worry about the effect of the inflation to income of your beneficiaries and ask your estate lawyer Philadelphia to set up a charitable remainder annuity trust for your desired beneficiaries.

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Identity Theft Alert

Thursday, October 8th, 2009

It is important that you make a bit of an effort to protect your data. Why? Because recovering from ID theft can be Fraudcostly, time-consuming and frustrating. For example, there have been cases of ID theft which led to the home of the victim being sold right out from under him, without his knowledge or permission of course.

Read the following checklist carefully, but do not be discouraged or overwhelmed. All you need to do is be alert and vigilant, and you will be fine. OK, here we go:

1. Never give out any personal information unless you really have to. Some large stores ask for your phone number or zip code at the cash, for marketing purposes. Identity theft alert! Just say no.

2. There are three critical pieces of your information which you should never give to anyone except your bank, employer or government agency, and then only if you must. These are your date of birth, maiden name of your mother and your Social Security Number. Once a crook has this information, it is much easier to dig up almost anything about you.

3. Be careful in your choice of passwords online. Do not use your date of birth or Social Security Number (do not laugh; it has happened). Do not use the name of your child or pet, local landmark or college, favorite restaurant, any word in the dictionary, or anything related to you. Crooks use this info to break into your email and online bank accounts. This in fact happened to Sarah Palin.

4. Check your bank and credit card statements upon arrival. Report any discrepancies at once.

5. Check your credit report a couple of times a year, especially before making a large purchase such as a car or house.

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