Among all personal injury cases, wrongful deaths happen more too frequently. These incidents can either be caused by any type of accident or intentional behavior. As the name implies, wrongful death incidents cause the untimely death of a friend or relative. This is really hard to bear for the surviving dependents of the deceased and the best thing to do to at least compensate for the emotional suffering that the family is going through is to take legal action against the person that has caused the death.
Negligence – this is the main reason for a wrongful death. To prove that the death was caused by somebody else’s negligence, it is advisable to seek legal advice from a competent wrongful death lawyer. He will be able to help you understand your legal rights and options towards the success of your lawsuit. You can find lots of wrongful death attorneys in your area. If you wish to have more options, try to look for one online – I believe that this is the most convenient way that one can use to locate a lawyer.
When you’ve finally found the wrongful death attorney to assist you in your lawsuit, you have to provide him with all the necessary information and evidences even on your first meeting. These facts can include photos, documentation and list of witnesses significant to the current case. Through this, your lawyer can already assess if you have a strong case or not. He can also pinpoint the strengths and weaknesses of your lawsuit during this time.
Just like any other laws on personal injury, wrongful death cases aim at establishing the cause of the death, who is at fault, and the extent of the damages. Your lawyer must prove that the other involved party was negligent to get the compensation that you deserve. Furthermore, he must prove that the negligence has directly caused the death of your loved one/s and must determine a financial standing to pay off the pain and suffering that you’ve suffered.
Usually, the relatives of a deceased from a wrongful death accident don’t consider filing a lawsuit especially when they are in the process of mourning and bereavement. However, doing so can actually help prevent the same thing to happen again in the future. About hiring the services of a legal expert, you can contact a reputable law firm if you have a problem with your finances. You have to know that most lawyers handle such cases on a contingent fee basis which means that you only pay them if you win your lawsuit.
About the Author
For more related articles, you may visit http://www.mesrianilaw.com
Wednesday, May 16, 2007
Wrongful Death Lawyers
Wrongful death refers to a lawsuit which alleges that the victim was killed as a consequence of negligence or misdeed of another. Usually, wrongful death occurs as a result of personal injury accidents, medical malpractice, auto accidents, workplace accidents, dangerous or defective products, mesothelioma and other accidents. When the proximate cause of the wrongful death of the decedent roots from reckless, careless or negligent acts of another, his actions are often subject to personal injury and/or wrongful death suits.
The loss of a family member causes great pain, turmoil, as well as inconceivable loss of the family. In the stage of grieving, it is hard or impossible to function in everyday life and carry on, let alone think about making a wrongful death claim. This stage leaves the decedent’s family feeling powerless with so many questions unanswered. When you are ready to receive settlement or filing a wrongful death suit, an experienced wrongful death lawyer can be of great help. Though a wrongful death claim cannot replace your loss but it is as close to justice.
If you have lost a loved one due to the negligence of a person or a company, you may have the right to receive compensation from an insurance company or from the person or company responsible for said death. Surviving family members are strongly encouraged to immediately consult with a wrongful death lawyer to safeguard the critical evidence of the fatal accident and to avoid being estopped to institute a claim.
The immediate aftermath of a wrongful death is to hire the services of the right lawyer. Hiring an experienced wrongful death lawyer is a critical decision that may significantly affect the lives of the decedent’s family. Wrongful death lawyers appreciate the complexity in legal issues as well as the powerful emotional trauma absorbed in a wrongful death claim. Experienced wrongful death lawyers will vigilantly represent the rights of the victim while assisting the family members in a dependable and considerate manner by providing information regarding the practical and legal aspects of personal injury law and wrongful death claims including survivor actions, Social Security Disability and Windows Benefits.
To be able to show evidences that a wrongful death happened, an investigation in connection with the death shall be conducted. It is necessary that the wrongful death lawyer have the necessary resources to acquire records and reports as well as thorough information for successful case results. Clients should feel confident about their legal action. With the help of a diligent wrongful death lawyer, the process in recovering the reasonable compensation will be smoother.
