Ask MetaFilter posts tagged with inheritance

Can I opt out of income taxes on inherited retirement benefits?

xanthippe — Tue, 22 Jul 2008 23:01:02 -0800

Can I opt out of paying income taxes on inherited retirement benefits in the USA? I won't be filing a tax return, anyway. I am a beneficiary of my deceased mother's state retirement plan. I have been given the option to either roll the amount over into an IRA (which I don't want) or take a direct payment, which appears to be subject to a 30% tax: 20% is automatic, and the other 10% appears to be related to electing not to put the money into an IRA.

If I choose a direct payment, the forms give me the following options:

A) "10% federal income tax withholding from any taxable portion of the accumulated account"; or

B) "no federal income tax withholding from any taxable portion of the accumulated acount"; option B continues, "If you request no withholding, you may still be responsible for payment of federal income tax on the taxable portion of your distribution. You may also be subject to tax penalties if your total estimated tax payments and withholding are not adequate to cover your tax liability."

Firstly, could someone please clarify the meaning of option B? I assume it means opting out of an automatic tax payment and agreeing to voluntarily pay it on my next federal income tax. However, I have been living outside of the USA and not filing tax returns for several years, and I intend to continue doing so. I am specifically confused about the ramifications of the last sentence considering, as far as the IRS is concerned, I will not have any income this year.

My real question is therefore: What, if any, consequences will I face if I simply take the maximum amount in cash and do not later declare it as income? If there is a penalty for this, is it subject to a statue of limitations? In other words, is this an easy way out or a really bad idea? I intend to remain invisible to the IRS for the forseeable future; will this ruin my plan?

Lastly, given that I am unlikely to ever live or retire in the USA, is there any other reason, specifically relating to taxes or avoiding such, that I should choose the IRA rollover option instead of a direct payment?

Thanks for any advise. I know I should see a financial advisor/accountant but I currently have major logistical obstacles in this regard.

Liquidating an estate in the USA... in today's economy. Shouldn't we just wait a while?

Anonymous — Sat, 21 Jun 2008 07:33:00 -0800

How should we handle liquidating assets in an estate in the USA right now? Assets consist primarily of a stock portfolio and a house. My father recently passed away, leaving behind an investment portfolio worth about $650,000 and a house valued at $300,000. This will be split 6 ways; four of the inheritors have expressed a preference to liquidate everything straightaway and wash their hands of it.

Aside from the emotional issues the other 2 inheritors have with rushing into this, we are wondering financially what is the best way to handle this given today's market conditions. My understanding is that housing prices are very low, and we can all see what's happening with the stock market. My first reaction is that now is an extremely bad time to be liquidating any assets from a strictly economical perspective; this view is what I am asking for your feedback on.

None of us are very experienced in financial matters; we plan on searching for a financial advisor next business week, but in the meantime I would appreciate any informed advice about how we can best retain the value of these assets as we decide how to handle the estate.

Specifically:

1) Should we sell the house now and take what we can get, or is it likely that we could get more value from holding on to it for a year or so and possibly trying to rent it in the meantime? I think that there are two factors that would contribute to the house being sold under value: today's market conditions, and the desire on the part of the executor of the will to sell the house as quickly as possible regardless of any loss. At least one of these seems avoidable, but if the market is expected to worsen, it would be an advantage to sell it now. No one plans to live in the house, but there are local family members who have offered to help with its care and administration if needed.

2) Same as above for stocks; I have not yet seen the contents of the portfolio, but am inclined to believe that after the November elections, there is a good chance the economy will be positively affected. We also know that the portfolio consisted of low-risk stocks aimed more at stability and long-term returns. Should we wait and see, for this or any other reasons, or should we cash it in now in case things get even worse?

3) The biggest concern: what happens if the 6 beneficiaries disagree on the questions above? One of the four who wants to eat the whole cake now will have power of attorney by Monday. If the two of us strongly disagree with his opinions on how to handle the assets, what happens?

