Questions tagged [family]
For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.
102
questions
28
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10
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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 ...
- 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 ...
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17
votes
2
answers
4k
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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 ...
- 273
13
votes
4
answers
5k
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 ...
- 131
1
vote
0
answers
48
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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 ...
1
vote
0
answers
66
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 ...
- 11
1
vote
0
answers
87
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 ...
- 33.1k
0
votes
1
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190
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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 ...
- 101
3
votes
1
answer
393
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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,...
- 121
6
votes
2
answers
2k
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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 ...
- 595
1
vote
2
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204
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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 ...
- 147
2
votes
2
answers
249
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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?
- 21
1
vote
1
answer
290
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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 ...
- 121
2
votes
1
answer
143
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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 ...
0
votes
0
answers
87
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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 ...
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1
vote
1
answer
92
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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 ...
- 79
0
votes
1
answer
32
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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:
...
- 3
0
votes
1
answer
123
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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 ...
- 11.2k
0
votes
1
answer
220
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. ...
- 313
1
vote
3
answers
220
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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 ...
- 111
57
votes
13
answers
19k
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 ...
- 491
9
votes
1
answer
437
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 ...
- 365
13
votes
3
answers
7k
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 ...
- 3,937
2
votes
1
answer
712
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 ...
- 21
1
vote
1
answer
76
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. ...
- 11
2
votes
2
answers
239
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 ...
- 21
1
vote
1
answer
272
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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 ...
- 113
2
votes
1
answer
135
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 ...
- 395
0
votes
2
answers
275
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 ...
user93388
0
votes
2
answers
358
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 ...
- 393
0
votes
1
answer
129
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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), ...
user40527
75
votes
11
answers
19k
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 ...
- 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 ...
- 771
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 ...
- 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 ...
- 489
7
votes
3
answers
241
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 ...
- 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 ...
user82506
2
votes
1
answer
388
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?
0
votes
3
answers
216
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 ...
- 101
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 ...
user77796
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 ...
- 263
4
votes
1
answer
295
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. ...
- 41
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 ...
- 670
0
votes
2
answers
182
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 ...
- 153
2
votes
1
answer
505
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 ...
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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 ...
- 1
4
votes
3
answers
754
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 ...
- 465
1
vote
2
answers
289
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 ...
- 1,409
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 ...
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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 ...
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