About the Author
Looking for tips and suggestions about legal matters, visit http://www.personalinjurylawyersinc.com
The loss of a family member causes great pain, turmoil, as well as inconceivable loss of the family. In the stage of grieving, it is hard or impossible to function in everyday life and carry on, let alone think about making a wrongful death claim. This stage leaves the decedent’s family feeling powerless with so many questions unanswered. When you are ready to receive settlement or filing a wrongful death suit, an experienced wrongful death lawyer can be of great help. Though a wrongful death claim cannot replace your loss but it is as close to justice.
If you have lost a loved one due to the negligence of a person or a company, you may have the right to receive compensation from an insurance company or from the person or company responsible for said death. Surviving family members are strongly encouraged to immediately consult with a wrongful death lawyer to safeguard the critical evidence of the fatal accident and to avoid being estopped to institute a claim.
The immediate aftermath of a wrongful death is to hire the services of the right lawyer. Hiring an experienced wrongful death lawyer is a critical decision that may significantly affect the lives of the decedent’s family. Wrongful death lawyers appreciate the complexity in legal issues as well as the powerful emotional trauma absorbed in a wrongful death claim. Experienced wrongful death lawyers will vigilantly represent the rights of the victim while assisting the family members in a dependable and considerate manner by providing information regarding the practical and legal aspects of personal injury law and wrongful death claims including survivor actions, Social Security Disability and Windows Benefits.
To be able to show evidences that a wrongful death happened, an investigation in connection with the death shall be conducted. It is necessary that the wrongful death lawyer have the necessary resources to acquire records and reports as well as thorough information for successful case results. Clients should feel confident about their legal action. With the help of a diligent wrongful death lawyer, the process in recovering the reasonable compensation will be smoother.
About the Author
Looking for tips and suggestions about legal matters, visit http://www.personalinjurylawyersinc.com
Attorney Fees - Part 1 - Legal Fees and Fee Agreement
This is Part 1 of this 4-part article. Please refer to the other 3 parts to read this article in full.
Understanding the attorney fees would help you control your finances a whole lot better and help you make better financial decisions when working with your lawyer. The attorney fees could get substantial, and if you don't fully understand them your bank account would very soon. Before you enter into a legal agreement with your chosen attorney, it would be in your best interest to have an understanding of the attorney fees so you can build a strong client-attorney working relationship with your lawyer without any financial disputes, which on the other hand would help your lawyer fully focus on your case. Provided here are overviews of attorney fees that you may expect when hiring a lawyer. But this is just to inform you. Always clearly communicate with your attorney the legal fees that apply to your case and don't stop asking your attorney until you gain a full understanding of the legal costs that you will be responsible for.
Legal Fees
Some attorneys who enjoy higher reputation may charge more than the ones who don't. But, those well-reputed lawyers may get the work done faster. The keyword here is "may." That's because lawyers consider several factors when setting their fees. It depends on how complicated your case is and the amount of time it will take to resolve the matter. Even though the trial itself may not take that long, researching the law, gathering the facts, interviewing witnesses, preparing all the needed documentation and arguments for the trial may take days, weeks and even months. In some cases unexpected developments may take place that will complicate your situation even further, which would result in higher fees.
You need to feel comfortable when discussing fees with your lawyer. Actually, you and your lawyer can negotiate almost any type of fee agreement. Besides the fee that you may pay for your first meeting, your lawyer could offer you a fixed, hourly, retainer, contingency, or a statutory fee. In addition to that, the same lawyer might charge more for the time spent in the courtroom than for hours spent in the office or library. But, you can agree to any one or a combination of these fees. The most common billing method is to charge a set amount for each hour of time the lawyer works on your case. What will work for you is what you need to discuss with your attorney and find a medium that will work for both of you. Don't forget that your main goal is winning your case. The fees need not to spin you out of focus that may result in losing your case. On the other hand, if one attorney is not willing to meet you half way in regards to your ability in making the payment, consider talking to another attorney.