More important background: the 4 who want to take the money and run are all 40-something homeowners who are married with 2 or 3 kids apiece, have Masters degrees, are stably employed in long-term careers, and generally already have all the security they could ask for as far as I know. We (the other two) are in our early twenties, have bachelor's degrees, are employed but with very modest salaries, and are unmarried. I think these differences are serious and, without being selfish, I feel that given that they have so much more security, our needs for the near future should be prioritized. The people who left this inheritance were there to support them when they were our age, and we no longer have any sort of safety net. Side question: is this incredibly selfish of me? I realize that they are probably looking forward to using their share towards their children's college tuition and their retirement funds, but the fact is that a few thousand dollars lost by liquidating sooner than necessary could mean a lot more to the younger beneficiaries. We are not sure why they want to rush into liquidating everything immediately when none of them have any immediate need for large sums of cash that we know of, and certainly no one was anticipating this to happen now.

Again, we will look for a financial advisor and are going to speak with some attorneys in our local network as well, but appreciate your advice in the meantime.

Oh the joys of family

Sufi — Thu, 12 Jun 2008 18:01:07 -0800

Inheritance issues. Grandparent passed leaving money to my dead mother. Auntie wants to keep mother's share. My grandfather passed away and left my mother with an inheritance. Mother passed away several months before grandfather, but the will was not updated. Aunt #1 wants me to have my mother's share, but aunt #2 is trying to keep it. I will be speaking with a lawyer next week, but I'd like some advice from the hivemind before I go.

Does anyone have any experience with this situation? Does aunt #2 even have a legal leg to stand on?

How can I sell a collection of gemstones?

wingless_angel — Fri, 30 May 2008 00:46:14 -0800

My husband inherited his late father's gemstone collection 6 years ago, and we want to know how to sell it. Thousands of rocks and stones are in the collection, some valuable, some not. Some are labelled, some not. Should we ask/pay for an appraiser to come to the house and take a look? Where would I find an appraiser? Can we sell them as a job lot? I'm worried about getting ripped off since we have no skills in this trade ourselves. How hard would it be to sell individual pieces on eBay? (We're in Australia).

This collection could potentially be a down payment on a house for us, so if we are going to sell it, we want to do it right.

How to report tax info I don't have?

daisyace — Thu, 10 Apr 2008 13:48:20 -0800

What date acquired and cost basis should I put for two items reported on a 1099-B, when there are several unknowns? I have this on a 1099-B:
10/26/07.......Avaya cash merger at $17.50 per.......quant:16.......box 2: $280.00
4/5/07..........LSI corp cash in lieu............................................box 2: $7.94

These companies came from Lucent, which my grandmother gave me years ago, before she died, and I don't know what to put for date acquired and for cost basis.

For date acquired:
- 1947 is when my grandmother's husband bought att, which both of the above eventually came from.
- 1958 is when my grandmother's husband died. I don't know whether he gave Grandma att before he died, or whether she inherited it.
- Roughly late 90's is when Grandma gave me Lucent, which had come from att.
- 12/1/06 is the date that Avaya spun off Lucent.
- 10/26/07 and 4/5/07 are the dates of the reported events on the 1099-B.

For cost basis, I know that the basis of a gift is the giver's basis. But I
don't know:
- what Grandma or her husband's basis was, and which of those is relevant.
- what percent of the investment that had that basis they gave to me.
- what percent of what they gave me became the two companies in question.

If it matters, my mom thinks that when I was given Lucent, it was worth
about $25 per share, and $9500 all together. Now, all the parts taken together are worth much, much less.

I know that, to be safest, I could treat the entire $287.94 as capital gains even though they may actually be losses. This would cost me $75 in Federal tax, I'm not sure how much in state tax, plus the value of whatever loss I could have written off against other gains. I could try to find a tax advisor to help, but I suspect that would cost more than I'd save (plus, at this time of year, it would be a challenge to find one). I've tried the IRS help line and the investment firm where these are now held, but I reached dead ends because of the information I'm missing.

Money and mental illness

Anonymous — Wed, 02 Apr 2008 20:34:29 -0800

How to manage an inheritance when we don' t know how responsible the person (now 18) will be? My daughter just turned 18. For the past two years, she has really struggled with major depression (include bad voices in her head at times), PTSD and some borderline characteristics. Generally she doesn't spend much money even if she has it but she has moments of being very impulsive.

