Tuesday, 15 July 2014

Choosing The Right Financial Lawyer – What Points To Consider?

Whether you’re drafting a trust or a will, selling or purchasing a real estate property or getting a divorce, it is always important to choose the right lawyer or attorney. While there are people who can take all kinds of financial steps on their own, there are some others who don’t have the courage or guts to take the right and wise financial moves on their own. If you too are someone who is considering the factor of appointing a lawyer or an attorney, you need to make sure that you choose the right lawyer. Here are some points that you need to keep in mind.

  • Retaining a lawyer who is honest enough: Most attorneys usually offer some consultation free of charge and you should take advantage of this fact. You should utilize this meeting in order to determine whether or not the attorney is honest and trustworthy. Although some people have the ability to determine someone’s character within a few minutes but you should not depend on this ability. Talk to him, ask him different questions so that you can easily come to know about his intentions. Is he looking into our eye while talking to you? You should ask the attorney about his cases, the number of cases that have been successful and the number of failures that he has met with. If the lawyer sounds responsive and optimistic, only then you should think of working with him.
  • Within your price range: Nowadays, most attorneys charge a large amount of fee for the services that they offer. You should always make sure that the amount that he is charging is within your affordability. What is the benefit in working with someone whom you can’t afford? How does the lawyer charge you? Does he charge you per hearing or per letter or in some other unknown manner so as to rack up fees? Will he secure a contract that will spell out all the details of the case including the amount that he will charge you? Or will there be some unwanted surprises? Ensure knowing all these before agreeing to work with him.
  • Know about his niche: While it’s important to have a lawyer for your financial services, it is also important to know whether or not he belongs to the niche that you want him to work for. If you want to fight a case o divorce, you have to make sure that he is not a specialist in bankruptcy cases. Therefore, it is better if you ask beforehand about the niche that he belongs to so that you can easily decide whether or not to keep him.
Today’s world is filled with financial problems and without the help of a financial lawyer, it is almost impossible to finalize a deal, whether buying a house or completing a divorce case. Hence, if you too are in need of such a lawyer, make sure you take into account the above mentioned points so that you can work with the best professional in the market.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Saturday, 12 July 2014

Different Kinds Of Legal Financial Services That You May Get Help Of

Are you someone who is desperately searching for some legal help? Are you someone who has not been able to keep track of your finances? Do you think that you need expert financial help in order to get back a firm grip on your finances? If answered yes, you need not fret as there are different kinds of legal financial services that are available in the United States of America. Are you drowning in debt? Do you need the help of a debt consolidator or a credit counselor? Or are you wondering about filing bankruptcy and you think you need the help of a bankruptcy attorney? Well, let’s have a look at the services provided by some of the legal financial advisors and the importance of having them in our lives.

  • Legal credit counselor: If your financial situation is in blue and you’re still not in the red, contacting a credit counselor is perhaps the best option out. There are for-profit and non-profit credit counseling agencies that take care of your debts and help you manage them in a systematic manner. The task of the credit counselor is to assess your current financial picture, help you with a frugal budget and also teach your worthy debt management techniques. All you have to do is to follow the budget, save money and keep paying down debt so as to lead a debt free life.
  • Debt management consultant: If the credit counseling agency thinks that you can’t get rid of your debt burden through efforts of your own, they will sign you up with a debt management program or a DMP. Here you may come across a debt management consultant who will sit with you to create an alternative repayment plan through which you can start making payments again. You will have to make a single monthly payment to the debt management consultant and he will disburse all your payments to your respective creditors. The debt management consultant will also report your payments time to time to the credit bureaus so that your credit report remains updated. If there are any disputes regarding the reporting of the payments, that will also be taken care of by the consultant.
  • Bankruptcy attorney: Another legal financial advisor is the bankruptcy attorney. If you file bankruptcy, you should be aware of its legal implications. But since bankruptcy is not a simple process, you will most often need the help and assistance of a bankruptcy attorney. He will take a close look at your assets, at your present monthly income, at your total debt amount and at your ability to repay the debts through Chapter 13 bankruptcy plan. If he thinks that you are able to restructure your debts through a Chapter 13 plan, he will not let you file Chapter 7. On the other hand, if he lets you file Chapter 7, it is his duty to disburse your payments to the creditors on time.
Hence, if you’re looking for legal financial services in 2014 so that you don’t make the mistake of taking wrong financial moves, you can consider getting help of the above people based on your need.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Saturday, 5 July 2014