Fee Agreement
You need to get your fee agreement in writing. By law, contingency fees and non-contingency fees anticipated to be $1,000 or more must be in writing. But, it's best to get any fee arrangement in writing no matter the amount because it provides a written record. This way, both you and your lawyer will know what to expect from each other as you work together on your case. Also, it steers clear from any confusion and misunderstanding that may affect your outcome. Try to avoid making oral agreements. But if you do make one with your lawyer, make a written note of it.
Your fee agreement needs to include what services are and aren't covered under that agreement as well as the type and amount of fees you will be expected to pay. Also, the agreement might spell out your obligations as a client, as well as how the court fees and miscellaneous expenses will be handled. It could explain the attorney's billing practices and state whether the lawyer is going to add interest or other charges to unpaid amounts. The lawyer may have a pre-printed fee agreement for you to sign. However, nothing is set in stone. You can always ask the lawyer to change parts of the agreement or make up a new one especially for your situation. If you're not sure what to ask your lawyer regarding your fee agreement, feel free to bring some one with you at your initial meeting to help you out.
Do not sign the agreement if you don't fully understand it. Also, do not sign it if something you have requested is not included or vice versa. You need to read it and fully understand it. Once you sign it, you fully agree to it. That's important because if you have agreed to (signed) something that you "didn't really agree" (as a result of not reading the agreement), or didn't want, or didn't fully understand, legal fees can add up very fast and cost you an arm and a leg. When you get your bill, it's too late. Every story that you can read about people complaining against their attorneys regarding fees, it's because the client signed up to something that they didn't fully understand. Or, they've made oral agreements with no record.
Fee Arrangements - covered in Part 2 of this article.
Disclaimer: The author and publisher of this article have done their best to give you useful, informative and accurate information. This article does not represent nor replace the legal advice you need to get from a lawyer, or other professional if the content of the article involves an issue you are facing. Laws vary from state-to-state and change from time-to-time. Always consult with a qualified professional before making any decisions about the issues described in this article. Thank you.
About the Author
This article was produced by Attorney Resources and Information website. Please visit find a lawyer if you need to find a lawyer or if you need more information to help you with your attorney.
Understanding the attorney fees would help you control your finances a whole lot better and help you make better financial decisions when working with your lawyer. The attorney fees could get substantial, and if you don't fully understand them your bank account would very soon. Before you enter into a legal agreement with your chosen attorney, it would be in your best interest to have an understanding of the attorney fees so you can build a strong client-attorney working relationship with your lawyer without any financial disputes, which on the other hand would help your lawyer fully focus on your case. Provided here are overviews of attorney fees that you may expect when hiring a lawyer. But this is just to inform you. Always clearly communicate with your attorney the legal fees that apply to your case and don't stop asking your attorney until you gain a full understanding of the legal costs that you will be responsible for.
Legal Fees
Some attorneys who enjoy higher reputation may charge more than the ones who don't. But, those well-reputed lawyers may get the work done faster. The keyword here is "may." That's because lawyers consider several factors when setting their fees. It depends on how complicated your case is and the amount of time it will take to resolve the matter. Even though the trial itself may not take that long, researching the law, gathering the facts, interviewing witnesses, preparing all the needed documentation and arguments for the trial may take days, weeks and even months. In some cases unexpected developments may take place that will complicate your situation even further, which would result in higher fees.
You need to feel comfortable when discussing fees with your lawyer. Actually, you and your lawyer can negotiate almost any type of fee agreement. Besides the fee that you may pay for your first meeting, your lawyer could offer you a fixed, hourly, retainer, contingency, or a statutory fee. In addition to that, the same lawyer might charge more for the time spent in the courtroom than for hours spent in the office or library. But, you can agree to any one or a combination of these fees. The most common billing method is to charge a set amount for each hour of time the lawyer works on your case. What will work for you is what you need to discuss with your attorney and find a medium that will work for both of you. Don't forget that your main goal is winning your case. The fees need not to spin you out of focus that may result in losing your case. On the other hand, if one attorney is not willing to meet you half way in regards to your ability in making the payment, consider talking to another attorney.
