March 8, 2014 Leave a comment
“Divide your portion to seven or eight, for you do not know what misfortune may occur on earth.”- Ecclesiastes 11:2
For Whom Wealth Matters
February 24, 2014 Leave a comment
Though there is no fixed formula for calculating the alimony payable after divorce, the following points determine the quantum:-
Even if the wife is earning, the court will take into account the husband’s financial status. If his income is very high, the wife will be given some alimony.
If wife is not earning,the court will consider the reasonable needs of the person. The alimony will be fixed to allow her a standard of living equal to that of her husband.
Alimony is for the upkeep of the divorced spouse. As soon as she remarries, the man may stop paying. However, he may still have to pay for the upkeep of the child.
In the rare case of the husband not earning due to a disability while the wife has an income, the man can be awarded alimony by the court.
If there is a child ,the court will award the expenses incurred for the child’s maintenance, including food, clothing and education, befitting the standard of the family.
Any property bought during the tenure of the marriage is owned 50% by the wife. This does not include inherited or previously purchased property.as the ;aw stands today.
In Greek mythology, Sisyphus was condemned to carry a boulder up a mountain. Every time he approached the top, the boulder would topple over and fall down. Sisyphus’ curse was to keep doing this for all eternity. His crime: being too intelligent by half. From this story comes the term Sisyphean Task.
February 22, 2014 Leave a comment
Suppose a person who owns a house, acquired out of his/her own earnings and wants to leave it to one or more of his/her children after the death of themselves and their spouse,to the exclusion of other children, he /she has the option of executing a will or making a settlement retaining life interest. The execution of a will has its own hassles in identifying a reliable person to be the executor and involves expenses too. The will might also have to be probated , the probate of a will is mandatory for the properties situated at Chennai, Mumbai and Kolkatta,for which court fee is to be paid.
The better option in this case would be to execute a settlement deed in favour of the children he/she wishes to leave the property to. The person can retain the life interest of residing and letting out the said property for rents and enjoying the rental benefits and other profits accruing there from during his/her life time along with the spouse. In the event of the spouse surviving after the person’s life time, the said property will devolve on the surviving spouse and he/she will be at liberty to retain the life interest of residing and enjoying the said property during their life time by letting it out for rents and receiving the rental and other benefits without having any right to alienate, encumber, and mortgage.
There are concessional rates of stamp duty and registration for settlement deeds for family members. The family members include father, mother, husband, wife, son, daughter and grand child.
February 14, 2014 Leave a comment
When printing presses started making currency notes, there was trouble. It was too easy to be irresponsible, and print too much “fiat money”.Every currency needs a “nominal anchor”: something that pins fiat money down to reality. There are exactly three choices for this nominal anchor: gold, a foreign currency like the dollar, or the consumer price index (CPI) basket of goods.
The gold standard — where the US dollar was pegged to 35 ounces of gold — fell apart in 1973. Since then, the world has been looking for a new nominal anchor. Pegging to a foreign currency works well in some places, e.g., for Hong Kong. But pegging the Indian rupee to the US dollar is not a viable option, as this is tantamount to handing over the Indian monetary policy to the US Federal Reserve. This is inappropriate as the Indian business cycle is quite different from the US’. Read more of this post