What.do you consider..for future...
- Thread starter Jace
- Start date
That Lady in PA
Senior Member
What ever is left when we die.
Currently I have transfer-on-death/pay-on-death beneficiaries set up on everything that I can (unfortunately, it seems like Maryland keeps proposing but then not passing a change to allow TOD for homes), so if I die before I spend everything then it will go to my daughter and to several charities.
The biggest risk to having a legacy is if I need long-term-care in the future. So, to mitigate that a little bit, I gifted some old stock shares (thus avoiding paying the capital gains tax myself, heh heh heh) to my daughter and forced her to sell them and put the money in a Roth IRA (invested in s&p500). It should grow enough by the time she retires to at least be non-trivial, but it won't really be anywhere near a significant amount. So I'd like to gift her a little bit each year, though I have to be mindful of her taxes and possibly healthcare subsidy.
I suppose I ought to gift her a few i-bonds, she would have to pay a chunk of tax on them in 30 years, but I won't be around then to hear the complaints! I was very grumpy after my mother died because I kept owing unexpected taxes on money that I didn't have - because I was too inexperienced to know about automatically re-invested dividends and capital gains and RMDs of inherited IRAs.
The biggest risk to having a legacy is if I need long-term-care in the future. So, to mitigate that a little bit, I gifted some old stock shares (thus avoiding paying the capital gains tax myself, heh heh heh) to my daughter and forced her to sell them and put the money in a Roth IRA (invested in s&p500). It should grow enough by the time she retires to at least be non-trivial, but it won't really be anywhere near a significant amount. So I'd like to gift her a little bit each year, though I have to be mindful of her taxes and possibly healthcare subsidy.
I suppose I ought to gift her a few i-bonds, she would have to pay a chunk of tax on them in 30 years, but I won't be around then to hear the complaints! I was very grumpy after my mother died because I kept owing unexpected taxes on money that I didn't have - because I was too inexperienced to know about automatically re-invested dividends and capital gains and RMDs of inherited IRAs.
bowmore
Senior Member
We firmly believe in the "warm hand" rather than the "cold hand". It is heartwarming to feel the gratitude our children express at our gifts.
Funny story- we sent our children some substantial checks using Express Mail, so we could track the delivery.
One of our sons remarked ,"I have never seen someone spend $10 on postage"
Funny story- we sent our children some substantial checks using Express Mail, so we could track the delivery.
One of our sons remarked ,"I have never seen someone spend $10 on postage"
Imogene
Member
- Location
- Middle Tennessee
I have a Will that hopefully is sewn up “tighter than a pair of nun‘s under wear”.
My much younger brother not only inherits this small farm, he is also my POA in case I lose my presence of mind and try to do something stupid.
I have had three concussions ranging from “meh” to I almost bought the farm. Thankfully my faculties are still as intact as they were when I was 30.
And to answer a question on another thread— there is something to be said for banking in small towns. All the gals at the bank know who I am. if I come in there doing my bobbing Dog head in the wrong direction they know to press the call the police button.
My much younger brother not only inherits this small farm, he is also my POA in case I lose my presence of mind and try to do something stupid.
I have had three concussions ranging from “meh” to I almost bought the farm. Thankfully my faculties are still as intact as they were when I was 30.
And to answer a question on another thread— there is something to be said for banking in small towns. All the gals at the bank know who I am. if I come in there doing my bobbing Dog head in the wrong direction they know to press the call the police button.
Oldeagle66
Senior Member
My organs are harvested and my remains go to a body farm without any family notification. I did this to have control of my final wishes, as some family members do what they feel. My family won't even know I'm gone since we never keep in touch. I just leave whatever I have to help veterans and the homeless.