Fee Agreement
You need to get your fee agreement in writing. By law, contingency fees and non-contingency fees anticipated to be $1,000 or more must be in writing. But, it's best to get any fee arrangement in writing no matter the amount because it provides a written record. This way, both you and your lawyer will know what to expect from each other as you work together on your case. Also, it steers clear from any confusion and misunderstanding that may affect your outcome. Try to avoid making oral agreements. But if you do make one with your lawyer, make a written note of it.
Your fee agreement needs to include what services are and aren't covered under that agreement as well as the type and amount of fees you will be expected to pay. Also, the agreement might spell out your obligations as a client, as well as how the court fees and miscellaneous expenses will be handled. It could explain the attorney's billing practices and state whether the lawyer is going to add interest or other charges to unpaid amounts. The lawyer may have a pre-printed fee agreement for you to sign. However, nothing is set in stone. You can always ask the lawyer to change parts of the agreement or make up a new one especially for your situation. If you're not sure what to ask your lawyer regarding your fee agreement, feel free to bring some one with you at your initial meeting to help you out.
Do not sign the agreement if you don't fully understand it. Also, do not sign it if something you have requested is not included or vice versa. You need to read it and fully understand it. Once you sign it, you fully agree to it. That's important because if you have agreed to (signed) something that you "didn't really agree" (as a result of not reading the agreement), or didn't want, or didn't fully understand, legal fees can add up very fast and cost you an arm and a leg. When you get your bill, it's too late. Every story that you can read about people complaining against their attorneys regarding fees, it's because the client signed up to something that they didn't fully understand. Or, they've made oral agreements with no record.
Fee Arrangements - covered in Part 2 of this article.
Disclaimer: The author and publisher of this article have done their best to give you useful, informative and accurate information. This article does not represent nor replace the legal advice you need to get from a lawyer, or other professional if the content of the article involves an issue you are facing. Laws vary from state-to-state and change from time-to-time. Always consult with a qualified professional before making any decisions about the issues described in this article. Thank you.
About the Author
This article was produced by Attorney Resources and Information website. Please visit find a lawyer if you need to find a lawyer or if you need more information to help you with your attorney.
How To Choose A Legal Structure For Your Business
Whether you are starting a small business from your home or opening a new, large operation, you will need to decide which business structure is better suited to you and your company's needs. There are four basic types of business structures: sole-proprietorships, partnerships, corporations and limited liabilities companies. The type of structure you choose will be determined by the type of business you own, the size of the business and many other individual actors. To make the best choice it is usually necessary to seek the advice of a lawyer that specializes in business law.
Before consulting a lawyer, however, it is a good idea to understand your options. The first option, sole-proprietorship, can only be used by an individual that is the only owner of the company. The only exception to this rule is if the owners are husband and wife. In a sole-proprietorship there is one very distinctive advantage and one equally distinctive disadvantage. The advantage to this structure is that there is no legal requirement necessary to form it. This means that you can create a sole-proprietorship for little if any cost and maintain it without further paperwork or legal filings. The disadvantage to this structure is that the individual that forms the sole-proprietorship is solely responsible for any debts incurred by the business. For example, if a customer were to sue your company, your personal assets could be used to pay off any judgment against your business.
In a partnership two separate individuals must own the business and the individuals must choose not to incorporate. As with a sole-proprietorship, no legal filings are required to establish this business structure but it is highly recommended that you at the very least draft an agreement between all parties involved. This document or contract can be drawn up by the partners but it is more advantageous to have a lawyer that specializes in business law draw it up for you. If you choose to draw up the contract yourself, be sure to include information regarding the financial responsibilities of each partner, the terms for the sharing of profits and losses and the responsibilities in decision making for each partner.
