Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next
Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121163  
Subject: Re: Gift of a house Date: 9/26/2011 6:51 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 5
My father-in-law is aged. He is living with one of his daughters, who is poor. He wants to buy a house (around $80,000), put it in her name, and when he dies she inherits it.

Ah, our old friend DIY estate planning. Everyone's much better off if he buys the house in his own name and leaves it to her in his will. Tell him to invest a few bucks in seeing a lawyer.

Phil
Rule Your Retirement Home Fool

---------------


NOW you tell me.
I bought a house and gave it to my daughter.
As I understand it, the IRS wants to know about it, but I won't have to pay taxes on it. It will be deducted from some maximum lifetime amount that I'm allowed to give or something.

The problem I had with keeping the house in my name was that I was paying for the insurance on it which was becoming a drain. I was also paying the taxes. Furthermore, I'm not sure but if something illegal should go on in that house *I* might be held responsible even though I would know nothing about it since I live across the country from said house.

I also got completely fed up with said daughter and so decided to just go ahead a give her the house. Did a quit-claim deed on the house and now she owns it. Maybe she will mess around and lose it. I wouldn't doubt it. But the worry on my end was just too much to contend with. This is not the Waltons we are talking about here.

Last I heard the power company turned off her power - this - AFTER she took out a cut-throat loan to buy a car she didn't need because she already had a clunker that was running.

I finally just threw my hands up in the air and said "I quit." The stress was just more than I could handle.

I did everything I could think to give her a hand up. A house and furniture to fill it. All paid for. Money in the bank to give her a small cushion. She managed to p|ss away all of it. I guess she still has the house and the furniture though I wouldn't bet my life on it. Since I gave her the house, I haven't heard a word. Not even a "thanks mom - thanks for the house."

:(


AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (25) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Ubiquiti Analysis
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement