Recent content by Gill

Don't you wish. It is not a capital gain but rather interest income treated as ordinary income. Gill

I agree with this advice. You don't want or need a charitable remainder trust. Gill

You've had advice all over the place. Can you tell us exactly how the grantee read on the dead that conveyed the property from your mother? Gill

If you mean the fixed rate, it will almost certainly be zero. The Treasury has no incentive to raise it with the bonds flying off the shelf. Gill

Yes, a trust will enable you to purchase an additional $10k of bonds. Gill

As others have posted, once you elect to pay taxes on the interest currently you must continue to do so. Why would anyone elect to pay taxes 30 years in advance? Gill

If it's the January 15th payment you need to make, why not just mail a check along with Form 1040-ES. Gill

I am an "estate planner" (a trusts and estates attorney) and was just wondering your thoughts on this. Gill

Please explain how "it's more complicated than this". I thought I pointed out the pitfalls of such an arrangement. Gill

Assuming that is the provision in the IRA. Such a disposition can be very undesirable from a tax standpoint because the entire distribution will be taxed to the estate. Gill

Be careful. When you make bequests in your will it has no effect on your IRA. Your IRA is disposed of by beneficiary designations. If you make bequests in your will and there are no funds to pay them the bequests will lapse. Gill

Why not just leave it in her name and put the dispositive provisions to the children in her will? Avoiding probate is often unnecessary because in most states it is neither difficult, expensive or burdensome. Gill

One major advantage of a RLT is that it can serve to protect you and manage your assets for you in the event of your disability and inability to manage your own affairs. A beneficiary designation does not accomplish that. Gill

I wouldn't spend one cent of your own money and would do nothing. The last think you would want to do is accept an appointment as personal representative of the estate. The important thing is to continue to do your best to shield your parents from any involvement. All the creditors and the IRS...

Mea Culpa. Forgive me, for I have sinned. I honestly didn't realize I had posted the same comment on the same thread. I post rather actively on other forums and apparently became confused. I'll try to behave myself and obey the forum rules. Gill