If you are thinking about choosing a corporation as your business structure it is important to know that each state sets forth its own requirements for the formation of a corporation. For details about these requirements it is best to consult a lawyer.
The advantage to organizing a corporation is that the liability for the company is limited to only what an individual puts into the company. This means that each individual owner does not have to worry about his or her personal finances or assets seized to pay off company debt.
The disadvantage to owning a corporation is the time it takes to maintain one. In a corporation, the company must elect a board of directors, write articles of incorporation and issue stock. Owners must also attend shareholder meetings and follow all corporate guidelines while running the business. Unless you own a large company with multiple employees, a corporation is usually not necessary.
Perhaps the best business structure is a limited liability company. This structure includes the advantages of each structure while minimizing the disadvantages. For example, in a limited liability company, the owners are not held personally responsible for company debt yet they are still able to run their company without issuing stock or holding corporate meetings. The biggest disadvantage is that there are legal requirements needed to create a limited liability company and an attorney must do the paperwork necessary to create one.
As with all legal agreements, there are many complex issues to keep in mind when making a decision. No matter which type of business structure you are likely to choose, it is best to consult a lawyer for advice on which structure with offer your company the best tax situation while still allowing protection for your assets.
About the Author
Jody Ehrhardt write for http://www.lawyervista.com,a website where you can find a lawyer in your city or state, including Trade lawyers http://www.lawyervista.com/45-trade_lawyers.htmland Tax lawyers http://www.lawyervista.com/46-tax_lawyers.html
Before consulting a lawyer, however, it is a good idea to understand your options. The first option, sole-proprietorship, can only be used by an individual that is the only owner of the company. The only exception to this rule is if the owners are husband and wife. In a sole-proprietorship there is one very distinctive advantage and one equally distinctive disadvantage. The advantage to this structure is that there is no legal requirement necessary to form it. This means that you can create a sole-proprietorship for little if any cost and maintain it without further paperwork or legal filings. The disadvantage to this structure is that the individual that forms the sole-proprietorship is solely responsible for any debts incurred by the business. For example, if a customer were to sue your company, your personal assets could be used to pay off any judgment against your business.
In a partnership two separate individuals must own the business and the individuals must choose not to incorporate. As with a sole-proprietorship, no legal filings are required to establish this business structure but it is highly recommended that you at the very least draft an agreement between all parties involved. This document or contract can be drawn up by the partners but it is more advantageous to have a lawyer that specializes in business law draw it up for you. If you choose to draw up the contract yourself, be sure to include information regarding the financial responsibilities of each partner, the terms for the sharing of profits and losses and the responsibilities in decision making for each partner.
If you are thinking about choosing a corporation as your business structure it is important to know that each state sets forth its own requirements for the formation of a corporation. For details about these requirements it is best to consult a lawyer.
The advantage to organizing a corporation is that the liability for the company is limited to only what an individual puts into the company. This means that each individual owner does not have to worry about his or her personal finances or assets seized to pay off company debt.
The disadvantage to owning a corporation is the time it takes to maintain one. In a corporation, the company must elect a board of directors, write articles of incorporation and issue stock. Owners must also attend shareholder meetings and follow all corporate guidelines while running the business. Unless you own a large company with multiple employees, a corporation is usually not necessary.
Perhaps the best business structure is a limited liability company. This structure includes the advantages of each structure while minimizing the disadvantages. For example, in a limited liability company, the owners are not held personally responsible for company debt yet they are still able to run their company without issuing stock or holding corporate meetings. The biggest disadvantage is that there are legal requirements needed to create a limited liability company and an attorney must do the paperwork necessary to create one.
As with all legal agreements, there are many complex issues to keep in mind when making a decision. No matter which type of business structure you are likely to choose, it is best to consult a lawyer for advice on which structure with offer your company the best tax situation while still allowing protection for your assets.
