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Post by Catscratch on Mar 1, 2017 7:50:48 GMT -6
I think it is time we end this bullshit where father of the bride pays for weddings. I have a deal with both my girls that scholarship equals new car for them. I need one of them to come through for their old man. This is morbid but does any one factor in the demise of their in laws? Not that I completely wish for that day to come but that will be a substantial chunk. They are the type that refuses to talk about real life shit so it will probably all go to a nursing home but there is a chance for a chunk of money. Of coarse our 1/3 will probably have to go to buy out the two other sisters who will want to liquidate the land and camp ASAP. My parents and my wife's parents have both talked extensively with us about inheritance, life insurance, death benefits, who gets what, and where all the paperwork is. They are very on top of things. It's uncomfortable to talk with someone about their death and getting their stuff, but they have gone through bad situations when their parents died and have no intentions to put us through the same that they went through. They are also being very careful to make sure all siblings get what is important to them and nobody feels cheated. I'm lucky to have people around me that have others best interest at heart.
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Post by wiscwhip on Mar 1, 2017 7:53:36 GMT -6
You fellers with younger kids must have a heckuva plan for retiring early and paying college tuition(and weddings)... Yup^^^ not happening for this guy!
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Post by smsmith on Mar 1, 2017 8:00:31 GMT -6
This is morbid but does any one factor in the demise of their in laws? Nope. My guess is that they'll leave everything to their grandkids. My folks will likely use up everything they have in the nursing home. I tried to get them to start giving my late wife and I the max family gifting amount back when they were in their late 60s/early 70s. I told them I'd set up accounts for just those amounts and show them the monthly statements. The money would remain theirs and they could use it when they wanted. They didn't do that until a year or two before they had to go into assisted living. They had long term care (still do) policies and figured they were "covered". They weren't/aren't. Had they set aside a chunk of change a lot of their uncovered costs could be covered. In the end I guess it doesn't matter. The money will end up going to the facility. I count on zero coming in the form of inheritance
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Post by Catscratch on Mar 1, 2017 8:12:31 GMT -6
You fellers with younger kids must have a heckuva plan for retiring early and paying college tuition(and weddings)... Yup^^^ not happening for this guy! Yep, same here. We bought each kid had a cow when they were born. Every yr we sell their calf and put it in their account. 18 calves doesn't add up to a hell of a whole lot for a kid getting ready to go to college and marriage. We have always put some of our tax returns into the kids's accounts too. Still won't be enough.
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Post by MoBuckChaser on Mar 1, 2017 8:13:48 GMT -6
I think it is time we end this bullshit where father of the bride pays for weddings. I have a deal with both my girls that scholarship equals new car for them. I need one of them to come through for their old man. This is morbid but does any one factor in the demise of their in laws? Not that I completely wish for that day to come but that will be a substantial chunk. They are the type that refuses to talk about real life shit so it will probably all go to a nursing home but there is a chance for a chunk of money. Of coarse our 1/3 will probably have to go to buy out the two other sisters who will want to liquidate the land and camp ASAP. Demise for what? Their money? It's there fucking money, to do what they want with!
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Post by Catscratch on Mar 1, 2017 8:36:23 GMT -6
I think it is time we end this bullshit where father of the bride pays for weddings. I have a deal with both my girls that scholarship equals new car for them. I need one of them to come through for their old man. This is morbid but does any one factor in the demise of their in laws? Not that I completely wish for that day to come but that will be a substantial chunk. They are the type that refuses to talk about real life shit so it will probably all go to a nursing home but there is a chance for a chunk of money. Of coarse our 1/3 will probably have to go to buy out the two other sisters who will want to liquidate the land and camp ASAP. Demise for what? Their money? It's there fucking money, to do what they want with! Two weeks ago I told my parents the same thing. They were transferring retirement money into different accounts, working taxes, and figuring withdraws. They asked me how it could be set up for my inheritance the best. Told them to spend it! Buy stuff they want, take a vacation, stock their fish pond, whatever... If they spend $15k on a side by side UTV so that they can play on their land easier, then so be it. I won't get that $15k but I'll end up with a UTV and it's their money anyway. They don't think like that though. They saved every penny their whole life and do stuff like buy cars with cash so that they can avoid interest. They don't buy things they can't afford. And they'll be damned if they aren't leaving their family better off then they started it.
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Post by Bwoods11 on Mar 1, 2017 9:21:30 GMT -6
Inheritance is a "touchy" subject. I see families (kids) that never talk to each other ever again because of how the money is structured at death. Sad. Farms in general, are very difficult to split, I think farmers are getting better at it. Used to be the oldest boy would get everything, now most of the farmers try to split it up equally, daughters will often rent the land to the brothers...some structure it with life insurance etc...
One thing I have found is farmers that sell out, often regret it, they pay high capital gains and then regret not just renting the land when they retire.
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Post by nhmountains on Mar 1, 2017 9:27:53 GMT -6
This is morbid but does any one factor in the demise of their in laws? Nope. My guess is that they'll leave everything to their grandkids. My folks will likely use up everything they have in the nursing home. I tried to get them to start giving my late wife and I the max family gifting amount back when they were in their late 60s/early 70s. I told them I'd set up accounts for just those amounts and show them the monthly statements. The money would remain theirs and they could use it when they wanted. They didn't do that until a year or two before they had to go into assisted living. They had long term care (still do) policies and figured they were "covered". They weren't/aren't. Had they set aside a chunk of change a lot of their uncovered costs could be covered. In the end I guess it doesn't matter. The money will end up going to the facility. I count on zero coming in the form of inheritance My inlaws had it all set up and then my mother inlaw passed. The new stepmother made him sign everything back over to them so there's no protection now. They're both 88 so something's going to happen. Her kids have nothing to do with her now. I'm guessing they'll be around later.