My father is planning to leave each of my kids (there is an older brother) about $150,000 in his will. He is asking me for advice on what he should do for my daughter. I'm hoping that by the time he passes on (he is 77), she will have mostly recovered and be functioning well but at this point I have no idea if she will turn into a responsible adult (and able to deal with any remaining challenges from her mental illness) or not. In other words, by the time she is 25, there is a reasonable chance she will be able to handle the money. But there is also a real chance that she won't.

At the same time, my father doesn't want to do anything more complicated/expensive than necessary. Any advice?

Also, any advice on the equity issue of whether we need to do the same for her brother (who is 3 years older and extremely responsible with his money)

You can also contact me at need_advice1@yahoo.com

a slow moving train wreck.

jlowen — Tue, 25 Mar 2008 09:52:21 -0800

My grandfather recently passed and left me as the co-owner of a house with my VERY irresponsible uncle. How can I protect myself from liability and how do / should I attempt to save my uncle from himself? What kind of professional should I talk to? My grandpa still owns the house that he grew up in(in addition to his primary residence). This house is set to be split two ways between myself and one of my uncles who has lived in the house for several years rent free. My uncle is chronically irresponsible and despite living off government checks which total a large monthly sum ($3,500 ish) he was a huge financial and psychological drain on my grandfather. Long story short my grandparents when they were alive was the only thing standing between my uncle and ruin. Perfect example of his behavior: Yesterday he went to his bank and pulled out $1900. The next morning he was asking for money to fix a flat tire from family. It appears that he spent a very large portion of the $1900 on lottery tickets.

I am scared that I now am co-owner of a house with him. I am concerned that he will not make all the utility / insurance / tax payments to maintain the property. Nor do I want this property to become a financial drain on me since I dont live there. Furthermore I am concerned that he will not maintain the property and fear that in the event of some visitor getting injured that I may be held legally liable.

My uncle has expressed interest in selling the property and taking his half and moving somewhere else. While this would let me off the hook I KNOW that my uncle would end up homeless in a year without the free rent of his current situation. Then I KNOW he would start asking me for money.

Do I consent to the sale and let him ruin himself? Or do I hold out and maintain the liability of the house just for his own good?

Finally when the time comes that he hits me up for money, what kind of formal legal relationship can I set up so that instead of giving him any of my money I just help him manage his? Do I need to consult a lawyer, accountant, or some other professional?

Do I risk it?

Anonymous — Sun, 16 Mar 2008 18:12:14 -0800

I'm receiving a sizable inheritance in the form of stock from a deceased relative. However, there's fairly good evidence that the person who's managed the relative's affairs all these years (due to this relative being incapable of managing their own affairs) has intentionally sold a vast majority of that stock because they didn't want to draw down their own inheritance. If I contest this, though, there's a clause in the will that cuts my inheritance to $1. Do I take the stock that's offered me, or should I risk it on recovering the rest? I'm looking at a large inheritance from a relative who has passed away, let's say $X. But based on conversations with accountants involved with the estate (and some independent advisors), I'm probably looking at receiving more than three times $X that if I can prove malfeasance. And there are tell-tale signs of malfeasance.

The relative had substantial holdings in two companies. I was to receive Y number of shares in company #1. At the time of the will's writing 20 years ago, company #1 and company #2 were about equally represented in the portfolio. A quick glance at the current balance sheet for the estate shows that there are many, many more shares in company #2 than company #1 -- and company #2 is much more valuable per share than company #1 (and has consistently been so). Company #1 stock was apparently sold off over the years while company #2 stock wasn't. The person managing the affairs of the relative (he/she had power of attorney) is listed in the will as receiving the stock in company #2 but none of company #1.

In addition, both stocks paid large dividends, to the point that a person could live very comfortably on just the dividends -- there is little reason for anyone to be selling that much stock to take care of expenses.

