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Esteemed Contributor
Posts: 7,635
Registered: ‎08-19-2014

@Mersha wrote:

@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.

 

 

 


 


@Mersha  😂😂    Whatever makes you feel better.

Esteemed Contributor
Posts: 5,103
Registered: ‎05-24-2010

@Group 5 minus 1 wrote:

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.


This forum is not for advice @Group 5 minus 1 so tell your husband not to worry. We just give our opinions, and experiences here. I'm sure the OP is aware of that. 

Esteemed Contributor
Posts: 5,103
Registered: ‎05-24-2010

@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.

 

 

 

 Well said @NicksmomESQ no reasonable mind would take advice from a forum. People do come for perspective, and to hear what other posters have experienced. 

 

That is why we shouldn't say what we do for a living. Posters on this board have an interesting way of interperting what is posted.


Respected Contributor
Posts: 2,767
Registered: ‎03-11-2010

Well, @NicksmomESQ , I don’t come here every day so I was actually thinking you recently passed the state bar and I was going to congratulate you! 😆😆😆. 

 

Anyway, I agree that most of us consider these conversations to be interesting but realize it’s a shopping board, not a place for the final word on legal advice.

 

My parents signed their old farmhouse & 90 acres over to my 5 siblings and me almost 20 yrs before they passed. That was their decision and their desire. They did NOT sign over their life savings/retirement income or their annuities. The nursing home got all of that.

 

 

 

Esteemed Contributor
Posts: 7,635
Registered: ‎08-19-2014

@Kalli wrote:

Well, @NicksmomESQ , I don’t come here every day so I was actually thinking you recently passed the state bar and I was going to congratulate you! 😆😆😆. 

 

Anyway, I agree that most of us consider these conversations to be interesting but realize it’s a shopping board, not a place for the final word on legal advice.

 

My parents signed their old farmhouse & 90 acres over to my 5 siblings and me almost 20 yrs before they passed. That was their decision and their desire. They did NOT sign over their life savings/retirement income or their annuities. The nursing home got all of that.

 

 

 


 @Kalli  Well then you could have passed the state bar too for relaying your knowledge & experience! 😂😂😂

 
Everyone should be able to relate whatever information they have,WITHOUT QUALIFYING THEIR STATEMENTS WITH A DISCLAIMER. This is a message board,people share & offer perspective.Posters should know that,period. 

Respected Contributor
Posts: 4,283
Registered: ‎03-10-2010

Re: Capital Gains Taxes?

[ Edited ]

@NicksmomESQ wrote:

@Kalli wrote:

Well, @NicksmomESQ , I don’t come here every day so I was actually thinking you recently passed the state bar and I was going to congratulate you! 😆😆😆. 

 

Anyway, I agree that most of us consider these conversations to be interesting but realize it’s a shopping board, not a place for the final word on legal advice.

 

My parents signed their old farmhouse & 90 acres over to my 5 siblings and me almost 20 yrs before they passed. That was their decision and their desire. They did NOT sign over their life savings/retirement income or their annuities. The nursing home got all of that.

 

 

 


 @Kalli  Well then you could have passed the state bar too for relaying your knowledge & experience! 😂😂😂

 
Everyone should be able to relate whatever information they have,WITHOUT QUALIFYING THEIR STATEMENTS WITH A DISCLAIMER. This is a message board,people share & offer perspective.Posters should know that,period. 


 

@NicksmomESQ   I stand by my post. 

 

When a poster is offering detailed info about legal matters with a 'ESQ' after their screen name, it would have been prudent to add "I am not a lawyer" in the post.

 

Unfortunately, some might not realize it is not coming from a legitmate legal source.  It seems silly to some that posters might take it to heart but it could happen.

 

We will agree to disagree.

 

 

 

 

"Justice will not be served until those who are unaffected are as outraged as those who are." BF
Esteemed Contributor
Posts: 7,635
Registered: ‎08-19-2014

@Mersha wrote:

@NicksmomESQ wrote:

@Kalli wrote:

Well, @NicksmomESQ , I don’t come here every day so I was actually thinking you recently passed the state bar and I was going to congratulate you! 😆😆😆. 

 

Anyway, I agree that most of us consider these conversations to be interesting but realize it’s a shopping board, not a place for the final word on legal advice.

 

My parents signed their old farmhouse & 90 acres over to my 5 siblings and me almost 20 yrs before they passed. That was their decision and their desire. They did NOT sign over their life savings/retirement income or their annuities. The nursing home got all of that.

 

 

 


 @Kalli  Well then you could have passed the state bar too for relaying your knowledge & experience! 😂😂😂

 
Everyone should be able to relate whatever information they have,WITHOUT QUALIFYING THEIR STATEMENTS WITH A DISCLAIMER. This is a message board,people share & offer perspective.Posters should know that,period. 


