Re: Capital Gains Taxes?

LuvSoCal · ‎07-18-2010

@Porcelain wrote:
You need an accountant. A proactive one who knows to explain these things to you before you run into avoidable problems.

One thing our system is set up for is tax avoidance. That is, provided you have the funds and street smarts to pay a decent accountant/lawyer.

Your request that someone explain taxes to you as they relate to funding government seems like an invitation to discuss politics with you. Not interested.

@Porcelain No, that was not my intention. I truly don't understand the logic. As I said, I never complain about paying taxes but in this case I'm thinking I would owe in the hundreds of thousands? I just thought someone could enlighten me before I contact an attorney.

patbz · ‎03-10-2010

@PhillyGirl23 : You are flat out wrong about addin a relative's name prior to an owner's demise. Among many other reasons it is immoral, if the real goal is to avoid nursing home charges. Who do you think pays these expenses? The rest of us THATS STEALING! Take smaller vacations, drive your cars a little longer, etc. Pay your own expenses; that's what we're planning ( and have been planning for over 30 years).

Group 5 minus 1 · ‎03-11-2010

What does your tax person say? Hubbs jusr commented that when the IRS calls you in for an audit you can tell them you got your advice from the forum.

chrystaltree · ‎05-10-2010

Blah blah blah blah. We all accept the need for taxes until it's OUR turn to pay the piper. Then comes the wailing and gnashing of teeth. Taxes are what they are, whether we like it or not. All we can do is hire good tax accountants and tax attorneys to lead us through the tax maze.

NicksmomESQ · ‎08-19-2014

@patbz wrote:
@PhillyGirl23 : You are flat out wrong about addin a relative's name prior to an owner's demise. Among many other reasons it is immoral, if the real goal is to avoid nursing home charges. Who do you think pays these expenses? The rest of us THATS STEALING! Take smaller vacations, drive your cars a little longer, etc. Pay your own expenses; that's what we're planning ( and have been planning for over 30 years).

I totally understand your point,but there are laws that allow for people to do just that, protect their assets from going to a nursing home.

Estate planning attorneys make a fortune establishing trusts,to help people avoid paying for future nursing home care. It's a big business.

There is something called a five year look back. After five years the trust is safe from being garnished to pay for care.After that time,a person can go to a nursing home & the taxpayers pick up the tab.The trustees are then free to inherit the contents of the estate,upon the individual's death.

It's 100% legal & people do it all the time.It's not stealing.

Another point is that there is nothing nefarious about a parent gifting a child a home or assets.This is also totally legal.The five year look back applies here too.There are even Federal gift tax forms that are completed.It's totally above board & is not stealing.

Mersha · ‎03-10-2010

@NicksmomESQ wrote:
@patbz wrote:
@PhillyGirl23 : You are flat out wrong about addin a relative's name prior to an owner's demise. Among many other reasons it is immoral, if the real goal is to avoid nursing home charges. Who do you think pays these expenses? The rest of us THATS STEALING! Take smaller vacations, drive your cars a little longer, etc. Pay your own expenses; that's what we're planning ( and have been planning for over 30 years).
I totally understand your point,but there are laws that allow for people to do just that, protect their assets from going to a nursing home.

Estate planning attorneys make a fortune establishing trusts,to help people avoid paying for future nursing home care. It's a big business.

There is something called a five year look back. After five years the trust is safe from being garnished to pay for care.After that time,a person can go to a nursing home & the taxpayers pick up the tab.The trustees are then free to inherit the contents of the estate,upon the individual's death.

It's 100% legal & people do it all the time.It's not stealing.

Another point is that there is nothing nefarious about a parent gifting a child a home or assets.This is also totally legal.The five year look back applies here too.There are even Federal gift tax forms that are completed.It's totally above board & is not stealing.

@NicksmomESQ It might be a good idea to advise posters that you are not an attorney giving this advice.

Your screen name could be misleading.

