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Posted: 10/25/2010 8:00:56 PM EDT
[#1]
No problem, I'll PM you my PO box and you can forward it if you don't want it
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Posted: 10/25/2010 8:01:44 PM EDT
[#2]
$10k would solve a lot of things for me. Feel free to forward it if you don't want it.
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Posted: 10/25/2010 8:04:29 PM EDT
[#3]
It would actually cause me to think something was wrong with my father (like he was sick or something).
ETA: My father has passed, and that's hopefully not the case. |
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Posted: 10/25/2010 8:09:14 PM EDT
[#4]
Quoted:
It would actually cause me to think something was wrong with my father. Both of my parents grew up very poor and we lived a frugal existance growing up. I never did without anything that I needed, but they spent their money very wisely. When I asked him about why he was doing this, he said that either he or my mother could get sick at some point and lose everything to their medical expenses, so this was his way of distributing some of his estate now. That makes sense I guess. |
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Posted: 10/25/2010 8:11:59 PM EDT
[#5]
Bear in mind that you're receiving a tax-free gift. You can get one of those a year from your father. At 74, perhaps it's just his way to make sure that the tax man gets as little from his estate as possible.
Thank him very much, and if you really don't need the cash, spend it on hookers & blow. Or ammo and guns. Remember: money can't buy happiness. But it can RENT SOME! |
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Posted: 10/25/2010 8:12:41 PM EDT
[#6]
Quoted: $10k would solve a lot of things for me. Feel free to forward it if you don't want it. |
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Posted: 10/25/2010 8:14:23 PM EDT
[#7]
Quoted:
Quoted:
It would actually cause me to think something was wrong with my father. Both of my parents grew up very poor and we lived a frugal existance growing up. I never did without anything that I needed, but they spent their money very wisely. When I asked him about why he was doing this, he said that either he or my mother could get sick at some point and lose everything to their medical expenses, so this was his way of distributing some of his estate now. That makes sense I guess. Makes sense to help avoid taxes..... |
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Posted: 10/25/2010 8:17:04 PM EDT
[#8]
well....ammo is getting a little better priced
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Posted: 10/25/2010 8:17:18 PM EDT
[#9]
Quoted:
Quoted:
It would actually cause me to think something was wrong with my father. Both of my parents grew up very poor and we lived a frugal existance growing up. I never did without anything that I needed, but they spent their money very wisely. When I asked him about why he was doing this, he said that either he or my mother could get sick at some point and lose everything to their medical expenses, so this was his way of distributing some of his estate now. That makes sense I guess. Makes a lot of sense. |
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Posted: 10/25/2010 8:19:11 PM EDT
[#10]
Quoted:
Quoted:
Quoted:
It would actually cause me to think something was wrong with my father. Both of my parents grew up very poor and we lived a frugal existance growing up. I never did without anything that I needed, but they spent their money very wisely. When I asked him about why he was doing this, he said that either he or my mother could get sick at some point and lose everything to their medical expenses, so this was his way of distributing some of his estate now. That makes sense I guess. Makes a lot of sense. Yup it does, I wasn't trying to be negative... |
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Posted: 10/25/2010 8:20:51 PM EDT
[#11]
Quoted:
Quoted:
Quoted:
It would actually cause me to think something was wrong with my father. Both of my parents grew up very poor and we lived a frugal existance growing up. I never did without anything that I needed, but they spent their money very wisely. When I asked him about why he was doing this, he said that either he or my mother could get sick at some point and lose everything to their medical expenses, so this was his way of distributing some of his estate now. That makes sense I guess. Makes sense to help avoid taxes..... Yep, give it away while you are alive, or give a good percentage to .gov after you die. 
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Posted: 10/25/2010 8:21:38 PM EDT
[#12]
he can start giving it to you now, or the govt can take 55% of it later. my parents choose the former. There are limits and loopholes that should be maximized to keep the govt from getting your parents hard earned money.