The person who had power of attorney over the relative's assets had prior knowledge of the will, and these financial decisions look quite suspicious. This person is also the executor of the will.

There are other signs of malfeasance there as well. We think a forensic audit should be able to build a solid case. But once we move beyond the forensic audit, then we're contesting the will. There's a clause in the will that states any heir who contests the will shall receive $1. If the case went to trial and I won, the ruling would supersede that clause. But if I lose, I lose the original $X.

These numbers are huge for me. I didn't expect to inherit anything from the relative, and now I'm looking at substantial sums of money. I'm not sure what to do. My significant other thinks I should take $X because we would be debt-free, we could build a decent nest egg, and we could have it sooner rather than later -- due to the structure of the estate the stock will not need to be probated. (And honestly, our debts are becoming an increasing drag on our bottom line.)

Others close to me think I should pursue the case and go for the $3X, even though I may be looking at years going in and out of court. The lawyers I've talked to have all said it smells fishy and think there's a case here (and they'd take it on contingency.) I'm just still in shock I'm getting anything. $X is a large amount of money; $3X would satisfy every one of my long-term financial goals. But still, even with the initial evidence, I don't know if it's worth giving up $X to try for $3X.

Should I take $X and walk away, or should I risk $X and sue for the $3X I should be receiving? Lawyer up or cut my losses?

How to avoid losing most of my inheritance to Uncle Sam?

Grither — Tue, 26 Feb 2008 10:00:39 -0800

How do I get money (30,000 Euro/$50,000) from Europe to the United States with the least amount of pain? My mother used some money from my grandmother (to be a sort of inheritance for me) to buy a house in France, and she has now sold the house, and wants to give the money to me to do with as I please. We are trying to figure out the best way to get this money to me from Europe without giving most of it to Uncle Sam. It seems like she can gift $12,000USD to me each year without any tax implications for her, but will I get taxed on that? And is there anyway of doing the whole amount in one fell swoop without losing most of the money to taxes?

I have gone through previous questions, and I do not want advice on what to do with the money, as that has been answered many times, I am just looking for some help, ideas, info on how to get the money into the country. Should I be talking to a financial planner, lawyer, or accountant on how to accomplish this, or should I just try to get the money over here without any counsel, and just figure out the tax implications on my own?

Seeking Title/Author of Certain Unceasingly Loathsome Literatary Work

vanoakenfold — Thu, 21 Feb 2008 18:56:50 -0800

I'm looking for the title and author of a certain North American Literature work with only a few details. I read it in a class called "American Realism and Naturalism" and it (the book) was dreadfully and woefully boring/hideous -- and that's coming from an English grad. The only clues I can offer of the work is that it is generall about a "nouveaux riche" gentleman (newly rich) who has acquired an impressive sum of wealth through a relative's estate that was built upon the paint industry -- perhaps from a parcel of land that had the necessary mineral properties from which to mine the substance foremostly used in paint, or whatnot.

The book is basically about the main character's misadventures in dealing with rich society from an outsider's perspective and having to attend balls, etc. It's set in the 1800s-early 1900s (horse-and-carriage days) in America. I'd likely recognize the author, but have somehow successfully repressed any other details from active memory.

How to keep crazy Mom's prying fingers off some assets?

gnomicPerfect — Wed, 30 Jan 2008 19:39:56 -0800

Disentanglement filter: My girlfriend has an inheritence, which is currently in the form of a stock portfolio which in her name, but her mom's name is also on it since she was under 18 when she got the inheritance (she is 21 now). Her mom is less than reasonable, and makes threats regarding said assets, so how can she (my gf) get the stuff to just be in her name, and keep the assets safe from her mom's prying fingers? Additional info: This is in the USA, in Florida, the value of the assets is ~$30K, we aren't entirely opposed to the possibility of a legal remedy, but aren't even sure how to go about such a thing. Anyone with experience in such things have any ideas about how to go about this process? Surely this isn't too uncommon an issue....?

Inheriting $25,000...

Anonymous — Sat, 26 Jan 2008 12:24:17 -0800

A family friend recently died and left me and my sister $25,000 each. Now what? Seems like we should hire professional help, but what sort of help (specifically)? Lawyer? Financial planner? Tax attorney? What?