Retirement Tips For Women Who Retire In 2014 – Enjoying Your Golden Years

Studies reveal that women live longer than men and this is certainly a blessing. However, this could be somewhat an issue when it comes to retirement. The reason is that most women face a unique sort of monetary issues that require a different approach towards financial planning. The life span of a woman is 8% more than a man and hence it is clear that women will have 25-30 years in retirement. Since most marriages end in a divorce, women are most likely to manage their finances in a better manner. If you’re a woman who is approaching her retirement age, you must be in need of some worthy financial advice. Read on the concerns of this article to know the ways in which you can plan your retirement.

  1. Get help of a financial advisor: Do you have a professional financial advisor who offers you best quality advice when you need it? If answered no, get one as soon as possible. Since you’re a working woman, you must be busy with different kind of official as well as household chores. Remaining busy with such tasks might not push you towards taking some good investment decisions. This is when you need an advisor who can do this task on your behalf. Studies reveal that women know less about the stock market, as compared to men. But since the stock market is a good vehicle for investment, it is indeed a good option to get help of an advisor.
  2. Crunch the numbers: Do you follow a budget throughout the month? If answered no, get an average of everything that you spend with cash and credit. A budget is perhaps the best financial tool that can help you track your income and expenses and also maintain a good amount of savings. Assess your current financial situation, determine your needs, jot down your income and track your expenses in order to create a budget. Cut down all unnecessary expenses if you want to lead a happy retired life.
  3. Think of your retirement needs: We usually hear stories of one spouse saying at home and the other being retired. But in your case, who will be retiring and who will be staying at home? Every case is different and hence you need to think of your retirement years. Have a conversation with your spouse so that you may get to know how you both plan to spend your retirement years. Start drawing a clear picture so that you can cater to your needs.
  4. Figure out a way to stretch your retirement benefits: Are you saving enough funds in your retirement account? Are you sure that you’ve already saved enough of your pre-tax dollars with which you can enjoy your retired life? If answered no, this is the best time to do so. Get in touch with your employer and make sure you get some matched contributions too.
Hence, if you don’t want to be counted among retirees in debt, make sure you follow the above mentioned financial advice. Follow a budget and stay on top of your finances.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Wednesday, 2 July 2014

What’s In Store For The USA Real Estate Market In 2014?



Last year, the recovery in the real estate market was simply a bright spot for the US economy. Home prices shot up, lesser number of homeowners was underwater on their mortgages and the confidence of the homebuilders was finally on the upswing. All the aforementioned positive signs already heralded a better 2014. The experts predicted that 2014 is also going to be a good year for the US real estate market. If you’re a homebuyer looking for a new home n 2014 or a homeowner looking for a refinance of your mortgage loan, here are some real estate market trends that experts foresee for the year 2014.