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Posted: 10/25/2010 8:23:10 PM EDT
[#13]
Quoted: I suspect Dad's giving me a check too just so that I don't feel like I was left out. Could also be so that your siblings don't feel as bad about it. "I'm not bailing you out because you failed, I'm just giving this money to everybody." |
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Posted: 10/25/2010 8:28:20 PM EDT
[#14]
Quoted:
Quoted:
I suspect Dad's giving me a check too just so that I don't feel like I was left out. Could also be so that your siblings don't feel as bad about it. "I'm not bailing you out because you failed, I'm just giving this money to everybody." Good point. I didn't think about that one. Also, not that it matters, but I don't think that my siblings have failed. My brother has had some health issues and my brother-in-law does drywall. With the current housing market, he isn't getting much business. |
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Posted: 10/25/2010 8:32:10 PM EDT
[#15]
Is it money he doesn't want to get taxed on when he passes? I mean, not that he is thinking of that, but I know of some family friends who started passing on money so they wouldn't end up with it all being taxed at the higher rates.
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Posted: 10/25/2010 8:39:55 PM EDT
[#16]
Quoted:
Is it money he doesn't want to get taxed on when he passes? I mean, not that he is thinking of that, but I know of some family friends who started passing on money so they wouldn't end up with it all being taxed at the higher rates. I don't think his estate would be large enough to be hit by estate taxes. He's mentioned the medical thing before though...so, who knows. |
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Posted: 10/25/2010 8:45:06 PM EDT
[#17]
Quoted: Also, not that it matters, but I don't think that my siblings have failed. Sometimes it's hard not to feel that way even when events are way beyond your control. |
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Posted: 10/25/2010 8:45:48 PM EDT
[#18]
Thanks, Dad.
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Posted: 10/25/2010 8:48:50 PM EDT
[#19]
If you don't need it, set it aside in case he needs help later. If he gets sick and goes broke, you can at least treat him to meals and a trip or two to enjoy himself and forget about life's problems.
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Posted: 10/25/2010 8:52:56 PM EDT
[#20]
10K is what he can contribute without being taxed on it. He's a smart guy, playing law of averages. If he plans on leaving you guys an inheritance, he's way better to dole it out 10K at a time, over time, than get assfuked by Obama at death and lose most of it.
he's trying to keep his savings from paying for some fucking illegal aliens or union fuckstick's health care. he's a member of the greatest generation, and again, taking care of business. 
ETA +1 to the above poster's idea. If you don't need it, set it aside in a decent investment that's sorta liquid, then let it sit there. if he needs it back ever, it's there plus some. When he passes, you'll have a nice little bonus that you can use for kids college, investment, whatever... |
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Posted: 10/25/2010 8:55:03 PM EDT
[#21]
Quoted:
Quoted:
It would actually cause me to think something was wrong with my father. Both of my parents grew up very poor and we lived a frugal existance growing up. I never did without anything that I needed, but they spent their money very wisely. When I asked him about why he was doing this, he said that either he or my mother could get sick at some point and lose everything to their medical expenses, so this was his way of distributing some of his estate now. That makes sense I guess. That makes a lot of sense. I think he realizes he is not getting any younger, and he must have talked to a smart tax guy or attorney. A lot of people lost their life saving the last few months of their lives, or that money gets ties up or lost afterward. $10,000 gifts to family members is the standard technique to distribute this without attracting scrutiny and accusations of impropriety. My grandfather lived like a miser his whole life, and it turned out he had something like 30,000 in "life savings" he suddenly realized he could never spend. His kids had a nice Christmas one year. |
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Posted: 10/25/2010 8:55:55 PM EDT
[#22]
Sometimes people will start to give their stuff away before suicide.. Did you talk to him and make sure he is ok? Hopefully all is well, just saying.
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Posted: 10/25/2010 9:09:36 PM EDT
[#23]
Do something good for him.