(In terms of my current financial situation, I paid off my credit cards last year, and am planning on putting some of this money into a Roth IRA, and the rest to pay for living expenses over the next couple of years of my master's degree. If there's some way I can avoid giving much of the money to Uncle Sam, that'd be swell.)

Help me figure out if there's any way to claim a deceased family member's unclaimed property

mintchip — Sun, 20 Jan 2008 18:22:38 -0800

Help me figure out if there's any way to claim a deceased family member's unclaimed property My father (who was estranged from the family for a while) is deceased.

He had funds in a bank account at the time of his death, which was almost a decade ago. Internet searches revealed the dollar amount for his unclaimed funds. After talking to family members, I was able to get the name and account number at the bank where the funds were. In fact, I have the unused checks from this account.

Problem is, the bank where the funds were held no longer exists...it was bought and absorbed by a larger bank several years ago. Calls to the new bank yielded no information as the account number is no longer valid. I believe I can pursue the matter with the state where my father lived, but I believe I need the death certificate and this is long lost. I don't know how to get a new death certificate issued.

Do any of you have enough knowledge to walk me through the process for tracking down and claiming this unclaimed property? The dollar amount is not huge, but it's large enough that I think it's worth pursuing. Not only that, this is all that I have of my father, and I'd like to think this would be a gift that he'd be giving me all these years later. (I've talked to my other family members. Since they are quite comfortable financially they have said that they are not interested in pursuing this matter and are happy to let me have the money, if I am able to claim it. They have agreed to sign any necessary paperwork, etc.)

Time is of the essence because I believe it's nearing the time limit for unclaimed property.

What to do with all that money?

Anonymous — Mon, 14 Jan 2008 15:41:00 -0800

I will soon receive an inheritance of about $100,000-$150,000 (numbers are vague right now). I'm looking for tips and advice for managing that money. I have talked with a financial advisor from one of the major firms about this and they would be happy to help me with my money at the rate of 4.5% per year. Frankly, I view that as extortionary. I even remember once hearing advice that said to not pay more than 1% in fees. This sounds reasonable to me. My current IRAs and other means of saving that do charge, charge less than 1%. I doubt it's 1/5th of a percent. I'm pretty sharp and generally good with money. I think that with the right research, and proper dedication, I can manage this money myself and save scads of fees.

Ideas so far:
1. I have a small amount of debt that I want to pay off immediately. Less than 10K.
2. I have a 13-year-old daughter for whom I want to sock aside somewhere between 20-30K for college. This is very important to me.
3. My mortgage is split 80/15 (the 15 being about $23K). I am toying with the idea of paying off the 15%. The interest on that portion is 8.25%.

For what it's worth, I am a late-thirties male with decent (not great) income and a proven ability to live frugally when I set my mind to it. I have no car payment. Only regular payments are child support, house, utilities, subscriptions etc. Currently, I am paying towards that small amount of debt on a monthly basis.

I need help on figuring out how to manage the rest of the money and my future money since I will ideally be out of debt aside from the mortgage. So, pointers, advice, tips, reading material, ideas, what have you?

email can be sent to AnonyMeFimomoney (at) sbcglobal.net

What to do when a parent squanders inheritance designated for both of you?

Anonymous — Mon, 24 Dec 2007 06:27:09 -0800

Inheritance question: what can you do when a parent backs away from a signed agreement to distribute funds? Background:
My grandmother passed in June; I was a lot more devastated about that than I was worried about inheritance. But I knew what was coming, and my father had for a year before she died made clear how he'd split the funds: 200k for him, 150k for me. Her will made it clear that her grandchildren receive funds, but was not explicit because when it was written she wasn't aware of the exact numbers. So, throughout the process, my father committed time and time again to that split, and in August the first 100k came, which helped me buy a house. The remaining 50k would arrive once bank accounts were closed out, etc.

