She wont see a financial planner to secure her savings and is spending her retirement quickly. She wants to give it to us should I let her?
2006-07-10 07:03:33 · 8 answers · asked by v s 1 in Business & Finance ➔ Personal Finance
If there's anything she really wants you to take, have her give it to you BEFORE she dies or there will be a big legal hassle. Especially when money's involved. The inheritance tax is ridiculous. Any personal belongings (family heirlooms, dishes, silverware, and anything else) should be just handed to you, the lawyers won't know what she had and what she didn't have.
Urge her to see a financial planner or notary though. They will help you with the bank accounts and stuff.
2006-07-10 07:07:06 · answer #1 · answered by chica_zarca 6 · 0⤊ 0⤋
I would. She wants to know she's taking care of you. You dont' hve to spend the money. My friend's mother did the same thing and he invested the money. When she needed some becusae she lived longer than she expected, my friend was able to take care of her with her own money! When she passed, he was still left with a nice inheritance.
but by the same token, my grandmother tried to give away a bunch of money before she passed and when she died, THE TIME FRAME MADE THOSE GIFTS REVERT TO HER ESTATE! There is a little known tax law which keeps a person from being able to give away their money 'in anticipation of death to avoid taxation'. It used to be 2 years. Now, I'm not sure. Please take the time to consult an attorney.
2006-07-10 14:08:20 · answer #2 · answered by Marvinator 7 · 0⤊ 0⤋
you should probably check with a lawyer.
I'm pretty sure that if she just gives you her assets, there is a gift tax due on everything over $10,000/persron. There are probably a lot of other aspects then need to looked into.
a living trust is the way to go
If she won't go to a lawyer you should. you and your wife can have him set up a living trust for yourselves at the same time
2006-07-10 14:18:05 · answer #3 · answered by yeeooow 4 · 0⤊ 0⤋
Yes this way she will have peace of mind like my grandmother, after my grandpa died, she gave her 7 kids a equal amount of money and she said here you go that's it. But I would tell your mother in law to save some of her retirement so just in case she lives longer than she expected to.
2006-07-10 14:12:14 · answer #4 · answered by Bald Eagle Lover 4 · 0⤊ 0⤋
As long as she is of sound mind let her dispose of her assets as she wishes. It can be a pain dealing with this even if there is a will involved-I've been there and I know.
2006-07-10 14:09:08 · answer #5 · answered by Maria b 6 · 0⤊ 0⤋
Your mother-in-law needs the professional help of a lawyer.
2006-07-10 14:05:49 · answer #6 · answered by silvercomet 6 · 0⤊ 1⤋
Yes. Put it into a trust to be used for her support should she not die. If she does, use the money as you please, as it was a gift from your mother inlaw to begin with, not willed!
2006-07-10 14:07:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes or if you dont want to she can trust it to me
2006-07-10 14:05:53 · answer #8 · answered by Anonymous · 0⤊ 1⤋