  1. Larger number of homes will be available: During the beginning of 2013, short supply induced rapid increase in home prices but this is something that is going to change in the year 2014. According to reports by Realtor.com, the total homes available for homebuyers or the inventory shortage has already begun to diminish in the month of February. Rising home prices and positive results in the construction market is most likely going to bring new homes, both old and new. This will in turn help inventory return to new levels.
  1. Interest rates on mortgages will rise: Zillow, an online real estate database anticipates that the mortgage rates will rise to about 5% by the end of this year. 2013 was the year of the homebuyers since the mortgage rates stayed at their record low level for a couple of months. The new Chief of the Fed, Janet Yelen has projected strategies to keep the mortgages rates low by purchasing mortgage-backed securities. However, the tapering efforts of the Fed might again push up the mortgage rates.
  1. Home loans will be easily available: Like they say, ‘ever cloud has a silver lining’, the silver lining to the soaring interest rates is that homebuyers will find it easier to snag a deal with a mortgage lenders. With the mortgage rates rising higher, the refinance business will be shaken, forcing the lenders to compete for the buyers by loosening the standards of mortgage lending. This will in turn make it easier for the people to get mortgage loans.
  1. There will be a 3% rise in home prices: Experts also predict that there will be a rise between 3 and 5% in the home prices in the year 2014. In the year 2013, we saw jumps of 5% with rates rising to more than 20% in some hot areas. On the other hand, in 2014, the gains on home value will gradually slow down de to higher mortgage rates, dearer homes and more supply which will be created by fewer underwater mortgage owners.
Hence, if you’re someone who is looking forward to owning a house in 2014, keep in mind the above mentioned real estate market trends. Watch your steps and decisions so that you don’t end up taking a wrong move with your mortgage. If needed, get help of a mortgage broker or an agent who is trustworthy enough to help you make your choices.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

Monday, 30 June 2014

Tax Brackets And Standard Deductions In The Year 2014

According to recent reports, the IRS or the Internal Revenue Service has recently declared its yearly adjustments to inflation for more than 40 tax provisions. These include tax tables, tax rate schedules, and adjustments to cost of living for a few specific tax items. The numbers are applicable for the tax year 2014 and hence they don’t apply to the rates and numbers that you will use to prepare your 2013 tax returns in 2014.

You must be wondering about your own tax bracket! Well, since the changes are almost negligible, most taxpayers are most likely to stay within the same bracket that they were in 2014. But if you want to be sure about where you fall, you can read on the concerns of this article.

The tax rates applicable to ordinary income

The tax rates that are mentioned below are applicable to ordinary income or most types of income. On the other hand, there are some special rates for specific categories of income like gains on qualified dividends and long term capital gains. The tax rates are applicable to a particular range of income that is known as the tax bracket.

Taxpayers who file single [Tax Rate Schedule X, IRC Section 1(c)]

For all those who file with their single status, their tax rates are:

  • 10% on their taxable income from $0 - $9075 and above
  • 15% on their taxable income from $9075 - $36,900 and above
  • 25% on their taxable income from $36,99 - $89,350 and above
  • 28% on their taxable income from $89,350 - $186,350 and above
  • 33% on their taxable income from $186,350 - $405,100 and above
  • 35% on their taxable income from $405,100 - $406,750 and above
  • 39.6% on their taxable income that is above $405,100.

Taxpayers who are married but file separately [Tax Rate Schedule Y-2, IRC Section1 (d)]

For all those who are married but file separately, here are their tax rates.

  • 10% on their taxable income from $0 - $9075 and above
  • 15% on their taxable income from $9075 - $36,900 and above
  • 25% on their taxable income from $36,900 - $74,425 and above
  • 28% on their taxable income from $74,425 - $113,425 and above
  • 33% on their taxable income from $113,425 - $202,550 and above
  • 35% on their taxable income from $202,550 - $228,800 and above
  • 39.6% on their taxable income above $228,800 and above

Apart from the federal income taxes on ordinary and specific income, there are also some other taxes that might be applicable on personal income. There’s a provision of Social Security Tax at a whopping rate of 12.4% on self-employment income and wages up to the yearly Social Security wage base of $117,000. Apart from that, there is Medicare Tax at a rate of 2.9% on self-employment income and wages. Net investment income tax at a rate of 3.8% is applicable on net investment income or adjusted gross income. Hence, if you’re a taxpayer who will prepare your 2014 returns in 2015, you have to take into account the above mentioned tax rates and tax brackets.

About Author

Jimmy Simond is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.