As a part of the mortgage, the bank requested a signed document from my father indicating the split, and since my credit was absolutely abysmal, the 150 number was critically important to the underwriters so I could pay off debts. He signed it, and has repeatedly been reminded by myself and my uncle [executor] of how to make the split, since he's an alcoholic and appears to be aloof most of the time. The reminders were needed because there was no way to avoid the checks being made out to him, and it was his responsibility that he distribute as agreed.

Well, yesterday he said the checks were coming, and that he'd give me 1k. When I asked about the timing of the remainder, he scoffed and said I was daydreaming. He said he'd never said anything of the sort and that he needed it all for his retirement (he wants to retire to the Bahamas and is already getting a huge package from his company). I told him about the agreement he signed and he blew it off and hung up on me.

My family has documented that he twice has absorbed inheritance from other relatives designated to me, both of which were before I was 18 and of which no traces were left behind. Now, I'm in my 30somethings and despite the rough past we've had we have a decent relationship. My grandmother and I were very close and she made it clear that I was to be included. This certainly confounds things.

I don't know what to do... I've called my uncle, and most of the time there is no way to reason with my father. My uncle is aligned toward me since he knows about my father's past squandering and, of course, the drinking. His alcoholism ensures that he lives in a tightly controlled reality bubble and he's famously dissociative. Do I get a lawyer (ugly option)? Do I try to reason with him in person with my uncle there?

Because of the withholding, I'm beginning to tank financially. I can't afford my car payments and mortgage together, and with student loans looming and lots of medical debt, this new twist is scaring the bejeezus out of me.

Thanks in advance for your help; I can be reached at anonymous.mofo@gmail.com for follow up.

Money for nothing

raider — Sat, 15 Dec 2007 23:46:20 -0800

I owe about $40K and just inherited $20K. Invest or pay down debt? I realize many variations of this question have been posted before; I hope this is sufficiently unique.

I'm in Canada and 35 years old. Married a few years ago. The wife has had bad luck with employment and neither of us are great with money management. I seem to be just good enough with money to make creditors love me.

We've (I've) amassed a $40k debt in about five years. Two credit cards at 20% interest and a line of credit at 9%.

Recently Mrs. Raider rebounded from a layoff by getting a good and stable new job, making around 42k. I make about the same in a stable job with a company car.

So we're in a position to attack the spiralling, suffocating debt. But doing so against huge interest would be a looooong battle. I have looked into credit relief companies and the numbers are enticing but the downside is a credit rating of "fuck you"

I requested my credit rating from two companies and it is pristine right now.

So...

1. I would love to consolidate debts at a lower interest rate but that was my reason for getting the line of credit at the bank years ago. While I believe a 20k increase would be mutually beneficial, I understand that such a request might be rejected and any rejected credit request leaves a nasty scar. So I'm paranoid about asking for credit in case it affects my credit.

2. I just got a Christmas card with a cheque for $20k. An early inheritance.

I do have an active RRSP (worth about 10k five years ago... for all I know it could be worthless now or maybe I'm rich)

So, what to do? Logic seems to dictate I throw the money at debt. But maybe with discipline it could be invested and we deal with the debts responsibly.

I'm sure I'm not the first to have faced this situation. Advice?

Declaring Next of Kin?

voidcontext — Wed, 12 Dec 2007 16:31:02 -0800

Is it possible to legally declare someone your next of kin or the equivalent? I know that you can make a will for estates, and medical care proxies and the like, but next of kin make decisions about funeral arrangements and other issues and I'm not sure how to go about covering all the miscellaneous bases out there. I'm in the US/NYS, gathering info before talking to a lawyer about specifics.

Inheritance and gifting

Anonymous — Sun, 19 Aug 2007 15:56:50 -0800

How do I handle inheritance by proxy? It will actually be a gift from a parent out of the inheritance from a grandparent. My paternal grandmother is in her late 80's and things are starting to go wrong with her health. My grandfather died 15 years ago. They were great savers and investors and last year she sold their little paid off home for a half-mil. So the estate is sizable but not gigantic (and will be assuming she doesn't have to use it for extended assisted living care).

