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Gill

For liability reasons, I’d be inclined to transfer title to your son. I’d also check with your insurance carrier as to the effect of doing this.
Gill

Gill

I still have all of my returns for the last fifty years, literally. Beat ‘cha! I have mine for the last 56 years but the supporting documents for only the last six. Gill I beat you back then. I have all supporting documents since 1970. 🙂 I had the supporting documents for many years but about five ...

Gill

Nicolas wrote: ↑Fri Apr 16, 2021 4:48 pm I still have all of my returns for the last fifty years, literally.

Beat ‘cha! I have mine for the last 56 years but the supporting documents for only the last six.
Gill

Gill

My point here is that I would not (in my mind) have one clear primary residence....I would have to choose one for practical purposes (voting, driving, taxation). Of course, given the option, I would choose FL because of the tax and estate advantage, but not out of dishonesty. MA is your current dom...

Gill

My point here is that I would not (in my mind) have one clear primary residence....I would have to choose one for practical purposes (voting, driving, taxation). Of course, given the option, I would choose FL because of the tax and estate advantage, but not out of dishonesty. ...but you need to est...

Gill

gobel wrote: ↑Thu Apr 15, 2021 1:41 pm If you filed by the Apr15 deadline in 2018, then today is the deadline to amend your 2017 taxes.

OP - Note Well! Make tracks!

Gill

Gill

Another point to consider; Are you sure of your basis? Is that after depreciation? The ones you have held for twenty years may be nearly fully depreciated.
Gill

Gill

Number one priority is to set the A/C so it runs. Also someone should check the unit to be sure it and the refrigerator is running. Pour some cooking oil into the disposal. Covering toilets with a little bleach in the water. Gill Thanks everybody for the suggestions. I understad everything except p...

Gill

If you hadn't been on Bogleheads for six years with 708 posts how would you do it? You'd write your mother a check for $15,000, perhaps get a note simply saying "I hereby agree to pay Calico $15,000 on demand with zero percent interest", she would eventually pay you and that would be the e...

Gill

Vtsax100 wrote: ↑Wed Apr 14, 2021 10:46 am You are 70 with over 4 mil. You can spend as much as you want.

Not really, with perhaps 20 to 30 years of life left.
Gill

Gill

Many people do this intentionally to increase their withholding. No harm done.
Gill

Gill

We had a refrigerator shut off thawing the frozen orange juice in the top freezer creating a huge sticky mess. Good advice about the refrigerator from other posters. Have lived in Florida 44 years and it becomes a habit to keep many things in the refrigerator just to protect them from humidity and i...

Gill

Number one priority is to set the A/C so it runs. Also someone should check the unit to be sure it and the refrigerator is running. Pour some cooking oil into the disposal. Covering toilets with a little bleach in the water.
Gill

Gill

None whatsoever.
Gill

Gill

A life estate arrangement doesn't transfer the ownership to the life tenant; it only provides the right for the life tenant to occupy the property until any number of conditions are met. So, I don't understand what you mean when you say that the ownership "reverts back" to you when the li...

Gill

Trying to determine if my Son (adult student) needs to file taxes. All his income is unearned. My tax guy says the threshold for filing income tax returns on gross income are based on proceeds, not profits. So if one sells stocks for $10,000, even if the cost basis was $9,500, his gross income is $...

Gill

.. I wonder what sort of risks there is if someone went that route for a trust that's only purpose was to hold Savings Bonds for ones own benefit :confused I don’t see any risk. Name a successor trustee in the event of disability before death and direct the trust to terminate at death and be paid t...

Gill

I don’t see any reason why you couldn’t create a simple RLT solely for the purpose of buying I Bonds and there is no need to have your checking account with the same registration. If this is the only reason for the trust the dispositive provisions can simply have the trust terminate at death and pou...

Gill

Consider a new tax guy.
Gill

Gill

Yes and yes. Both valid additions to your basis.
Gill

Gill

This is like the worst time to buy I bonds. The fixed rate is 0% with inflation on the horizon. I bonds pay off when you buy right before deflation is about to occur. I don’t follow your reasoning. What makes you think the fixed rate will change? Seems to me with inflation on the horizon it’s a goo...

Gill

Yes, you can invest in the names of your children but you have then made a gift to them and they own the bonds.
Gill

Gill

By way of example, let's assume a trust was established by the father in 1995 and has grown to $1 million. It became irrevocable in 2000 due to the death of the father. All income and principal could be used for the benefit and care of the son. The trust stipulates that at the death of the son, the...

Gill

No, I don’t see how you can’t”earn your way” out of your spending habits. More earnings it seems will only lead to more spending.
Gill

Gill

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Gill

Changing Social Security numbers on the account doesn’t accomplish a thing. You should report the income based on ownership, not Social Security numbers.
Gill

Gill

willthrill81 wrote: ↑Fri Apr 09, 2021 9:10 am This sounds like a great question for an estate attorney licensed in your state.

