A big storm comes up and knocks down a tree in Bob’s yard. It falls over the property line and damages his neighbor Janet’s car. Is he legally liable for the damage? As with much in the law, it depends. Generally, though, Bob would be responsible if he knew the tree was in danger of causing damage to Janet’s property, or if a reasonable person in his position would have noticed the danger. For instance, Bob
Hiring an architect to design a home, a commercial building, or a new addition can be very exciting. But there can be some traps for the unwary in the fine print of the contract, and you’ll want to have an attorney look it over in order to protect your rights. Here’s just one example: Who owns the architect’s drawings and plans? You might assume that you do, since you’re paying for them. But one of the
Many landlords – both residential and commercial – have been trying to set themselves apart and attract more tenants by allowing pets. It’s true that pets can cause damage to a building, but it’s also true that there’s a growing demand for pet-friendly environments, and allowing pets can make a rental property much more attractive. Some 17 percent of businesses across the U.S. now allow pets at work, according to one recent survey. Most of these
With the real estate market still in the doldrums, a lot of people are thinking that this is a good opportunity to buy a brand new condominium, rather than one in an older community. New construction has a lot of advantages – but it can also be more complicated, and there are some potential trouble spots as well. You should definitely speak with your real estate attorney before you sign anything in order to make sure
July 31 is the deadline for filing 2011 retirement or employee benefit returns (5500 series) for plans on a calendar year.
You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not includible in your income. Do you know the tax status of other types of income? Here’s a short quiz to test your knowledge. 1. You tell your son he’ll be the sole beneficiary of your estate, and that you’ve decided to give him an advance on his inheritance. You hand him
If you’re approaching retirement and are eligible for social security, you have three broad options for drawing your benefits: start early, wait until your “full” retirement age, or hold out a few years longer to qualify for the monthly maximum. *Early withdrawals. Starting your withdrawals at the earliest allowable date (age 62) may be a good idea if you (a) plan to stop working or cut back to part-time status, and (b) really need the income.
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but it can also be considered taxable income by the IRS. Here is a quick review of various debt cancellation situations. * Consumer debt. If you have
Savvy investors often spread their risks by investing in a variety of asset classes such as stocks, bonds, commodities, and real estate. But with a changing tax landscape, investors might consider three more classes: taxable, tax-deferred, and tax-free. In days gone by, taxpayers often worked under the assumption that their tax bracket would be lower after they retire. Therefore, a common strategy was to defer as much taxable income as possible to the golden years. Now,
Starting and running a business is rarely a safe or simple process, and doing so with one’s spouse creates an additional layer of complexity. Whether that complexity will have a positive or negative effect depends on several factors. Here are some of the questions you need to discuss before going into business with your spouse. How well do you work together at home? If you cooperate and collaborate for domestic chores, you’ll probably carry that pattern
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