So my dad calls me up and in the course of discussing her condition tells me that he'll be getting 6-figures from the estate and intends to give me a small chunk of that. This money will essentially be a gift to me from my dad, not inheritance from my grandmother. I can't really have my grandmother leave me the money directly; while we're not exactly estranged we're not exactly close, either (a disagreement on religion). I will be seeing her next month but I'm not about to start talking about her will.

So let's say my dad will be giving me 30k or so. I know there are tax implications for any gift over $10-12k. What is the best way to handle this? I'd really like to get this money because it will make me debt free except for my house, something I've been working towards for years.

1. Should I have my dad hang onto it and invest it to add to my inheritance from him? I'd rather be debt free now.

2. Should I have him put the bulk of it in an ING savings account dole it out to me annually? I could stand to be debt free in three years.

3. Do I have him "loan" it to me and just not pay it back? I figure this one is legally dangerous. If I did that, what happens when he passes? Do I owe his estate or can I have him specify that they loan is forgiven upon his death?

Any feedback is welcome unless you want to comment on how emotionally cold this all seems. Spare me those comments. I had enough of an emotional rollercoaster when my maternal grandmother died last May.

Mom's estate – equisearch.net found an asset but wants 35%. Alternatives?

phildog — Wed, 01 Aug 2007 07:25:32 -0800

My mother passed away in 2003 and 3 of us siblings split the estate. Fast forward to 2007, when we are contacted by EquiSearch.net, who claims there is over $2,500 in unclaimed assets in mom’s name. EquiSearch, of course, would be thrilled to help us get this money but will take 35% of the proceeds for their trouble. How can we find this asset ourselves? We aren't aware of any stock, insurance, bank, or other accounts but apparently there was one. If there is an option that doesn't require the huge percentage fee (like a flat rate fee from another company) what is it? I would strongly prefer to avoid doing business with EquiSearch. Thanks for your help!

Won't you help me with my Teddy Bear

jadepearl — Tue, 24 Jul 2007 13:17:14 -0800

Calling all aunts, uncles and parents: Need recommendations on teddy bears that can handle a LOT of love from a child and can be passed on later to the next generation Thanks to the green I found someone to repair the husband's childhood bear, which will be given to one child to love, however that leaves child 2 and potentially 3 nothing to love and give their children. So recommendations on finding a bear that can be loved a lot; be repairable and made of very good materials that can endure. If you have other "lovies" to suggest that would be fine as long as they fit the criteria. Thanks all.

One Vacation Home and Several Siblings: Possible to equitably and openly?

notyou — Tue, 17 Apr 2007 11:13:36 -0800

My wife and her three siblings have decided to re-invest the money they have received from the sale of their deceased mother's stake in a Cancun vacation home. They want to purchase another vacation home with the money. Together. The money's on the way and the first order of business is finding a place to park it. The plan was to deposit it into a savings account jointly controlled by the four of them (so nobody feels left out) while they worked out other details (like, which Big Bear, CA cabin to buy). But after a morning's search, it appears that most savings institutions don't allow more than two account holders on an account. Suddenly this simple idea started to look a lot more complicated.

So. Who has experience with one-vacation-home-shared-among-several-siblings? After the savings account situation is settled (which ought to be an easy one!), what other hurdles should my wife and her siblings be wary of?

How to keep inheritance fair?

tristeza — Fri, 06 Apr 2007 14:02:46 -0800

Please help me make a proposal to my family about the fate of my parents’ home that is equitable and reasonable and doesn’t make me seem like a greedy jerkface. My parents own a (kind of junky) condo in a very expensive town. They paid an incredibly low price for it, let’s say $150,000. Its market value right now, with no improvements, is about $300,000. With improvements it could sell for maybe $400,000.

This condo is the only asset my parents have, and makes up the entirety of their “estate.” No one wants it to leave the family in the foreseeable future.

My folks are moving to Florida and are considering selling the condo to my brother (who would live there) for something less than market value, and using that money to buy a place in FL. I cannot afford to “go in” with my brother to purchase it with him. It would be 100% his.

My interpretation of this is that if this happens, I am out any inheritance I might have had, and any possible profit I could have made on the place if my brother and I were co-owners and sold it at some point.

