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Questions tagged [family]

For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.

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28 votes
10 answers
9k views

Do you lose money if you don't use a plane ticket you won in a raffle?

My wife won 2 tickets from a major airline at the company she works for, after they did a employee only raffle that was free to enter. The problem: there is a caveat: the ticket must be booked for a ...
webyacusa's user avatar
  • 383
2 votes
1 answer
2k views

Helping family member with complex rental property situation

My grandmother died 10 years ago, leaving her small house in a purely verbal will to my sister. My sister is a "poor musician" and could use the property for rental. However, the will was ...
Bennet's user avatar
  • 489
17 votes
2 answers
4k views

What is the best way to loan money to a family member until CD matures?

My family member has a $37,000 Certificate of Deposit that matures in December. She had planned to buy a house in January and use this money as part of her down payment. Recently she has an ...
gwcoffey's user avatar
  • 273
13 votes
4 answers
8k views

Joint owned property 50% each. Can 50% rent be charged?

My sister has lived in a property that was passed to us both in our parents' will. She has never offered to pay any rent in a mortgage-free house with her and her three children. This has been going ...
user122157's user avatar
1 vote
0 answers
58 views

Starting a family fund, owned by a parent company?

first post here. I have been doing some research, but I am still not 100% sure on this. A little background: I live in NY state, have a Bachelors Degree in finance and data analytics. My situation: I ...
bigdogg99juherd's user avatar
1 vote
0 answers
83 views

Family Member Broker - Managing Mother's Investment

My niece works for a securities firm as registered broker, (not CFP) - her mother, my sister, inherited a large sum of money and will be investing 100% of her funds with her daughters business. Is ...
Katherine's user avatar
1 vote
0 answers
126 views

How much is a child's income allowed to benefit their parents? [closed]

Let's say you are an ordinary family, and one of your young children is lucky enough to be cast in a huge blockbuster movie franchise, for which they are paid many millions of dollars. The income is ...
DJClayworth's user avatar
  • 33.6k
0 votes
1 answer
192 views

Is a delayed investment a valid agreement among family?

Our family is currently in a bit of dispute over the future of my mother's home (she is still living). I apologize if my explanation here is more complicated than it needs to be; I have simplified the ...
Zephyr's user avatar
  • 101
3 votes
1 answer
420 views

Can I avoid gift tax by gifting only a portion of a home to a parent instead of the whole value?

I live in Washington state and my mother lives near my brother in California. I was considering purchasing a house with cash, for her to live in. The cost of the house would likely be around $600,...
Andrew Jordane's user avatar
6 votes
2 answers
2k views

How to write down each month borrowing over past month

Since Pandemic I had lost my job and borrowed money or money sent by my parents from saving but I couldn't write it down as I am financially illiterate/bad with maths. Now and in past, it has caused ...
localhost's user avatar
  • 595
1 vote
2 answers
260 views

Setting up a corporation for family finances

Jurisdiction: Canada Could I set up a private business corporation in Canada to handle my family finances (eg. pay rent, car repairs, even groceries). What are the ramifications? Why doesn't everyone ...
Anton's user avatar
  • 147
2 votes
2 answers
422 views

What is the gift tax rate in Germany if I give my cousins money?

I would like to give a large amount of cash, about $75,000, to a cousin in Germany. What tax rate would they have for such a gift?
Nitty G.'s user avatar
1 vote
1 answer
403 views

Washington Resident Purchasing Home in California

I was formerly a resident of California (before 2019). I still have family there. Now I was considering purchasing a home in California, that my mother would live in. My mother is almost 70 and ...
Andrew Jordane's user avatar
2 votes
1 answer
152 views

Wife created her own SNAP/EBT (Kentucky) case while on my mother-in-laws case, can this really lead to an investigation?

I'm not overly familiar with SNAP/EBT policies, my girlfriend and daughter were on my mother in law's case(we live on the same property) but after a disagreement my wife called and removed herself ...
Michael Sullender's user avatar
0 votes
0 answers
87 views

My parents live in England. I live and file taxes in the US. I want to make them an interest free loan to buy a house. Payable at death / house sale

I considered purchasing it as joint tenants in common but that triggers stamp duty on the entire purchase as I’m a non UK resident. I thought they may be able to amend their will to represent the ...
Helen C's user avatar
1 vote
1 answer
127 views

Family bought a house with cash under my name, what shall be reported in Tax return? [closed]

Thank you for taking out time to help me. I live in the USA and the question related to tax return with IRS. Last year, my family member, also in the US, send us $50k in my account to buy the house ...
NIT_GUP's user avatar
  • 79
0 votes
1 answer
36 views

Claiming tax deduction on Family Health Insurance covering parents in India

I am going to buy a health insurance policy in India. I am single, salaried and 24 years old. And I want to include my parents(both 50 yrs) too in the health insurance. I have the following queries: ...
Anshul's user avatar
  • 3
0 votes
1 answer
129 views

How much money can be gifted tax-free as "étrennes" (~Christmas/NY/BD gift)?

