dyslexia wrote:When my daughter was born I opened an account (investment) for her education. Her name at the time was the name she had been given at birth. We (her mother and I) since divorced and her name was changed. When she came of age I tried to sent her the $$$ from the account but her mother (the only address I had) refused the $ because it was a check written in her (my daughter's original name).
What a vindictive, mean old bag! Did you daughter know she did this? (She might have welcomed some $$$$ at this time in her life.)
msolga wrote:dyslexia wrote:When my daughter was born I opened an account (investment) for her education. Her name at the time was the name she had been given at birth. We (her mother and I) since divorced and her name was changed. When she came of age I tried to sent her the $$$ from the account but her mother (the only address I had) refused the $ because it was a check written in her (my daughter's original name).
What a vindictive, mean old bag! Did you daughter know she did this? (She might have welcomed some $$$$ at this time in her life.)
No idea, I've never heard from my daughter, I think she finshed he MA degree in languages (German) and married a few years later but I really don't know.
i could be mistaken, but why not just avoid inheritance taxes?
I dont know about you but i would get all my money in cash then just give it to them.
(Yes, now I recall you talking about this in another thread, dys.)
Phoenix32890 wrote:CalamityJane wrote:I'm sure there are, Phoenix - out here (southern Cal) it's almost impossible
as the demand is far greater than the supply.
I guess there is a lot to consider when getting older and not being able
to care for yourself. One thing for sure, I'll hang onto my own house until
death do us part. I will not see a nursing home other than for visiting
purposes.
C.J.- One never knows what the future will bring. Living in a senior community I see lots of people felled by one illness or another, often without warning. In fact, I run a support group for caregivers. Some of the things that I hear are pitiful.
One of the things that you might want to consider when you are in your 50s is long term care insurance. At that age, you can get a policy rather cheaply. When you are over 65, the price jumps considerably. You need to be careful, and compare policies and companies.
Some long term policies include in home care. If a person is unable to take care of himself, being able to hire help at home can help people avoid nursing homes.
Long term care is meant for the middle class. If you don't have a lot of money, you can go on Medicaid. If you have a lot of money (I have seen the figure 3 million,) you can handle your bills yourself. It's the folks in the middle for whom long term care insurance is appropriate.
Phoenix is exactly right - we are experiencing this with my grandmother. She should be in assisted care facility, however, she earns "too much money" for financial assistance, however, she doesn't earn enough to pay for it herself.
I started saving for retirement basically when I got my first full time job after college - so about 22 or 23 years old - when I was eligible for the 401k savings plan at my work.
As far as real estate planning - the "moral/legal" premise is to avoid double taxation on your earnings - not necessarily trying to "fraud" the government by having them pay for medical expenses (although there always are people to willing to take advantage of loop holes). And I agree with CJ - only some one incredibly cheap would forgo higher quality healthcare to save money - most would prefer to pay themselves rather than get the "bottom of the barrel" care.
I agree Mame that the kids should pay for their own education. And I also was and am in a similar situation/thought process as sozobe. Where we live the cost of college is getting so out of control, we decided to set up a fund for this. They will still need to pay some on their own, however, I would hate for them to be so financially strapped when they first set out that they need to live with us forever. Yep Jespah - that is what I have a 529 plan.
I started saving for retirement at age 20. My firsts deposits were $15.00 per bi-weekly paycheck. From that point on I would take half of any raise in salary I received and increase my deposits by that amount. I was still getting an increase in my take-home wages as I increased my retirements savings.
I started education savings accounts for the girls as soon as they had social security numbers (about one month old). I put monthly deposits in custodial accounts until the value reached the point that I thought would be too much to let them walk away with if they decided not to go to college. Then I started putting the deposits in a separate account in our names. These funds are still earmarked for education expenses, but there's a limit on how much I want them to have control of at age 18. K will be a senior in high school this year. Her 4-year college expenses have been estimated at $130,000. M will follow two years later. I put myself through college too, but I won't saddle them with that kind of debt.
I submitted long-term care applications last week.
OGIONIK wrote:i could be mistaken, but why not just avoid inheritance taxes?
I dont know about you but i would get all my money in cash then just give it to them.
Doing this would avoid the inheritance tax. It would however, be subject the the gift tax so you wouldn't be achieving anything. In fact, you'd probably end up paying more in taxes since estate taxes don't start until the estate is valued at $2 million whereas gift taxes start at $12K.
while canadian taxes are often higher than those in the united states , there is NO gift tax in canada ,
people are free to make monetary gifts without tax consequences for the GIVER . the recipient will have to pay taxes on any income earned (interest) on the gift received .
hbg
Mr. Noddy and I caught a certain amount of flac from the two most charming of my six stepsons. They felt that as blood kin to their father that they "deserved" an immediate inheritance from him far more than I did.
We changed our wills.
My mother owes me nothing, and more than anything in the world, I would like to see her enjoy her life to the max.
My background is rather poor, and there was no education fund or anything for me.
That's cool, as she did what she could and she did take care of me when I could not go out and do it for myself.
So no, I don't expect an inheritance, and in my case, I truly do not want one.
She can't afford it.
I'd rather she be able to afford a comfortable retirement if she so chooses, trips, comforts, some security. It's one thing to keep working in the older years because you want to, and another to work because you can't afford to stop even when you are ill.
I do believe it is a parent's responsibility to take care of themselves, though, and sort of resent (not so much anymore) my mother's care-free "think of only today" attitude.
She has no saved a drop for herself, and that is a crap inheritance! The inheritance of worrying and seeing your parent struggle.
If I have children, inheritance will be the gift of knowing they don't have to worry of caring for me! ha. Seriously.
Mame--
Sorry, but any woman who hankers after high maintainance men is a risky investment.
Gambling is gambling.
Hey, you misquoted me - I said I was done with coddling men, esp. high maintenance ones!
But that's okay, you're not in my will, either
Actually, I don't even have a will.
Mame--
I misunderstood.
Quote:Hey, you misquoted me - I said I was done with coddling men, esp. high maintenance ones!
But that's okay, you're not in my will, either
Actually, I don't even have a will.
It seemed out of character for you to follow Foxy Loxy into the bushes to allow him to have his way with out, but the heart has reasons....
Forgive my rush to judgement.
You'll outlive me by years and years, but get a will anyhow.
Yeah, I have a blank form - just have to fill it out.
I have a will and Mame is in it. Look for thirty thousand dollars to be coming your way sometime in the next seventy years, young lady.
<cackles like Walter Brennan and shuffles off, fingering the coins in his prodigious pockets>
gustav :
...fingering the coins in his prodigious pockets...
reminds me of what an old fellow jersey told me in myrtle beach some years ago .
"the people around here sure have deep pockets" ... and added after a long pause ... "and darned short arms ! "
was he talking about gus
hbg
