34 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

The idea you present is not uncommon, many have tried it before. It would be a great step to find landlords in your area and talk to them about lessons learned. It might cost you a lunch or cup of ...
  • 75k
23 votes

Avoiding estate tax by giving multiple gifts

If you give a gift with stings attached, then it isn't a gift. Thus it would be viewed as trying to get around the tax law. The law regarding this is the Step Transaction Doctrine. But a spouse can ...
23 votes

$1.44 million in holdings: Help my non-retired, 80-year-old dad invest it

This is not the answer you were hoping for. I recommend that you stay out of it and let your parents do what they want with their money. They are obviously very good savers and very thrifty with ...
22 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

A lot of people do this. For example, in my area nice townhouses go for about $400K, so if you have $80,000 you can buy one and rent it. Here are the typical numbers: Monthly Payment 30-year loan at ...
  • 9,332
12 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a reasonable idea and many people have done it. But there are some risks that you need to mitigate. Overleverage. If mandatory payments are more than you can handle, you could lose your ...
  • 3,997
10 votes

What happens when my 401K beneficiary is not my child, nor spouse?

He will receive it just like any other non-spouse beneficiary you could have named. The money can stay in your 401K account if he wants to keep it there. For simplicity, your nephew will want to ...
  • 3,795
7 votes
Accepted

Value of mother-in-law cottage for purposes of will

You should value the unit at: The fair market value of the whole property in 1983 (or whenever 25 years ago was) minus what the eldest sibling paid for the whole property minus the expected value in ...
5 votes
Accepted

Do we need a revocable living trust?

Unfortunately, this is an attorney question and not an internet question. A living trust is not only a document, using it also requires that you retitle all the assets in the trust from your father ...
  • 4,225
5 votes
Accepted

Can you transfer a Roth IRA to someone else?

Yes. Dying works great for what you'd like to accomplish. The key point is that you need to specify a beneficiary (or multiple beneficiaries) on the account . When you meet your maker, the beneficiary ...
4 votes

taxes on home if quit claimed to son in entirety, but mom still lives there

You're talking about gifting your home to your son. That will actually mean that you need to pay taxes, unless the value of your home is below the exemption for the gift tax. You will, probably, use ...
  • 133k
4 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a common and good game-plan to learn valuable life skills and build a supplemental income. Eventually, it could become a primary income, and your strategic risk is overall relatively low. If ...
4 votes

What are risks / expenses to buy a house in Germany?

As a first step I would talk to a German real estate agent (Immobilienmakler), who will be able to give you an idea of the costs, fees, insurance needed to purchase a property, and who would be able ...
4 votes
Accepted

No provision for beneficiary at HSBC

If no beneficiaries are named on your account,that means that the account becomes part of your estate and passes per the terms of your will. Unfortunately, that means that your will will need to ...
  • 56
4 votes
Accepted

What happens to all my assets outside US if I die?

First question: Do I need to register this house in my tax return here in US? There is no "registration" of foreign property (whether real estate or stocks or anything else) on a US tax ...
3 votes
Accepted

Suggestions on how to distribute jewelery and other valuable personal property to the beneficiaries of my will?

The hassle free way to deal with this is to either: Designate pieces of jewelry for each cousin as you see fit, attempting to make each 'gift bag' similarly valued Sell it all and give them the cash ...
3 votes

Special bequests in a will

Instead of adding such a layer of complexity, it seems a good time to update the will. The gifts should be made and any reference to them removed from the will. Why risk having add-on documents that ...
3 votes
Accepted

Money-market or cash-type ETFs for foreigners with U.S brokerage account

Securities and ETFs are also subjected to Estate Tax. Some ways: Draft a "Transfer on Death" instruction to the broker, that triggers a transfer to an account in the beneficiary's name, in most ...
  • 10.1k
3 votes
Accepted

How to keep a will up-to-date?

In general you use terms that the attorney preparing your will knows how to craft. Some of your accounts allow you to specify beneficiaries. These designations generally overrule the instructions in ...
2 votes

Mechanism for long-term control of estate distribution?

It seems like a potential solution would be to provide the distribution as annual stipends divided among the still-living beneficiaries. Each year, the beneficiaries who are still alive would receive ...
  • 56.6k
2 votes

How should I leave money to a minor?

Get a will completed ASAP. It sounds like you are not doing a standard inheritance, so you will want to have it down in writing. If money is an issue, I would research were you can get a will done ...
  • 75k
2 votes
Accepted

Life Insurance Policy for my Dad

Term life insurance makes sense if you will have a need for money if someone dies. If you (and your brothers) do not have enough money currently for a proper burial for your father, then you might ...
2 votes

Life Insurance Policy for my Dad

If you can not support yourself should your father die, an insurance policy may make sense as a safety net. As an investment, it is a bad bet unless he knows something about his health that would ...
  • 32k
2 votes

Employer wants a key man insurance policy on me, should I agree?

My advice is NO... unless the company makes you the Owner of the policy and pays the premium and they agree to only be the beneficiary of the policy. The reason is this... if they are the owner, you ...
  • 21
2 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a well worn path and not a bad idea. There are quite a few pitfalls but there are a lot of resources to learn for other people's mistakes. Having a plan and doing your research should help ...
2 votes
Accepted

Does Australia impose estate tax on foreigners investing in the Australian stock market?

Australia does not have estate taxes or death duties.
  • 3,160
2 votes

Does the primary residence capital gains exclusion apply to irrevocable trusts?

If you are the living grantor of trust, then you will be considered the taxable owner of the house, and you will qualify for the 250/500 exemption as long as it is your primary residence. This is ...
  • 9,332
2 votes

Trust vs. Foundation vs. DAF

In the United States, no. There's a law called "the law of perplexities" that says that a trust fund cannot last longer than a specified amount of time after the death of someone living at the time ...
  • 20.8k
2 votes

Suggestions on how to distribute jewelery and other valuable personal property to the beneficiaries of my will?

The easiest option is likely to have either a draft or an auction. In a draft, everyone draws straws. The first person picks the first item they want and every round you reverse order. If there are ...
  • 21.6k
2 votes

Value of mother-in-law cottage for purposes of will

The cottage belongs to the owner of the main home. It was not left when they passed. The other assets are part of the estate and should be split via the will. If as you suggest, for some reason they ...
2 votes
Accepted

Brokerage in US Bank Won't Print TOD name on Monthly Statement

But my question is, why not print TOD beneficiary on the monthly statement and make it easier for the customer. Their reason for "Security" seems bogus. They have been moving away from ...

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