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Posted: 10/25/2010 9:14:12 PM EDT
[#24]
What a wonderful blessing and a Great Dad!
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Posted: 10/25/2010 9:17:50 PM EDT
[#25]
Tax benefit.
I recommend a book called "Die Broke". Tells you that basically you get rid of everything. The last check you write is to the undertaker and it bounces. |
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Posted: 10/26/2010 4:08:35 AM EDT
[#26]
Quoted:
Sometimes people will start to give their stuff away before suicide.. Did you talk to him and make sure he is ok? Hopefully all is well, just saying. Nah, he's the Rock of Gilbraltar. Plays golf several times a week, has several woodworking projects that he's working on and is doing a lot of volunteer stuff at his church. He's living large. |
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Posted: 10/26/2010 4:11:37 AM EDT
[#27]
Quoted:
It would actually cause me to think something was wrong with my father (like he was sick or something).
ETA: My father has passed, and that's hopefully not the case. |
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Posted: 10/26/2010 4:23:14 AM EDT
[#28]
Quoted:
well....ammo is getting a little better priced This |
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Posted: 10/26/2010 4:23:51 AM EDT
[#29]
Quoted: It would actually cause me to think something was wrong with my father (like he was sick or something). ETA: My father has passed, and that's hopefully not the case. Yep. Hopefully your Dad is just thinking things are tough all over and wants to lend a hand. |
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Posted: 10/26/2010 4:25:14 AM EDT
[#30]
Quoted:
No kidding, I could pay off my car and put some in savings.$10k would solve a lot of things for me. Feel free to forward it if you don't want it.
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Posted: 10/26/2010 4:47:52 AM EDT
[#31]
Quoted:
Quoted:
Sometimes people will start to give their stuff away before suicide.. Did you talk to him and make sure he is ok? Hopefully all is well, just saying. Nah, he's the Rock of Gilbraltar. Plays golf several times a week, has several woodworking projects and he's working on and is doing a lot of volunteer stuff at his church. He's living large. If that's the case then he might just be distributing some wealth to keep FedGov from hitting him with the 'death tax' in a few years. It kicks in next year on estates valued at over $1.5 million, which isn't really a whole lot when you add up the value of the home, investment/retirement accounts, etc. |
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Posted: 10/26/2010 4:55:55 AM EDT
[#32]
My folks have done this in the past. A way of keeping Uncle Sam from getting it's hooks in.
Here's something else to think about... Your Dad probably spent not a little time deciding to do this. If you reject his gift you'll be insulting him. |
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Posted: 10/26/2010 5:13:17 AM EDT
[#33]
Quoted: ETA +1 to the above poster's idea. If you don't need it, set it aside in a decent investment that's sorta liquid, then let it sit there. if he needs it back ever, it's there plus some. When he passes, you'll have a nice little bonus that you can use for kids college, investment, whatever... This. Forget any grand idea of spending it unless you are in dire financial straits. Put it in a CD or try to find something that at least pays a little interest but is liquid enough that if an emergency comes up, you can return it. When he passes, then call it yours. I've seen numerous people who live paycheck to paycheck receive some windfall, and they piss it away and end up right back in the gutter where they were. |
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Posted: 10/26/2010 12:00:23 PM EDT
[#34]
Quoted:
Quoted:
ETA +1 to the above poster's idea. If you don't need it, set it aside in a decent investment that's sorta liquid, then let it sit there. if he needs it back ever, it's there plus some. When he passes, you'll have a nice little bonus that you can use for kids college, investment, whatever... This. Forget any grand idea of spending it unless you are in dire financial straits. Put it in a CD or try to find something that at least pays a little interest but is liquid enough that if an emergency comes up, you can return it. When he passes, then call it yours. I've seen numerous people who live paycheck to paycheck receive some windfall, and they piss it away and end up right back in the gutter where they were. I told the spousal unit that we could blow 10% of it on a trip or toy and that we'll be setting aside the remainder. |
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Posted: 10/26/2010 12:01:08 PM EDT
[#35]
SCAR 17
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Posted: 10/26/2010 12:03:58 PM EDT
[#36]
Quoted:
Quoted:
No kidding, I could pay off my car and put some in savings.$10k would solve a lot of things for me. Feel free to forward it if you don't want it.
