Are we in the beginning of the next Great Depression?

What the heck set you off on this particular toot? So why don't you be the first to confess .... What assets are YOU hiding?
 

No hidden assets, and I have told my kids that if I ever wind up in a nursing home every penny that I have shold be spent on my care...
 
Also, I heard an economist who predicted the housing bubble and the recent recession telling how all of the pieces were coming together for a global meltdown. It made me think, again, that we are too quick to blame others while so many of us are a part of the problem. Hiding just a few hundred dollars in a home or other assets mounts up rapidly when millions are doing it. This is not me trying to sound holier than thou, but I have seen it done time and again with friends and relatives, and it is a bigger problem than most want to admit or hear about. Well, it is on to the cocktail hour when these issues will disappear and a smile appear...
 
Very hard for hubby and I to hide any assets. We own our own house - not exactly hidden - two elderly cars - declared - the usual household effects - a bit of money in fixed term deposits - also declared - and our income comes from our superannuation accounts which the government knows all about, even as the market moves up and down.

Except by using fraudulent bank accounts, how do you hide assets?
Now if I were a corporation, with highly paid financiers and lawyers....
 
Ralphy, maybe you should worry more about the hidden assets of the rich and the big Corporations than what granny has buried in her back yard....last I heard it was in the 40 to 50 Trillion range.
 
Warrigal said:
Very hard for hubby and I to hide any assets. We own our own house - not exactly hidden - two elderly cars - declared - the usual household effects - a bit of money in fixed term deposits - also declared - and our income comes from our superannuation accounts which the government knows all about, even as the market moves up and down.

Except by using fraudulent bank accounts, how do you hide assets?
Now if I were a corporation, with highly paid financiers and lawyers....
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Ralphy thinks everyone's grandma is putting her house and her bank accounts in her kids or grandkids names in order to not have to pay for any nursing home care.. So it's not exactly "hiding" them as it is giving them to others so the asset cannot be used to pay for long term care or other expenses.. and the taxpayer then has to foot the bill for caring for granny. as I explained to him... It's very difficult to do.
 
We are allowed to gift a certain amount over any five year period. It's not all that much and must be declared. This only applies if you are receiving any public benefit such as a pension and/or government subsidised nursing home care.

[h=2]Allowable gifting amount[/h]You and your partner have a gifting free area of $10,000 per financial year, limited to $30,000 per 5 financial years.
If the total of gifts made in a financial year exceeds $10,000, the excess will be assessed as a deprived asset. This is called the $10,000 rule.
A maximum of $30,000 can be gifted over a rolling period of 5 financial years, but must not exceed $10,000 in any 1 year to avoid deprivation. Only $30,000 of gifting in a 5 year period can be exempted. This is called the $30,000 rule.
[h=3]If you gift more than the allowable amount[/h]Any gift or gifts with a total value greater than the allowable amounts will be assessed as a deprived asset for 5 years from the date of gift and will be subject to the income deeming provisions[SUP][3][/SUP]. This may change if a gift is returned.
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If you 'sell' an asset to a family member for less that its true value it is considered to be a deprived asset and is treated as a gift and included in the $10,000 or $30,000 rule.

The government is not interested in]whether you give your grandson your 15 year old Toyota or you give your grand daughter $200 for a 21st birthday present but it does pay attention if your main asset, your home say, is sold for a pittance to your daughter or if your major bank account is closed and the money seems to have vaporised.
 
Just about the same here.. I posted a link to our rules upthread.. It's just not the problem Ralphy seems to think it is... As we have told him... best to look toward the very wealthy with their off shore bank accounts or corporations with their tax havens... Leave grandma alone.
 
QuickSilver said:
Just about the same here.. I posted a link to our rules upthread.. It's just not the problem Ralphy seems to think it is... As we have told him... best to look toward the very wealthy with their off shore bank accounts or corporations with their tax havens... Leave grandma alone.
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I agree -- I think assets are pretty hard to hide for the average guy. Ralphy, what gave you such a you-know-what on for poor ol' grandma?
 