About the Author
Jody Ehrhardt write for http://www.lawyervista.com,a website where you can find a lawyer in your city or state, including Trade lawyers http://www.lawyervista.com/45-trade_lawyers.htmland Tax lawyers http://www.lawyervista.com/46-tax_lawyers.html
Car Wreck Lawyer Says: Get Help
In holding a driver’s license, a person is agreeing to be a good driver: not reckless and not negligent. However we know that others are often not as careful as we could hope. Other times, an accident can be caused by vehicle malfunction, bad driving conditions or road layout. If you have been in a car accident and wish to pursue your case in court, you as the plaintiff will need to show the court that the defendant caused the wreck through failing to follow driving law and that this breach of duty caused the injury that you the plaintiff sustained in the accident.
In court, you can file suit against the other driver for various reasons. If the accident left you disfigured or scarred or injured, the defendant must pay for your medical expenses as well as those that a doctor feels will arise in the future and you could also be compensated for the emotional suffering caused by injuries. If you are injured and should you win the suit, you should be compensated for permanent disability, pain, emotional anxiety, medical expenses and surveillance, lost wages, lost work or earning capacity, loss of consortium or society, and household services you can’t take care of while you are injured.
If the defendant driver was not just negligent but reckless, then they may have to pay more. Reckless driving includes speeding, excessive lane changing, not signaling intent to change lanes, changing lanes when there is no safe way to move, passing on an emergency lane or the shoulder, and drunk driving. Drunk driving cases are especially horrifying. An accident lawyer will tell you if you should file suit not just against the drunk driver but also the server or business that gave the driver so much alcohol.
There are special cases which are caused by a defect in the car of a driver. If a defective product caused the accident, then the manufacturer is responsible for the negligence.
GA
If you have more questionsFree Articles, contact a car accident lawyer or read car accident news at http://www.hugesettlements.com
http://www.articlesfactory.com/articles/law/car-wreck-lawyer-says-get-help.html
In court, you can file suit against the other driver for various reasons. If the accident left you disfigured or scarred or injured, the defendant must pay for your medical expenses as well as those that a doctor feels will arise in the future and you could also be compensated for the emotional suffering caused by injuries. If you are injured and should you win the suit, you should be compensated for permanent disability, pain, emotional anxiety, medical expenses and surveillance, lost wages, lost work or earning capacity, loss of consortium or society, and household services you can’t take care of while you are injured.
If the defendant driver was not just negligent but reckless, then they may have to pay more. Reckless driving includes speeding, excessive lane changing, not signaling intent to change lanes, changing lanes when there is no safe way to move, passing on an emergency lane or the shoulder, and drunk driving. Drunk driving cases are especially horrifying. An accident lawyer will tell you if you should file suit not just against the drunk driver but also the server or business that gave the driver so much alcohol.
There are special cases which are caused by a defect in the car of a driver. If a defective product caused the accident, then the manufacturer is responsible for the negligence.
GA
If you have more questionsFree Articles, contact a car accident lawyer or read car accident news at http://www.hugesettlements.com
http://www.articlesfactory.com/articles/law/car-wreck-lawyer-says-get-help.html
International Real Estate: What You Should Know Before Buying Abroad
1. Do your homework. Familiarize yourself with the laws and customs of the country. Research the tax codes, currency restrictions, and the qualifications for residency. Having a local attorney is a must. Ask your real estate agent or a fellow expatriate to recommend an attorney. The local American embassy can also provide a list of referrals. If you plan of purchasing property in a place where English is not the official language, you should insist on a bilingual lawyer who is able to translate all relevant legal documents.
2. Research. Find out the specifics about your new home-to-be: from the local political and economic situation to the daily cost-of-living. The last thing you want is to sink money into a place that's unstable. Check out the U.S. State Department's site, www.state.gov, for up-to-date assessments of virtually every country.
