The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Unexpected windfall||Date: 6/22/2007 1:49 PM|
|Author: TMFPMarti||Number: 94981 of 123001|
"Take it and pay for your son's college. Invest it. Do something with it, I don't know what to do with it."
WARNING!!! You have entered the land of Marti's Unsolicited Advice. Proceed at your own risk.
Yikes! I thought the June Cleaver "Oh, I have no head for figures--you handle everything" model had gone out of style.
More than 30 years ago I sat in a living room in Chicago trying to collect taxes from a widowed New Orleans belle who confessed, "I was raised to be a lady. I can't do anything to support myself, and since my husband died and left me penniless I have to rely on my son."
I can envision the day you'd have to face 2Apocolypse. Your father dies, and you have to manage all your mother's affairs, perhaps at a time of your life that it's not the best use of your time. Worse, she could be broke as well as bereft.
As has already been noted, there are tax reasons she shouldn't be giving her money away. This is also a great time for your parents to be looking at their financial futures and seeing what tinkering is necessary.
I see nothing w