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Financial Planning / Tax Strategies


Subject:  Re: Want to give sister retirement and/or down p Date:  5/24/2004  12:52 PM
Author:  sprexumn Number:  71941 of 127613

Good points. I think I'm leaning towards just maxing out her IRA(s) every year, keeping the rest of the money in my name until needed for a downpayment or until it all gets into the IRA. It seems like any plan that would solve the community property issue would be impractical; the most important thing is getting the money to her in a form that empowers good use.

I do have the approach that once that money is given I'm not going exercise control over it... if she does liquidate the IRA for a Tahiti vacation and pay the IRS penalties then so be it. But I'm not going to be the one to tell her about that possibility, and I will empathize that my intention was to fund her retirement or downpayment.

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