3. Finding a realtor. Once you're ready to look at property, you'll need to find a competent local real estate professional. There are many horror stories of people who have either dealt with either unscrupulous or misinformed parties, costing them thousands of dollars (and in a few cases, their entire investment). Don't be one of those who learn the hard way. Some U.S., UK and Australian firms have representatives or prescreened affiliates abroad. In some countries (Mexico, Honduras and Bali, for example), real estate agents are not required to be licensed and con artists abound, waiting to prey on cash-rich foreigners. A good resource for competent real estate professionals is the International Real Estate Contacts list, which is available at: www.thegloballife.net.
4. The process. While every place has it own set of rules and nuances, the process of buying abroad generally works like this: First, the buyer and the seller to agree on a price, a security deposit (generally, 10 to 25 percent) will probably be required to take the house off the market. Your attorney should then receive a copy of the title and verify that the property is free from any liens or claims against the property. They should also advise you of any strange archaic laws, like those in parts of Canada that allow anyone to fish on your land, those in England and France that allow sheep to pass through your property, those in rural Italy that give your neighbors first-refusal rights on any land used for agricultural purposes (which could leave someone else with the fruit in the vineyard or olive grove on "your" property), or historic construction bans that prevent you from making any external changes to a property (even installing a pool). Also, if you are buying anything in need of restoration (or more than a hundred years old), have a structural survey done.
5. Mortgages? Financing your dream home may not be possible abroad. Your U.S. bank will only lend you the money for your foreign abode if you're willing to use other assets for collateral, like your exisiting home or automobile, CDs or brokerage account. Some foreign banks will extend a mortgage once you've opened an account, but most likely, you will have to pay cash. If you decide to open a foreign bank account, you must report its existence to the U.S. Treasury Department. The IRS recently warned U.S. expatriates that they risk up to a $10,000 fine or 50 per cent of the value of the account if they fail to report overseas bank and financial accounts. For details, get IRS Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad online at www.irs.gov/publications/p54/index.html.
6. A word of caution about renting. You may be considering offsetting costs by renting out your foreign home while you're not there or setting it up as a short-term vacation rental. While the extra income can be a big bonus, countries such as Mexico and France have strict eviction laws (in France it can take up to 3 years to evict tenants who decide to stay without paying, unless you demostrate to the courts that you've found your tenant a suitable similar rental to move into).
7. About taxes. If you make a decision to rent out your property, you will be required to report rental income on your U.S. tax return (you may also be required to do the same with your "new" country of residence). Since the United States has reciprocal tax treaties with dozens of countries, you probably don't have to worry about double-taxation, since any amount paid abroad will be credited against your U.S. tax bill. If you work abroad, you may even be able to sidestep Uncle Sam altogether by qualifying for the $80,000 foreign income exclusion (and by writing off the maintenance expenses on your new home). If you decide to sell your foreign property, be aware that capital gains taxes in some countries can reach as high as 40 percent. I suggest soliciting the help of an international tax specialist for information about your own situation. A top U.S. expert is: Jane Bruno, the author of The Expat’s Guide to US Taxes. She can be reached at (561) 222-9273 or via email: janebruno@adelphia.net. Just tell her I sent you.
8. Legal matters. After making your purchase, you should be sure to draft a local will to ensure your property is passed along to your heirs.
Complicated legal and financial issues, strange covenants, and squatters could make that villa in the south of France or farmhouse in Tuscany seem like more trouble than it's worth.
If you do your homework and hire the right peopleScience Articles, your foreign purchase should be smooth sailing.
ABOUT THE AUTHOR
Phillip Townsend is a former freelance correspondent for Money magazine. His first e-Book, Passport to Canada: the Complete Guide to Living and Retiring in Nova Scotia, and the special report, the Caribbean's Best Kept Secret, are available at www.nsliving.info.
2. Research. Find out the specifics about your new home-to-be: from the local political and economic situation to the daily cost-of-living. The last thing you want is to sink money into a place that's unstable. Check out the U.S. State Department's site, www.state.gov, for up-to-date assessments of virtually every country.
