Feb
26
Rez asked:
My mom is 62, was married for over 10 years, and has made very little money. She is currently receiving $700/mo alimony. My father has since remarried and has a child with his new wife (she also had a child coming into the marriage). I’ve read about a ‘family maximum’ - does this pertain to my mom’s situation? Hypothetical numbers are encouraged. Let’s say my dad’s SS benefits pay out $2000/mo upon his death.
Daniel
My mom is 62, was married for over 10 years, and has made very little money. She is currently receiving $700/mo alimony. My father has since remarried and has a child with his new wife (she also had a child coming into the marriage). I’ve read about a ‘family maximum’ - does this pertain to my mom’s situation? Hypothetical numbers are encouraged. Let’s say my dad’s SS benefits pay out $2000/mo upon his death.
Daniel
Jan
9
My mom will get 1 million dollars from her boyfriend. Does she have to pay taxes on that million?
Filed Under United States | 3 Comments
Green asked:
My mom been taking care of her boyfriend for past couple years. She paid for his housing, food, etc. He is about to get 2 million dollars from a lawsuit and he wants to give half of that to my mom because she been taking care of him. Does she have to pay tax on that?
No recipient gift tax. Is there an upper limit?
William
My mom been taking care of her boyfriend for past couple years. She paid for his housing, food, etc. He is about to get 2 million dollars from a lawsuit and he wants to give half of that to my mom because she been taking care of him. Does she have to pay tax on that?
No recipient gift tax. Is there an upper limit?
William
Nov
17
Selling mom’s home to pay for assisted living and health insurances expenses. What are the tax pitfalls?
Filed Under United States | 4 Comments
Jean S asked:
Her home has been in children’s names (5 of us) for over 6 years.
When we sell, is there a trust we can put the money into for mom’s use - without losing a lot of the sale money to taxes?
Samuel
Her home has been in children’s names (5 of us) for over 6 years.
When we sell, is there a trust we can put the money into for mom’s use - without losing a lot of the sale money to taxes?
Samuel