So, my question is this: what sort of compromise could I propose to my family? How could there be a share between the 3 parties that gives my parents some $ to move, gives my brother a place to live and some equity, keeps the home in the family, and doesn’t leave me totally out in the cold? Is this impossible?

Thanks, all.

How do I find a gay financial planner who is in Manhattan, has inheritance, tax, and foreign country experience, and speaks Spanish?

Anonymous — Fri, 02 Mar 2007 18:53:03 -0800

How do I find a gay financial planner who is in (or accessible to) Manhattan (NYC), has inheritance, tax, and foreign country experience, and speaks Spanish? I am looking for a financial planner who can advise me on what direction to take with a trust our father left us. My sister wants to dissolve it. The trustee is agreeable. Ideally, I would like to find someone who has a background with such inheritance issues, is in Manhattan, and is gay or "gay-friendly."

It is not a great deal of money (a few hundred-thousand) but, as I have gone back to school (I am in my mid-40s) it is my only source of income, aside from my savings and (god forbid) my 401k, so I want to ensure this is done properly and does not create any (unnecessary) costs for us.

I would be more comfortable speaking with someone gay. Feel free to debate this if you like; you would be in good company with some of my friends. For me, it's a cultural issue, but I also believe in supporting my community (though not at the risk of bad advice or planning.) Additionally, I would like someone who is familiar with tax and inheritance matters in Central America, as we will have issues there at some point as well. So, somewhat unique short and long term needs for which I would like to have "one-stop shopping" convenience, if at all possible. And, of course, someone who can work with my desire to be a "socially conscious" investor.

I have done my homework, on AskMeFi: here, here, here, and across the web. I have looked at NAPFA (which has surprisingly few members listed in Manhattan), OutProfessionals (which has even less,) and general Google searches. I would prefer to not choose blindly, as this is an extremely important issue.

Many thanks for any help you can provide. Feel free to email me directly if you prefer:
david.mail1234 (at) gmail.com

(And I apologize for posting anonymously, but I hope you can understand the very personal nature of this issue.)

How can I get the money?

greytape — Sun, 24 Sep 2006 02:11:53 -0800

British Inheritance Tax question: help me foil a dying man's wishes. Let us imagine three people : poor child, rich parent and richer grandparent. Richer grandparent dies and leaves wealth to rich parent. Can rich parent then refuse the money so that it skips a generation and goes straight to poor child.
These theoretical people live in Britain by the way. Thanks for any help, and please don't think me too much of a bastard.

How do I pay a large amount of money on my student loans?

Anonymous — Fri, 01 Sep 2006 07:16:23 -0800

I have a surprise chance to pay off my student loans (!), so how do I go about doing this in the way that's best for me? My "more inside" has a few details about possibilities / ideas. I got money from a relative's will that is to be used only to pay off my student loans. I'm intensely grateful for this chance, and now I'm just figuring out how to handle it in the most practical way.

So what is the best material way to pay my two loan holders (Sallie Mae and the US Dept. of Education) in the way that's most beneficial to me -- such as via a card that gives a small amount of cash back, because any cash would be really helpful to me.

I have my paypal debit card that I use for all my everyday stuff because it gives me 1.5% cash back. (1.5% cash back would be over $700, given this amount I'm paying to the loans.) But my cash limit on that card is only $400 a day, and at that rate I would be paying them every day for 3.5 months (over which time my loans would increase in interest enough that it might not even be worth it?).

I have poor enough credit that I can't get another credit card with a higher daily limit right now.

Is there something I'm not thinking of (I know very little about money) that is a way to get 44K total to my two loan holders and get some kind of cash back? Should I see if my mom (who has good credit) can get some cash-back credit card, so she can do the payments? If so, what card should she get??

I am not at all used to dealing with money correctly, so any help would be hugely appreciated. If it matters, the money was not officially willed to me but to my mom (nothing was willed to me), and the agreement is that from that I get the amount of money that will directly pay off my student loans. Also, student loans are the only debt I have, if that matters.