wrongful-death settlement, taxes and trusts

[Bum]

Hi Danno,

Sorry to hear about your brother.

Don't know the amount your talking about. Might be best to get some expert advice before giving too much to taxes if this is a larger amount.

If smaller amount, could your Dad buy "stuff" to gift to his 2 sons over multiple years until gone? Could he pay for some "bills" for an extended period of time until money used?

Just some thoughts, but not "expert" advice.

***Great job by others for posting 3 pages of great ideas. NOT!

 

[GRULSTMRNN]

And your idea is grand? Should the daughter be entitled to financial care or the father or brothers? Your ideas, with all due respect, are ridiculous.

Hi Danno,

Sorry to hear about your brother.

Don't know the amount your talking about. Might be best to get some expert advice before giving too much to taxes if this is a larger amount.

If smaller amount, could your Dad buy "stuff" to gift to his 2 sons over multiple years until gone? Could he pay for some "bills" for an extended period of time until money used?

Just some thoughts, but not "expert" advice.

***Great job by others for posting 3 pages of great ideas. NOT!

 

[Overnight]

And your idea is grand? Should the daughter be entitled to financial care or the father or brothers? Your ideas, with all due respect, are ridiculous.

From what country do you hail from, Groot, and in which country do you now reside?

 

[DannoXYZ]

Hi Danno,

Sorry to hear about your brother.

Don't know the amount your talking about. Might be best to get some expert advice before giving too much to taxes if this is a larger amount.

If smaller amount, could your Dad buy "stuff" to gift to his 2 sons over multiple years until gone? Could he pay for some "bills" for an extended period of time until money used?

Just some thoughts, but not "expert" advice.

***Great job by others for posting 3 pages of great ideas. NOT!

Thank you. Yes, that's one avenue we looked at. Up to $15k/yr can be gifted without taxation. Which won't be enough to even pay for her college-tuition. I'm exploring inheritance hierarchy where default heir can renounce their claim and pass onto next (my brother and I). However, that still doesn't avoid tax-issues that arises when we go to transfer that money to daughter.

 

[Overnight]

Thank you. Yes, that's one avenue we looked at. Up to $15k/yr can be gifted without taxation. Which won't be enough to even pay for her college-tuition. I'm exploring inheritance hierarchy where default heir can renounce their claim and pass onto next (my brother and I). However, that still doesn't avoid tax-issues when that arises when we go to transfer that money to daughter.

You need to speak with a tax attorney. Perhaps you can set up an IRA linked to a trust.

 

[Bum]

And your idea is grand? Should the daughter be entitled to financial care or the father or brothers? Your ideas, with all due respect, are ridiculous.

Read the question from OP.
Courts decided in favor of payment.
Where did OP ask for 50 opinions about whether the court's decision was correct?
Where's your grand idea about how to avoid the taxes? Oh, you forgot that was the real question by the OP. You'd rather ramble & argue for hours about bla, bla, bla that he has no interest in.
Please continue you rambling. Sorry I interrupted with an actual answer to his question.

 

[Sig]

You got it, I disagreed with the assertion of civil suits above and beyond a criminal suit. And I exercised that right. Until a bunch of hyenas threw themselves onto me. Since then I have simply defended my stance and corrected where I was taken out of context.

And now a quiet minute for the deceased, stand Brothers and sisters, hand on the heart and the national hymn please. And while we are at it let's still remember September 11, 18 years ago. After all we are a nation that militarily destroys others and emotionally shouts down everyone who disagrees yet when we are hurt or violated it turns into an unforgivable crime. A nation that is highly emotional when it comes to hurt inflicted on them yet stabs and destroys without mercy others as long as it serves own interest, even if the interests are just of economic nature. Point made, it's easy to feel offended about everything that happens in the own backyard, others will show again respect and trust when the same feeling of anger is shown to own misbehavior and transgression towards others. The civil suit system has destroyed more families and people for good than benefitted the few. It's almost impossible to start up a business in America unless one hires iron clad legal protection from all the monkeys that soon sue for whatever they think they can get away with. A little neck pain because someone gently bumped into my car in the parking lot? Sue that fucking bastard for whatever he is good for. At every corner lurks a law suit. End of rant

So in other words, you pulled the numbers in your earlier post out your ass. You apparently don't understand the concept of democracy. You seem to be conflating civil liability in general with civil liability in the case of wrongful death. And you have absolutely no fucking clue what it takes to start and run a business anywhere let alone in the US. Those of us who are entrepreneurs have done very well for ourselves, thank you. We sure as hell don't cower in fear of civil suits as you apparently would, if you lived in the US and if you were an entrepreneur. But then neither of those apply to you, do they? So again, your irrelevant opinion is noted. Now take a chill pill before you give yourself an aneurysm.

 

[DannoXYZ]

And your idea is grand? Should the daughter be entitled to financial care or the father or brothers? Your ideas, with all due respect, are ridiculous.

What would you do in situations such as this:

1. someone accidently kills a loved one in your family through neglect. That is, they messed up.
2. it is proven 100% with video and eye-witness testimony that they were responsible

Would you roll over "oh well" and just go on with your life?
Note there's difference between compensatory vs. punitive damages.


Although my question has more to do with taxes. Have you ever willingly wrote cheque for double your taxes due and donated extra to tax-man???

 

[Overnight]

Read the question from OP.
Courts decided in favor of payment.
Where did OP ask for 50 opinions about whether the court's decision was correct?
Where's your grand idea about how to avoid the taxes? Oh, you forgot that was the real question by the OP. You'd rather ramble & argue for hours about bla, bla, bla that he has no interest in.
Please continue you rambling. Sorry I interrupted with an actual answer to his question.

Indeed. He's on a rambling tear for no reason other than a simple question about accounting. Crazy stuff. Glue huffing? Dunno' what's gotten into him tonight.

 

[Sig]

You need to speak with a tax attorney. Perhaps you can set up an IRA linked to a trust.

Completely agree, there are dozens of trust structures you can set up that depend very much on your very specific situation, so even if one of us was an expert in this we couldn't really give you good advice here.