...Ralphy is right, you know.


[off topic] I watched The Green Mile yesterday on TV, the beginning of the movie where the elder Tom Hanks' character is shown in an "old folks home" caught my attention. I'm thinking- that doesn't look too bad a fate to suffer...but who in the world is paying for that type of accommodations? Those old folks would need considerable assets for such a comfortable 'assisted living' environment. Where would folks go that didn't have money, off to the homeless jungles?

[/back-on-topic] O.K., becoming green wafers* is the only real answer to the looming depression that Ralphy is alerting to in the OP.









* Soylent Green
 
Elder law lawyers blatantly advertise here on protecting assets from the use for nursing home care. Practically every senior I know has set up a way to hide money by setting it up in their children's names, and in some cases this adds up to a million or more. Although the middle class is disappearing most of the old ones have accumulated quite a little wealth in homes and investments. Most are now doing this in full knowledge of the five year look back rule. You can't point your finger at the super rich when you are also complicit. And, no one here has 'fessed up yet...
 
Well Ralphy... go ahead and scapegoat grandma it you will.... but I say.. it's not the huge problem you think it is... If it was... Republicans would be all over it.. anything to take the blame away from their puppetmasters.
 
The politicians of any stripe are hiding their family assets just like everybody else. And I am not scapegoating granny as it usually is her children who are talking her into signing over whatever she's got. But you are ducking the issue by not telling us what you have done...
 
Seems like you furriners have this situation under control compared to us...
 
Ralphy1 said:
The politicians of any stripe are hiding their family assets just like everybody else. And I am not scapegoating granny as it usually is her children who are talking her into signing over whatever she's got. But you are ducking the issue by not telling us what you have done...
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Why are my finances any business of yours?
 
Nobody cares about your finances except for the matter of hiding assets, which you must be guilty of because you refuse to answer...
 
QuickSilver said:
I refuse because it's not any of your business...
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I will say this however, I have two sons. One is married to the most hateful, nasty and vindictive bitches that ever lived. The other is a recovering alcoholic.. with only one year sober. Since I am not a stupid woman... do you believe I would sign over my hard earned money to either? Maybe? Any chance? lol!!
 
OK, so you are willing to spend everything on your nursing home care or not?
 
Is there a choice? The Government looks at everyone's assets before Medicaid is made responsible... doesn't it? It's really not that easy to fool our good Uncle Ralphy... despite what Conservatives want to believe.
 
QuickSilver said:
I will say this however, I have two sons. One is married to the most hateful, nasty and vindictive bitches that ever lived. The other is a recovering alcoholic.. with only one year sober. Since I am not a stupid woman... do you believe I would sign over my hard earned money to either? Maybe? Any chance? lol!!
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Best wishes to you alcoholic son for his one year sober. I did that pattern nearly 35 years ago while in my 40's. I was a pretty badly messed up alcoholic. Was put into a month long dry out and retraining group. Took them seriously and joined AA as part of my follow on support. Was at first a daily AA follower, then as time went on I changed to 3 times a week, then after we moved from that location 5 years of so later, I dropped out of active AA meetings. Still keep my AA books, my non drinking attitude. I now go into restaurants and places to eat but never even bothered to ask for drinks. My wife and son and daughter have had drinks and I find that OK too. It is just me I have had to concern about.

Confession above or a brag? You should encourage your son to continue his non drinking ways as over time I found it to become less and less a commanding idea. He should look into AA if he has not. Some AA units can become oppressive and make me feel unwelcome in a way so I just moved on and kept repeating those that I felt comfortable in. They have various formats such as OPEN, STEPS, some are religious, others can be lunch time only, evenings, even some in mornings. They really do try to help those in need in many ways. Look for your preferred times and support methods.

Best wishes to your son on the mend.
 

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