The French tax authorities allow parents to give some money tax-free to their children around some special dates, such as Christmas, new year eve, the child's birthday or the child's success at some ...
Franck Dernoncourt's user avatar
0 votes
1 answer
275 views

Pooling student loans with sibling

I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). My sibling went to the same university as me and my parents also took out debt to fund her education. ...
smartButNotSavvy's user avatar
1 vote
3 answers
230 views

What are the risks of getting an additional credit card just so my parents get more points?

My father is retired and one of his hobby is to gather as much credit card programs as he can and manage them in a way as to maximize returns and minimize costs. I know that this can be a risky ...
Alex Millette's user avatar
57 votes
13 answers
21k views

Should a sibling pay rent to another sibling on a jointly owned house?

My sister and I own our parents' home. In July 2000, our mother became unable to live on her own. My sister and her husband didn't want to move in because the house was too small and too old. They ...
Brenda L Godwin's user avatar
9 votes
1 answer
452 views

How much does it cost to raise a child for the average American family?

A few people have asked how much money they should plan to put aside in order to raise a child given their specific financial situations, but I can't find any information here on average childrearing ...
Brian's user avatar
  • 365
13 votes
3 answers
8k views

Are there countries where children are forced to inherit their parents' debts?

Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs? In the UK and USA, it seems to be well understood that if the deceased's estate is ...
timday's user avatar
  • 3,992
2 votes
1 answer
771 views

My mom coerced me into giving her all my paychecks

I'm currently 19 for some background...(in aurora Colorado) My mom is a single mom raising me even though my father and her are technically still married. She made me get a job when I was 16 which I ...
Hikoko4242's user avatar
1 vote
1 answer
78 views

Legal constraints on real estate loans to family members

I'd like to "refinance" the remainder of my home loan with my parents, meaning, they would pay off the remainder of my loan, and I would pay them an agreed-upon interest rate for an agreed-upon time. ...
marty0801's user avatar
2 votes
2 answers
246 views

How to deal with my dad's newfound obsession with Western Union and sending money to strangers in the U.S.? [closed]

I'm 23 and live in Vancouver with my mom and dad. (My sister lives in Toronto center, but she's with her girlfriend; she's 29). Over the past few months (well, since March 2019) my dad's become ...
sarah-hh6b6's user avatar
1 vote
1 answer
301 views

Triplex - Joint Property with my brother - 50/50 Investment - I am moving out

Hypothetical question: Jonathan and Anthony own a triplex 50-50. If Jonathan is currently living in 1 of the 3 apartments of a triplex, Anthony is living in the other apartment unit and they do Airbnb ...
mateostabio's user avatar
2 votes
1 answer
142 views

Personal loan from mother

My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
Aditya's user avatar
  • 395
0 votes
2 answers
276 views

Open Money Transfer card in my name for family member's debt

My sister and brother in law have a single joint bank account with an arranged overdraft of £3,000 and they are, for all intents and purposes, maxed out on it. This means they are incurring charges of ...
user avatar
0 votes
2 answers
395 views

Keeping track of birthday money with double-entry accounting

I'm trying to figure out how to keep track of my kids' birthday money in a double-entry accounting system (GnuCash). Currently I am keeping track of the amounts as sub-accounts of my checking account ...
adam.baker's user avatar
0 votes
1 answer
129 views

Why would the operating company's other non-familial shareholders be concerned with your internal family arrangements?

Tax Planning for You and Your Family 2019 by KPMG. p 225. A holding company is often appropriate where you have family members involved in your business (perhaps for income splitting purposes), ...
user avatar
75 votes
11 answers
20k views

Parent asking for money after I moved out

My parents are divorced and my dad has to pay to my mom financial support for everyone in the family. Because I moved out, my dad removed part of this financial support that he gives my mom. She is ...
crvswb's user avatar
  • 491
82 votes
11 answers
23k views

Dissuading my girlfriend from a scam

A significant portion of my girlfriend's family have fallen for, what seems to me, an obvious Ponzi scheme. They take money, in cash, to a casino in the area. They give the casino the cash, and one ...
Omegastick's user avatar
19 votes
13 answers
13k views

Considerations when providing money to one child now, and the other later?