3. Finding a realtor. Once you're ready to look at property, you'll need to find a competent local real estate professional. There are many horror stories of people who have either dealt with either unscrupulous or misinformed parties, costing them thousands of dollars (and in a few cases, their entire investment). Don't be one of those who learn the hard way. Some U.S., UK and Australian firms have representatives or prescreened affiliates abroad. In some countries (Mexico, Honduras and Bali, for example), real estate agents are not required to be licensed and con artists abound, waiting to prey on cash-rich foreigners. A good resource for competent real estate professionals is the International Real Estate Contacts list, which is available at: www.thegloballife.net.
4. The process. While every place has it own set of rules and nuances, the process of buying abroad generally works like this: First, the buyer and the seller to agree on a price, a security deposit (generally, 10 to 25 percent) will probably be required to take the house off the market. Your attorney should then receive a copy of the title and verify that the property is free from any liens or claims against the property. They should also advise you of any strange archaic laws, like those in parts of Canada that allow anyone to fish on your land, those in England and France that allow sheep to pass through your property, those in rural Italy that give your neighbors first-refusal rights on any land used for agricultural purposes (which could leave someone else with the fruit in the vineyard or olive grove on "your" property), or historic construction bans that prevent you from making any external changes to a property (even installing a pool). Also, if you are buying anything in need of restoration (or more than a hundred years old), have a structural survey done.
5. Mortgages? Financing your dream home may not be possible abroad. Your U.S. bank will only lend you the money for your foreign abode if you're willing to use other assets for collateral, like your exisiting home or automobile, CDs or brokerage account. Some foreign banks will extend a mortgage once you've opened an account, but most likely, you will have to pay cash. If you decide to open a foreign bank account, you must report its existence to the U.S. Treasury Department. The IRS recently warned U.S. expatriates that they risk up to a $10,000 fine or 50 per cent of the value of the account if they fail to report overseas bank and financial accounts. For details, get IRS Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad online at www.irs.gov/publications/p54/index.html.
6. A word of caution about renting. You may be considering offsetting costs by renting out your foreign home while you're not there or setting it up as a short-term vacation rental. While the extra income can be a big bonus, countries such as Mexico and France have strict eviction laws (in France it can take up to 3 years to evict tenants who decide to stay without paying, unless you demostrate to the courts that you've found your tenant a suitable similar rental to move into).
7. About taxes. If you make a decision to rent out your property, you will be required to report rental income on your U.S. tax return (you may also be required to do the same with your "new" country of residence). Since the United States has reciprocal tax treaties with dozens of countries, you probably don't have to worry about double-taxation, since any amount paid abroad will be credited against your U.S. tax bill. If you work abroad, you may even be able to sidestep Uncle Sam altogether by qualifying for the $80,000 foreign income exclusion (and by writing off the maintenance expenses on your new home). If you decide to sell your foreign property, be aware that capital gains taxes in some countries can reach as high as 40 percent. I suggest soliciting the help of an international tax specialist for information about your own situation. A top U.S. expert is: Jane Bruno, the author of The Expat’s Guide to US Taxes. She can be reached at (561) 222-9273 or via email: janebruno@adelphia.net. Just tell her I sent you.
8. Legal matters. After making your purchase, you should be sure to draft a local will to ensure your property is passed along to your heirs.
Complicated legal and financial issues, strange covenants, and squatters could make that villa in the south of France or farmhouse in Tuscany seem like more trouble than it's worth.
If you do your homework and hire the right peopleScience Articles, your foreign purchase should be smooth sailing.
ABOUT THE AUTHOR
Phillip Townsend is a former freelance correspondent for Money magazine. His first e-Book, Passport to Canada: the Complete Guide to Living and Retiring in Nova Scotia, and the special report, the Caribbean's Best Kept Secret, are available at www.nsliving.info.
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