calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Trying to work out a simple plan.
My gal and I are unmarried, that is, without paper though we've been together over 35 years. All our accounts and places are held JTWROS, so when either of us passes it will pretty much be a financial non-event for the other. Spent an hour with a high powered estate attorney and she felt our current state is good for our financial status. We earned our way here together and we wish to continue to care for each other - thing is, it would be good to leave a nice bit to some relatives. How to do that without causing a tax event, keeping control of funds till the last moment, not informing said relatives before the fact, etc.
A joint bank account requires the joint holder to have a signature card. Putting someone on a property is gifting them an amount, thus taxable and if given at death to get the awesome tax-free stepped up basis also gives the beneficiary a hassle in managing or selling that said relatives don't really have the stomach for. A will saying "Sister Lisa gets $250k"? That gets into the whole estate hassle and has the potential to really impact our surviving partner with a cash crunch problem at a mystery time. Is this a time when life insurance is called for and appropriate?
Other ideas?
My gal and I are unmarried, that is, without paper though we've been together over 35 years. All our accounts and places are held JTWROS, so when either of us passes it will pretty much be a financial non-event for the other. Spent an hour with a high powered estate attorney and she felt our current state is good for our financial status. We earned our way here together and we wish to continue to care for each other - thing is, it would be good to leave a nice bit to some relatives. How to do that without causing a tax event, keeping control of funds till the last moment, not informing said relatives before the fact, etc.
A joint bank account requires the joint holder to have a signature card. Putting someone on a property is gifting them an amount, thus taxable and if given at death to get the awesome tax-free stepped up basis also gives the beneficiary a hassle in managing or selling that said relatives don't really have the stomach for. A will saying "Sister Lisa gets $250k"? That gets into the whole estate hassle and has the potential to really impact our surviving partner with a cash crunch problem at a mystery time. Is this a time when life insurance is called for and appropriate?
Other ideas?