Heh. I drive a '96 Honda with 125K on it. It ain't pretty but it still runs, so I still drive it....and I still will. 
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Posted: 10/26/2010 12:07:34 PM EDT
[#37]
Quoted:
My 74 year old father called me tonight and said that he's sending me and my two siblings $10K each by the end of the week. My brother and sister's families have both been hit hard by the economy and I suspect these checks are to help them out. I suspect Dad's giving me a check too just so that I don't feel like I was left out. I told him if that was the case, that he didn't need to worry about me getting hurt feelings or anything like that. He denied that this was the reason he was doing it, but....... I don't know what to think about this. Hmmmm. Yeah, I know...looking a gift horse in the mouth and all that. My parents constantly give to my two brothers. Cars, houses and cash. They too have busted their asses for every penny, commuting 110 miles EACH WAY for 35 years to make a decent living. After seeing what the two brothers get for just whining, I would love for my parents to spread a little my way. It will never happen though, because I'm the one they "don't have to worry about", not needy and have never asked. It doesn't mean I haven't had a rough time or three. Sometimes I think I could have had it a little easier if I were to just ask for it. The two brothers seem to have no problem. 
If your dad wants to make you happy, then I think that's cool. It's awesome of him to do that. |
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Posted: 10/26/2010 12:15:11 PM EDT
[#38]
Quoted:
Remember: money can't buy happiness. But it can RENT SOME! The rent is too DAMNED high! |
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Posted: 10/26/2010 12:16:53 PM EDT
[#39]
My parents did this several years before they died.
My siblings and I each got a $10,000 check from Mom, and a $10,000 check from Dad each year. It was a way to reduce the estate tax free. |
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Posted: 10/26/2010 12:17:47 PM EDT
[#40]
Quoted:
Quoted:
My 74 year old father called me tonight and said that he's sending me and my two siblings $10K each by the end of the week. My brother and sister's families have both been hit hard by the economy and I suspect these checks are to help them out. I suspect Dad's giving me a check too just so that I don't feel like I was left out. I told him if that was the case, that he didn't need to worry about me getting hurt feelings or anything like that. He denied that this was the reason he was doing it, but....... I don't know what to think about this. Hmmmm. Yeah, I know...looking a gift horse in the mouth and all that. My parents constantly give to my two brothers. Cars, houses and cash. They too have busted their asses for every penny, commuting 110 miles EACH WAY for 35 years to make a decent living. After seeing what the two brothers get for just whining, I would love for my parents to spread a little my way. It will never happen though, because I'm the one they "don't have to worry about", not needy and have never asked. It doesn't mean I haven't had a rough time or three. Sometimes I think I could have had it a little easier if I were to just ask for it. The two brothers seem to have no problem.
If your dad wants to make you happy, then I think that's cool. It's awesome of him to do that. I've told my Dad before that his money is his money to do with whatever makes him happy. He earned it so he can decide what he wants to have happen with it. If he wants to give it all to the church when he passes, that's fine by me. He did tell me one time of a nightmare he had - he said that he dreamed that he died and still had a penny left. 
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Posted: 10/26/2010 12:20:06 PM EDT
[#41]
Given all the talk about the "Bush Tax Cuts" this year and how they are expiring I suspect there will be lots of last minute $10K gifts from older parents............
Brian |
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Posted: 10/26/2010 12:20:36 PM EDT
[#42]
Honor your father by doing something good with the money. My suggestions...
Buy someone a NRA membership Holidays are coming and there's lots of needy people Save some so you don't become one of those needy people Buy something symbolic that will always make you think happy thoughts of your dad after he's gone just some ideas, God bless your dad |
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