Foundation Repair Cost Per Pier

♦ December 18, 2012 ♦ Leave Your Comment

How Does a Panama Foundation Work?One of the world’s best means of asset protection is a Panama private interest foundation. A Panama private interest foundation is an effective holding entity for assets. What follows is an overview of how such an entity works and how to set one up. As with all legal matters consult a competent authority to set up and maintain a Panama Foundation. Deal with or through someone who speaks your language. Make sure that you understand every step you take and why you are taking it. That having been said lets start with what it will cost.Cost of a Panama Private Interest Foundation0 per year to government, typically less than 0 a year to attorneyMinimum Capital Investment: ,000Attorney cost to set up: Less than ,000These are typical costs. Part of this is payment to the government and part is to the attorney. If prices you are quoted seem to high dont be afraid to comparison shop. By all means make sure that you are comfortable with whom you deal with from the outset as these entities are meant to last for a very long time.What a Panama Private Interest Foundation Is Used ForUse a Panama foundation as a holding entity for asset protection and privacy. Overseas assets of a Panama foundation are not taxed in Panama. The only taxation related to a Panama foundation would be if the foundation owned a business operating in Panama. In that case the business would be taxed, not the foundation. The foundation could receive post-tax dollars from the business. Consider joining a foundation with an offshore corporation, in Panama or elsewhere, for increased asset protection.A Panama foundation can own assets anywhere in the world. This includes bank accounts, patents, real estate, companies, personal assets such as airplanes, cars, etc., royalty rights, stocks and bonds, and collectibles such as coins and stamps as a partial list.An example of the asset protection of a Panama private interest foundation is that there is a three year statute of limitations on “fraudulent conveyance.” That is after three years no on can successfully challenge you in a Panamanian court for transferring assets to the foundation. Thus a Panama foundation will provide long term asset protection free from challenge of foreign jurisdictions after the initial three year period.The Foundation’s assets can only be frozen if the foundation itself is accused of doing something illegal it its own business dealings. Standard advice for a Panama foundation is to use the foundation as a holding company. If a company owned by the foundation has to deal with legal issues they do not spill over into other foundation business.Attorneys in Panama often suggest a Panama private interest foundation as a means of protecting you again a foreign attack on your assets as well as any possibility that Panama might ever change its laws regarding foreign ownership.A Panama Foundation cannot engage in commercial activities in Panama but it can own a business that does so. This rule is strictly meant to prevent use of the corporation to avoid paying taxes on income derived from a business in Panama. With a Panama foundation and/or corporation you can still invest in Panama but not tax free.A Panama private interest foundation can continue in existence to provide asset protection in Panama for 120 years.The Cast of Characters in a Panama Private Interest FoundationPanama Foundation FounderA Panama foundation has a founder. This need not be you. This is the person who files the papers with the public registry in Panama to register the foundation’s existence. Typically the law firm that sets up the foundation for your will hire a person who does not know you to file the papers. This person has no knowledge of the assets or activities of the foundation and no control.Panama Foundation CouncilA Panama foundation has a council. Each member is recorded in the public registry in Panama. The council members need not know the identity of the beneficiary nor protector of the foundation. Each council member provides you with an updated letter of resignation. The foundation can be set up so that council members have no control over assets and no banking privileges. The primary purpose of the council is to appoint the foundation’s protector by means of a Private Protectorate Document. This document is not registered anywhere.Panama Foundation ProtectorThe Panama foundation council appoints the protector. Then the council can be replaced. The protector’s identity can be kept out of public records.The control of the foundation is exercised by the protector. After being anonymously appointed by the council the protector may remove and change the council.The protector produces a private written set of instructions which is not placed in any public registry. These instructions describe what the foundation does and how it will do it. The beneficiary can change with circumstances.Panama Foundation BeneficiaryA Panama foundation has beneficiaries. No one owns the foundation. It is a legal entity that functions for the benefit of its beneficiaries at the direction of its protector. Beneficiaries may be anyone or any entity, including the protector. For example, you can have yourself appointed protector and appoint yourself beneficiary with the stipulation that upon your death your children become the beneficiaries.Panama Foundation Registered AgentThe law requires that each foundation has a registered agent. This is has to be a law firm or single attorney in Panama.SummaryUse a Panama private interest foundation if your goal is privacy and asset protection. Use a foundation in Panama along with an offshore corporation as an alternative to a trust or will. Think about what you want to do in regard to protecting your hard-earned wealth. Then consult an expert to see how a Panama Private Interest Foundation can help you accomplish what you need to do. Start with someone whom you can trust and, ideally, someone who speaks your language.