I have two children. My oldest has a mortgage and pays interest on it. I have cash savings but do not earn significant interest on them. Since I don't need all of the money for myself, I would ...
user432's user avatar
  • 569
3 votes
0 answers
204 views

I want to be a landlord for a family member. How do I structure my mortgage?

My father-in-law is wanting to live the remainder of his life in a nice bungalow near our family. I've agreed, in principle, to be his landlord. Let us work with the following numbers: House price ...
Bad_Bishop's user avatar
7 votes
3 answers
244 views

Emergency and Community Fund for families

We are about 20 families with common background and roots living in Massachusetts, closely related. We organize a reunion once a year. We also try to help each other financially when we can. To ...
sOltan's user avatar
  • 171
1 vote
3 answers
1k views

Opening account for family in my name

Sibling of mine asked me to open an bank account for her in my name. She wants to fill it with her savings and use it on day-to-day basis with a debit card. I have a strong feeling this could ...
user avatar
2 votes
1 answer
398 views

Liability for our son's car loan [duplicate]

My husband and I have co-signed for our son's car loan, and also he is listed on our car insurance coverage. If he gets in an accident, can we be sued?
Roberta Tischer's user avatar
0 votes
3 answers
234 views

What are fair methods to buy out an equal share holder in a mortgaged property?

TLDR: What are fair methods to buy out an equal share holder in a mortgaged property? Curent situation: My partner and I, and her parents have entered in to a mortgage on a piece of land. It is ...
Lamar Latrell's user avatar
35 votes
3 answers
12k views

Should I pay myself back for paying family's rent out of our pool of money?

A few months ago, I paid the $1,500 rent on the house where my family and I lived. My siblings and I are in college and we work part time jobs to get by. My father could not afford to pay the rent ...
user avatar
16 votes
1 answer
5k views

How to handle a parent going through divorce asking to borrow money

Asking for a friend. The parents are currently going through a divorce and one parent is struggling a bit financially to pay for lawyer fees for example and needs to borrow money. The problem is that ...
Uberswe's user avatar
  • 263
4 votes
1 answer
333 views

IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)

My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
FamilyGuy's user avatar
4 votes
2 answers
1k views

How to fairly divide a jointly owned house (not with a spouse)?

So I am looking at buying a house jointly with my cousin. I have a higher income and better career prospects, they have a larger proportion of the deposit. Neither of us would be able to break into ...
DarcyThomas's user avatar
0 votes
2 answers
186 views

How can I help prevent phishing attacks on family members

While visiting family for the holidays, a family member received a "paypal" email asking for account updates. She clicked on the link, provided her login information and started filling out a form ...
Felix's user avatar
  • 153
2 votes
1 answer
985 views

Does paying back a parent for a car count as a 'GIFT' title transfer, or a sale title transfer?

I am trying to break free and be an independent self, and I couldn't find a similar topic like this on the Exchange. [Virginia] My parents got a Nissan Altima 2015 and I have slowly been putting ...
Cat's user avatar
  • 23
0 votes
1 answer
122 views

loan on behalf of family

What do i do when my cousin and I took out a loan we never signed any documentation, and now she backed out of the payments. All I have is statement of her making payments before and it stopped and ...
Lleland's user avatar
4 votes
3 answers
757 views

What is today's price of €15.000 given 15 years ago?

15 years ago my father gave about €15.000 to a family member in exchange for her share in an inheritance (not materialized to this day). Now this family member has changed her mind and she wants to ...
Martin Drozdik's user avatar
1 vote
2 answers
291 views

Taking Care of Family

Short Version: If one is doing well - but by no means wealthy - what is the best strategy for watching out for relatives who are less well off? Long Version: My wife and I are in our early 30s, and ...
codeMonkey's user avatar
  • 1,639
92 votes
19 answers
32k views

Are my parents ripping me off with this deal that doesn't allow me to build my equity in my home?

When I bought my condo with cash for $155k, I paid $40k of my own money and my parents lent me $115k. Our agreement was that when I eventually sold the condo, my parents would get 75% of the gross ...
ksjdalskndosd's user avatar
12 votes
2 answers
1k views

How do I prevent my ex from making bank and credit card accounts using my son's SSN?

As you may see from the history of my questions, my ex-wife is a financial disaster. Forever out of money, forever on the edge of crisis, forever not wanting to hold down a normal 9-5 job. But show ...
NeedAdvice's user avatar
  • 3,817