Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: JABoa Big gold star, 5000 posts Feste Award Nominee! Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: TMFTaxes on Cash Gift Date: 1/12/1999 9:28 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Roy, do you have any sense of what fraction of people try to do their estate planning and similar stuff involving complicated tax issues, on the cheap? I don't, and this is maybe a softball question, but I suspect it may be more than there ought to be.

In my own family, a great-uncle of mine died in about 1972. He had a very small estate, but he left small bequests in a will written on a standard form he got from the local stationery store. The bequest to me, and similar ones to some of my cousins, was held up because he did not specify that it should go to JABoa, infant (I was not yet 21). In Ontario at the time minors could not inherit without specific direction. I got it eventually, but this is not what Uncle Bill would have wanted, I am sure.

Settling my grandfather's estate was better, but his will had been written in 1930 or so and had not been revised when he died in 1976.

In both cases, I think they said to themselves, Grrr, I don't want to pay some damn lawyer all that money, and for what? I think the "for what" is making happen what you want to have happen, and the amount you pay is a small fraction of what you have at risk.

(JABoa hastens to add that I am not a lawyer, and I don't even play one on TV.)
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | 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.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
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.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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