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Re: Older parents and how to deal w/wills,etc.


@BirkiLady wrote:

@Shanus  It took over 15 months for the bank, attorneys, lawyers, accountants, etc., to close mom's Trust following her death in 2017. Be patient. It's a lengthy and very expensive process.

We were told it would take 12-15 months from the first time we met with the Trust Officers, which was not a problem for my sister or me. Frankly, I never counted on any inheritances, even though we knew they were coming. In the end, taxes and costs associated with finalizing the Trust ate up hundreds of thousands. Mom would have been aghast. 


    


 

@BirkiLady  Fortunately for us, my DH has been my parents accountant for the 50 years we've been married, so he's doing a lot of the work the attorneys would do and charge plenty. Mom provided for the atty. fees separately from our inheritance. I'm not hurting/waiting for the money, but it would help my son out immensely raising 2 children, braces, bat mitzvahs, college, weddings, etc. 

 

My DD "divorced" herself from my parents when she was married and they had a strained relationship. She was left out of the will. I felt badly, passed along a few pieces of jewelry that she'd admired hoping in time she'd have a change of heart...maybe want something to remember. 

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Re: Older parents and how to deal w/wills,etc.

@Shanus  Do you use the IRS annual gift for children and grandchildren? Perhaps it would help with your family situation. This year it has been reduced to $14,000 per individual, which is tax-free for each of them and tax deductible for you.

 

Mom did that for decades to reduce her estate. I've been doing that for my grandson since his birth (13 years ago). It's a win-win for all concerned.  

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Re: Older parents and how to deal w/wills,etc.

@BirkiLady   Thank you, but I was not aware I had a "situation".

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Re: Older parents and how to deal w/wills,etc.

[ Edited ]

@BirkiLady wrote:

@Shanus  Do you use the IRS annual gift for children and grandchildren? Perhaps it would help with your family situation. This year it has been reduced to $14,000 per individual, which is tax-free for each of them and tax deductible for you.

 

Mom did that for decades to reduce her estate. I've been doing that for my grandson since his birth (13 years ago). It's a win-win for all concerned.  


Not withstanding the fact that your constant bragging about your "wealth" is tiresome and tacky, this information simply isn't correct.

 

The gift limit for 2019 is the same as it was in 2018 - $15,000. Additionally, it is NOT tax deductible to you.

 

Facts, right here, from the IRS:

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax... 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

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Re: Older parents and how to deal w/wills,etc.

@FrostyBabe1  Did not look at last years IRS paperwork before typing that info. and my memory was inaccurate. My accountant, broker and tax man do all of the work for me. The check is distributed to my grandson each year automatically.

 

I simply take all the documentation to my tax preparer. When he's done, I  sign on the final lines of my tax returns and he emails them into State and Federal. I mail in the checks.

 

Sorry, but I thought I had read that amount was lowered this year. I stand corrected. 

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Re: Older parents and how to deal w/wills,etc.

@Shanus  Simply that you were kind to give your daughter the jewelry, but perhaps you could help her financially since she was not included in the Will.

 

It is a difficult situation for you since you were placed in the middle (is what I meant). No offense intended; didn't want to elaborate on this public site. 

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Re: Older parents and how to deal w/wills,etc.


@BirkiLady wrote:

@Shanus  Simply that you were kind to give your daughter the jewelry, but perhaps you could help her financially since she was not included in the Will.

 

It is a difficult situation for you since you were placed in the middle (is what I meant). No offense intended; didn't want to elaborate on this public site. 


 

@BirkiLady   Since it is a public site, I'm offended that you keep intruding in my financial matters. My daughter needs no financial assistance and certainly we would be helping her if necessary. I don't understand your interest in my business. 

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Re: Older parents and how to deal w/wills,etc.


@BirkiLady wrote:

@FrostyBabe1  Did not look at last years IRS paperwork before typing that info. and my memory was inaccurate. My accountant, broker and tax man do all of the work for me. The check is distributed to my grandson each year automatically.

 

I simply take all the documentation to my tax preparer. When he's done, I  sign on the final lines of my tax returns and he emails them into State and Federal. I mail in the checks.

 

Sorry, but I thought I had read that amount was lowered this year. I stand corrected. 


Unbelievable. You've managed to turn an "apology" for posting incorrect information into yet another brag. SMH. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

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Re: Older parents and how to deal w/wills,etc.

@Shanus  You brought up both your son's financial obligations with two children and your DD's estrangement on this public site. Both seemed uncomfortable so I tried to take the high road by using the word "situation" and the backlast hit the fan. I've apologized for my mistake. That should have been the end.     

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Re: Older parents and how to deal w/wills,etc.

[ Edited ]

@BirkiLady wrote:

@Shanus  You brought up both your son's financial obligations with two children and your DD's estrangement on this public site. Both seemed uncomfortable so I tried to take the high road by using the word "situation" and the backlast hit the fan. I've apologized for my mistake. That should have been the end.     


 

@BirkiLady  ...and? Really? Really?!? My business is not your business. This is over, please.