...actually, admitted to practice in the state of the decedent's domicile.
Gill

Gill

Seems like if you disclaim a portion of an estate but also want to direct where the disclaimed portion goes it's a round about way of making a gift. Well that is essentially what it is - a roundabout way of making a gift. My question is whether it's legal or not, assuming that Person A's children a...

Gill

Seems like if you disclaim a portion of an estate but also want to direct where the disclaimed portion goes it's a round about way of making a gift. Well that is essentially what it is - a roundabout way of making a gift. My question is whether it's legal or not, assuming that Person A's children a...

Gill

That makes sense. When they say 11.7 million per person, when would that even apply? Would both mother and father have to pass at the exact same time for that to happen? Or do the accounts have to be non-joint accounts? It would apply with the use of trusts to take advantage of each spouse's exempt...

Gill

I will give a simpler example. There is an estate with only a savings account in it. The savings account had $20,000 of interest in 2020. There is only one beneficiary to the estate. The estate had no expenses in 2020. That is one heck of a savings account. At .05% that would be a $4 million accoun...

Gill

How about if she only contributes the amount of her withholding? That would likely approximate her equitable share.
Gill

Gill

These assets are now held in the same trust although it has now become irrevocable with a new tax ID number. With a copy of the trust agreement, the death certificate and the new ID number the bank should send a check payable to your wife as trustee of the trust.
Gill

Gill

Your trust has a trustee, not an executor. Until the trust is distributed to you, it appears the trustee has the sole responsibility for managing the assets. He is taking an enormous risk having 20% of your trust in one stock.
Gill

Gill

bg5 wrote: ↑Tue Apr 06, 2021 1:10 pm My gut tells me that $50,000 annually would be living "high on the hog" assuming all debts are paid off.

You'll find there are many retirees on this board who spend that much on one category such as housing, income taxes or travel.
Gill

Gill

Am I reading incorrectly that any amount over $12,500 is taxed (in an estate) as 39.6%? The IRA has about 500k in it. The three beneficiaries most definitely do not have personal income tax rates anywhere near 39.6%. You're not digesting fully what bsteiner and AlanS have told you. Distributions fr...

Gill

You can’t encumber the property without your wife’s consent. She might not be on the note but you can’t borrow against it on your own. Appears an error on bank’s part. I have been through this dance myself. It highly depends on your local laws and how the bank choose to interpret them. If she is on...

Gill

A promise to make a gift can be an enforceable contract if there is reliance on the promise by the donee. If your church builds an addition in reliance on your promise to contribute the cost you could be liable. The same could be true for a non charitable gift.
Gill

Gill

You can’t encumber the property without your wife’s consent. She might not be on the note but you can’t borrow against it on your own. Appears an error on bank’s part.
Gill

Gill

The two times RMD's have been forgiven was after a steep decline in the market when it was felt to be unfair to require RMD's based on a much higher market the previous December 31st. The circumstances are different in 2021 and such a holiday doesn't seem likely.
Gill

Gill

If you want it to grow, put it in a stock index fund, in a retirement or taxable account. If you want to preserve and not lose much value, consider ibonds on Treasury direct. It may take a couple of years to invest it all due to annual limits. Thanks for your feedback, we are leaning towards index ...

Gill

Has anyone reviewed the trust instrument to see what is required to remove the trustee? Sometimes the services of an attorney are not even necessary.
Gill

Gill

ericsk wrote: ↑Thu Apr 01, 2021 6:46 am
How do you guys sell your stocks?

It's so infrequent I can hardly remember but it's usually selecting the highest cost shares and clicking a mouse.

Gill

Gill

cas wrote: ↑Thu Apr 01, 2021 7:54 am If there is an estate tax return, the accrued interest can be reported there.

Yes, but can't do so when the bonds bypass the estate through a POD designation.
Gill

Gill

They are essentially buying an option to buy the house at a later date and causing the property to be taken off the market. Not a very attractive deal.
Gill

Gill

What relation is the POA to your revocable trust? Perhaps you should establish a relationship with a new attorney for the ongoing administration of your trust and in the event of your death.
Gill

Gill

If you’re not willing to buy a bond fund most of us are at a loss as what to suggest unless you want to put it in equities.
Gill

Gill

clcarter wrote: ↑Tue Mar 30, 2021 7:04 pm I wonder if some with large holdings still have paper bonds or have they been confident enough to converted to electronic at Treasury Direct?

Mine are all at TreasuryDirect.
Gill

Gill

Like Mel, I made my purchases back when the limit was $30,000. Believe it or not, I purchased mine using an airline credit card and picked up free miles. That was pretty sweet. Well, I guess I’ll procrastinate and just do nothing for now. No one seems to have discovered a way to remedy the tax situ...

Gill

Yours is an extreme case. Most of those who hold savings bonds do not have to do nothing. You haven't been around this board very long but I know you would find there are many here who bought $30,000 of I-Bonds in 2000, many who bought $60,000 for a couple. Thanks for the tax advice. :happy I'm hap...

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