Frequently Asked Questions

  1. QUESTION:
    Does anyone know how much home foundation repair cost is in Edmond or Oklahoma city, OK?
    I thinking about buying a REO home and would like to know the cost.
    I am thinking about buying a REO home. The home is 6-7 years old and the realtor says it has foundation problems. He does not think its a good buy but I am having a structural engineer come out to inspect the home. FYI I have not met any realtor in Oklahoma who thinks buying a REO property is a wise decision.

    • ANSWER:
      You’re on the right track by hiring a structural engineer. Years ago, I had a foundation problem with a home and did the same thing. The engineer came out and located the fault in the slab, then provided me with a scale drawing depicting how many piers and where they should be located. He recommended a foundation repair company that would do it at $X per pier.

  2. QUESTION:
    Foundation repair on house – how much does it cost per pier?
    If you had it done, how much did it cost per pier? What is the price range per pier? Also – how many piers are typically needed for a given square footage.

    For example, the foundation of my house is about 1500 sqf and about half of it seems to have sunk about 3/8″. I have a company coming to give an estimate, but I want to know if they are in the ballpark.

    • ANSWER:
      You are proceeding in the correct manner. After you have the one company out have another. Try to get at least 3. It is almost impossible to determine what needs to be done from here.

      Possibilities may include just jacking the house up and adding shims to redoing the foundations. In any event the main concern is to determine what is the cause of the settling. That must be corrected first. This is especially a concern if this is not a new home. I have almost never seen settlement on an older home that did not have a water issue. So of concerns will be roofs, plumbing, and drainage. Another factor is if you live on a hill.

  3. QUESTION:
    I need law advice in texas about if I am able to sue the previous owner of my home regarding foundation?
    So my husband and I purchased our home about 4 months ago. We knew the home had foundation issues going into it but it came with a lifetime waranty on the majority of the piers inside the home and a 2 year warranty on the piers on the extension at the back of the home so we werent concerned. We specifically asked if the waranty on both would be transferable and valid via email and the sellers realtor said it was (I have this email). Now we had some cracking in the walls at the back of the house near where the extension was and we called the repair company. They come out and say that it is because the extension is sinking however (all the piers in question should of been covered), so I think its fine because we still have a year left on the waranty with the other company. However the foundation guy says that if we have the other company do the repair it will Null the waranty on the house, and that in fact there is very good chance since the foundation work done on the extension happend after the original work was done on the house that our waranty may already be nulled. So essentially I have two options to keep my house fully covered under waranty, both places offer the option to absorb the others waranty for a large price per beam, but in order to get the house fixed I have to pick one, and either pay to absorb the whole house warranty and have the repairs for free under my warranty or pay to have the repairs done from scratch (which would actually be cheaper) and the company will overlook the previous error on the part of the previous owner. This all being said my house needs to be fixed, Can I go back to the original owner for the cost based on the fact that he sold me the home when the warranty was no good because of how he did the repairs? He never lived there and does these home renovations for a liveing, so I am assumeing he knew that by getting the repairs from some one else instead of the original foundation guy he would void the warranty. The fact that I specifically asked if all my warrantys were good- and purchased the home based on this, do I have a case to sue him? And should I take the cheapest route to just redo the repair, when my whole basis for the lawsuit would be that he nulled the other waranty? PLEASE HELP! Either way Im looking to be spending in the thousands which I dont think is fair since this part of the home was promised to be covered when we purchased.
    I did have a home inspection, includeing a specific founcdation inspection. At the time there were no ongoing issues. As for prooveing the owner knew that it would void the waranty it is stipulated on the back of the waranty that if any work is done that it would void it. So by this right he should have known
    I also have an email confirming (as stated above) from my realtor to his asking that all warrantys are valid. And they confirmed, I wouldnt have been allowed to confirm with the companys as the warrantys werent in my name until the house was sold. That being said the first company didnt know about the second pier repair until I mentioned it not knowing myself that this would void the first.

    • ANSWER:
      A couple of points and neither of them are in your favor as far as a successful suit goes.

      You should have had a home inspection done prior to purchase.

      You should have confirmed with what every company was providing a warranty that it was in good standing and that nothing had been done that might void that warranty. An email from the realtor isn’t proper due diligence.

foundation repair cost per pier

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