"Justice will not be served until those who are unaffected are as outraged as those who are." BF

patbz · ‎03-10-2010

@Mersha : I disagree with your come back. Please read Nicks mom post on last page about why its not a good idea to sign over your house to your kids before you pass. Also have you ever been in a nursing home and seen the difference between patients on the Public dole and private pay? I wouldn't put myself in the former position as opposed to being private pay. Also regardless of what you're saying it is stealing to expect the rest of us to pay for your future care ( otherwise we'd all pay much higher taxes and there wouldn't be a need for a 5 year lookback). You think you're gaming the system, I call it fraud!

Group 5 minus 1 · ‎03-11-2010

@LuvSoCal o are going to tell us what you are doing or have done?

Probably not

NicksmomESQ · ‎08-19-2014

@Mersha wrote:
@NicksmomESQ wrote:
@patbz wrote:
@PhillyGirl23 : You are flat out wrong about addin a relative's name prior to an owner's demise. Among many other reasons it is immoral, if the real goal is to avoid nursing home charges. Who do you think pays these expenses? The rest of us THATS STEALING! Take smaller vacations, drive your cars a little longer, etc. Pay your own expenses; that's what we're planning ( and have been planning for over 30 years).
I totally understand your point,but there are laws that allow for people to do just that, protect their assets from going to a nursing home.

Estate planning attorneys make a fortune establishing trusts,to help people avoid paying for future nursing home care. It's a big business.

There is something called a five year look back. After five years the trust is safe from being garnished to pay for care.After that time,a person can go to a nursing home & the taxpayers pick up the tab.The trustees are then free to inherit the contents of the estate,upon the individual's death.

It's 100% legal & people do it all the time.It's not stealing.

Another point is that there is nothing nefarious about a parent gifting a child a home or assets.This is also totally legal.The five year look back applies here too.There are even Federal gift tax forms that are completed.It's totally above board & is not stealing.

@NicksmomESQ It might be a good idea to advise posters that you are not an attorney giving this advice.

Your screen name could be misleading.

@Mersha I've been on these boards for many years. Posters know who I am. I have said my son is a lawyer. I never said I was.I referred here to attorneys & never claimed to be one. People come here for perspective not legal advice.

Many people gave their views on the OP's comment,not just me.

Mersha · ‎03-10-2010

@NicksmomESQ wrote:
@Mersha wrote:
@NicksmomESQ wrote:
@patbz wrote:
@PhillyGirl23 : You are flat out wrong about addin a relative's name prior to an owner's demise. Among many other reasons it is immoral, if the real goal is to avoid nursing home charges. Who do you think pays these expenses? The rest of us THATS STEALING! Take smaller vacations, drive your cars a little longer, etc. Pay your own expenses; that's what we're planning ( and have been planning for over 30 years).
I totally understand your point,but there are laws that allow for people to do just that, protect their assets from going to a nursing home.

Estate planning attorneys make a fortune establishing trusts,to help people avoid paying for future nursing home care. It's a big business.

There is something called a five year look back. After five years the trust is safe from being garnished to pay for care.After that time,a person can go to a nursing home & the taxpayers pick up the tab.The trustees are then free to inherit the contents of the estate,upon the individual's death.

It's 100% legal & people do it all the time.It's not stealing.

Another point is that there is nothing nefarious about a parent gifting a child a home or assets.This is also totally legal.The five year look back applies here too.There are even Federal gift tax forms that are completed.It's totally above board & is not stealing.

@NicksmomESQ It might be a good idea to advise posters that you are not an attorney giving this advice.

Your screen name could be misleading.
@Mersha I've been on these boards for many years. Posters know who I am. I have said my son is a lawyer. I never said I was.I referred here to attorneys & never claimed to be one. People come here for perspective not legal advice.

Many people gave their views on the OP's comment,not just me.

@NicksmomESQ I am sure some posters might not know you or your family story.

Just so posters realize they are getting a perspective and not legal advice is a good thing.