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Post by MoBuckChaser on Mar 1, 2017 9:31:27 GMT -6
Inheritance is a "touchy" subject. I see families (kids) that never talk to each other ever again because of how the money is structured at death. Sad. Farms in general, are very difficult to split, I think farmers are getting better at it. Used to be the oldest boy would get everything, now most of the farmers try to split it up equally, daughters will often rent the land to the brothers...some structure it with life insurance etc... One thing I have found is farmers that sell out, often regret it, they pay high capital gains and then regret not just renting the land when they retire.If they regret it, its their own fault, because they could always buy the land back! 10% long term capitol gains taxes isnt that bad for the amount of appreciated value they received over 40 years!
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Post by smsmith on Mar 1, 2017 9:33:09 GMT -6
Nope. My guess is that they'll leave everything to their grandkids. My folks will likely use up everything they have in the nursing home. I tried to get them to start giving my late wife and I the max family gifting amount back when they were in their late 60s/early 70s. I told them I'd set up accounts for just those amounts and show them the monthly statements. The money would remain theirs and they could use it when they wanted. They didn't do that until a year or two before they had to go into assisted living. They had long term care (still do) policies and figured they were "covered". They weren't/aren't. Had they set aside a chunk of change a lot of their uncovered costs could be covered. In the end I guess it doesn't matter. The money will end up going to the facility. I count on zero coming in the form of inheritance My inlaws had it all set up and then my mother inlaw passed. The new stepmother made him sign everything back over to them so there's no protection now. They're both 88 so something's going to happen. Her kids have nothing to do with her now. I'm guessing they'll be around later. I'm guessing you're right. One big reason my wife and I met with an attorney and got our affairs in order was "problematic individuals" within each of our families. We wanted to make sure what we have goes to who we want it to go to with as few problems as possible.
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Post by Freeborn on Mar 1, 2017 9:33:58 GMT -6
Nope. My guess is that they'll leave everything to their grandkids. My folks will likely use up everything they have in the nursing home. I tried to get them to start giving my late wife and I the max family gifting amount back when they were in their late 60s/early 70s. I told them I'd set up accounts for just those amounts and show them the monthly statements. The money would remain theirs and they could use it when they wanted. They didn't do that until a year or two before they had to go into assisted living. They had long term care (still do) policies and figured they were "covered". They weren't/aren't. Had they set aside a chunk of change a lot of their uncovered costs could be covered. In the end I guess it doesn't matter. The money will end up going to the facility. I count on zero coming in the form of inheritance My inlaws had it all set up and then my mother inlaw passed. The new stepmother made him sign everything back over to them so there's no protection now. They're both 88 so something's going to happen. Her kids have nothing to do with her now. I'm guessing they'll be around later. That's not a good situation. Does the new step-mom have kids. Unfortunately my wife's side of the family saw this with their grandparents. There are still gold-diggers around.
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Post by Freeborn on Mar 1, 2017 9:38:09 GMT -6
Inheritance is a "touchy" subject. I see families (kids) that never talk to each other ever again because of how the money is structured at death. Sad. Farms in general, are very difficult to split, I think farmers are getting better at it. Used to be the oldest boy would get everything, now most of the farmers try to split it up equally, daughters will often rent the land to the brothers...some structure it with life insurance etc... One thing I have found is farmers that sell out, often regret it, they pay high capital gains and then regret not just renting the land when they retire. I have talked to my farm neighbor who owns about 2000 acres and renting is what he plans to do. He basically said he is dyeing on his place. His farm was his grandfathers and then fathers and both lived on it until they died. He though had three daughters and none of them want the farm.
He does have a 20 acre piece (not irrigated) he knows I want so I'm hoping he will sell that.
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Post by Bwoods11 on Mar 1, 2017 9:44:02 GMT -6
Inheritance is a "touchy" subject. I see families (kids) that never talk to each other ever again because of how the money is structured at death. Sad. Farms in general, are very difficult to split, I think farmers are getting better at it. Used to be the oldest boy would get everything, now most of the farmers try to split it up equally, daughters will often rent the land to the brothers...some structure it with life insurance etc... One thing I have found is farmers that sell out, often regret it, they pay high capital gains and then regret not just renting the land when they retire.If they regret it, its their own fault, because they could always buy the land back! 10% long term capitol gains taxes isnt that bad for the amount of appreciated value they received over 40 years! They can't buy it back because the new owners will not sell. In one case the farmer sold for $1800 acre, and it is now worth $4500 acre. He could have rented the 320 acres x $150 acre and had $48,000 in income each year and no capitol gain, and kept an asset that almost tripled in value after he sold it.
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Post by MoBuckChaser on Mar 1, 2017 9:48:13 GMT -6
If they regret it, its their own fault, because they could always buy the land back! 10% long term capitol gains taxes isnt that bad for the amount of appreciated value they received over 40 years! They can't buy it back because the new owners will not sell. In one case the farmer sold for $1800 acre, and it is now worth $4500 acre. He could have rented the 320 acres x $150 acre and had $48,000 in income each year and no capitol gain, and kept an asset that almost tripled in value after he sold it. Sorry, let me change my statement. They can buy all the land they want back, whether its the stuff they sold or not!
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Post by Foggy on Mar 1, 2017 11:21:11 GMT -6
Stu......could your folks still gift to you (each, up to the maximum, and to your current wife) each year......and it would not affect you at their passing? I think there is nothing to prevent you from receiving gifts right now. Am I wrong? I'd ask a tax accountant or attorney on this.
Of course.....THEY have to want to do that.
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