 

@NicksmomESQ   I stand by my post. 

 

When a poster is offering detailed info about legal matters with a 'ESQ' after their screen name, it would have been prudent to add "I am not a lawyer" in the post.

 

Unfortunately, some might not realize it is not coming from a legitmate legal source.  It seems silly to some that posters might take it to heart but it could happen.

 

We will agree to disagree.

 

 

 

 


 @Mersha  Whatever 😂😂

Honored Contributor
Posts: 23,835
Registered: ‎03-10-2010

@LuvSoCal  There is nothing fair about it. 😡The issue is the average hard working American has no loop holes to use to get around taxes....thus they pay them and the rich never do. So unfair....but a fact of life.

 

I would just pay the taxes and move on....rather that feel anger and discord which makes you nothing but miserable. 

 

I suppose if our hard earned tax money was used carefully rather than squandered and wasted, it would not be such a hard pill to swallow..... like THIS:

 

Eric Rasmussen
Updated: February 25, 2022 - 11:04 AM
Published: January 20, 2022 - 8:36 PM

 

Feds: Nonprofit stole millions of tax dollars meant to feed kids during pandemic

 

A Minnesota-based nonprofit organization that was supposed to help feed underprivileged children during the COVID-19 pandemic is now under federal investigation for allegedly spending millions of dollars in public money on cars, luxury items and lakefront properties, according to search warrants obtained by 5 INVESTIGATES.

 

Federal agents seized property Thursday from several locations associated with Feeding our Future. Court records show the organization received nearly $200 million last year in Federal Child Nutrition Funds through the U.S. Department of Agriculture.

A law enforcement source confirmed to 5 INVESTIGATES that no arrests have been made but the investigation is ongoing.

Voice messages and emails to Aimee Bock, the founder and executive director of Feeding our Future, were not immediately returned. No one answered the door at Bock’s home in Rosemount or at the office of Feeding our Future in Minneapolis on Friday.

The FBI started investigating the nonprofit last May after being tipped off by the Minnesota Department of Education — which oversees the distribution of the federal funds, according to one search warrant.

 

In a statement, a spokesperson for MDE confirmed it has moved to immediately terminate any agreements and to “halt all payments to Feeding our Future.”

Court records show the state agency became concerned last year about a “massive increase” in federal funding flowing from Feeding our Future to other organizations associated with the non-profit.

 

Those organizations claimed to be feeding thousands of children a day.

The FBI then uncovered a “massive fraud scheme involving the misuse and theft of tens of millions of dollars,” according to the warrant.

 

Federal agents wrote in the warrants that the money was laundered through several companies that “used much of the funds to purchase real estate, cars and other items.”

Nearly $2 million was spent on lakefront properties in Prior Lake and additional property in Nairobi, Kenya, according to the warrants.

 

Investigators say money was also spent on a Porsche, a trip to Las Vegas, and luxury items from Gucci and Louis Vuitton.

“Little, if any, of this money was used to purchase food or provide meals to underprivileged children,” one investigator noted.

 

Kyle Loven, former Chief Division Counsel for the FBI in Minneapolis, says the investigation of Feed our Future was a “major operation” even by the Bureau’s standards.

 

“The dollars involved here, allegedly with this scheme, was quite significant,” Loven said. “To have those monies allegedly diverted from that worthy cause is especially egregious and I can’t imagine any Minnesotan or any American… can’t help but be disgusted if these allegations prove to be true.”

 

State officials claimed the suspected scheme was easier to operate because pandemic-related restrictions “interfered with the ability to oversee the program.”

“According to MDE officials, this left the program vulnerable to fraud and abuse,” the investigator added.

 

The state agency took multiple steps to verify the legitimacy of the funds awarded to Feeding our Future, according to a spokesperson and the court records.

The spokesperson insisted that the alleged fraud and the termination of MDE’s agreement with Feeding our Future do not impact the meals received by students during the school day.

 

Republican lawmakers in Minnesota, including House Minority Leader Kurt Daudt, released statements on Friday, condemning the suspected fraud alleged by the FBI.

“This is just the tip of the iceberg for fraud in federal Covid programs,” said Daudt, R-Crown. “Gov. Walz must review every state and federal dollar being distributed by his agencies.”

 

Other nonprofits that advocate for education in Minnesota say they hope the scandal involving Feeding our Future does not lead to more roadblocks for those doing legitimate work.

 

“We know kids have lost access to meals during this pandemic,” said Matt Shaver, policy director at Ed Allies. “We can’t roll back some of the programming or make the programming more difficult to run because that winds up punishing kids making it more difficult for them to access meals