wrongful-death settlement, taxes and trusts

GRULSTMRNN said:
Thank you for asking, in fact I already answered some of your questions:

1) I would ask the state/government to hold them accountable. Beyond that I would forgive. My family, me included, have forgiven the doctor who committed malpractice and most likely took away valuable months if not years from my dad. The doctor lost his license to practice for good reason, he performed poorly and did not take his job seriously enough. That is enough. I bet the person who ran a red light has done jail time. All other things are forgivable and can be managed by the family just as we have done.

2) see 1)

Your point Re taxes is moot. If the law sees the annual payments for the daughter as a gross payment then taxes are rightly due, just as your deceased brother had to pay income taxes before making payments to his daughter. If the law decides those are net payments then they should not be taxed. Everything else is bullshit and you should sue the IRS or live in a jurisdiction where reasonable practices are applied.
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There are numerous ways to do taxes legally with differing amounts due. Don't tell me you do quick form and pay maximum taxes calculated?
 
I pay fair taxes due and yes I don't take every single exemption and make every write off I could. I could pay less but don't because I believe what I pay is fair. I can only repeat the question, what specifically did the legal decision award to the surviving daughter? Why were those payments not forced to be paid into a secure grant that will benefit the daughter when she comes of age. That is what should happen. Why should your dad have a say and access to those funds?

DannoXYZ said:
There are numerous ways to do taxes legally with differing amounts due. Don't tell me you do quick form and pay maximum taxes calculated?
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DannoXYZ said:
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.
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College tuition is exempt from gift limits if you pay the institution directly.
 
GRULSTMRNN said:
I pay fair taxes due and yes I don't take every single exemption and make every write off I could. I could pay less but don't because I believe what I pay is fair. I can only repeat the question, what specifically did the legal decision award to the surviving daughter? Why were those payments not forced to be paid into a secure grant that will benefit the daughter when she comes of age. That is what should happen. Why should your dad have a say and access to those funds?
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No, award went to "sole heir" as determined by Oregon law.
 
GRULSTMRNN said:
I pay fair taxes due and yes I don't take every single exemption and make every write off I could. I could pay less but don't because I believe what I pay is fair. I can only repeat the question, what specifically did the legal decision award to the surviving daughter? Why were those payments not forced to be paid into a secure grant that will benefit the daughter when she comes of age. That is what should happen. Why should your dad have a say and access to those funds?
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No such thing as there's no way for everyone to agree on what "fair" is. That's very subjective like saying "best flavour" of ice-cream is chocolate. However, that's perfectly equal to and not better or worse than someone else's preference for vanilla.

It comes down to numbers. Do you willingly pay any more taxes than what bottom line of tax-worksheet says you owe?
 
OK unless I missed something in your OP that's not what was mentioned. It changes things quite a bit. In this case the daughter rightly has no right to the payments. So, I am confused, why do you think any payment to the daughter should not be fairly taxed in the exact same way than any other inheritance (in case your dad decides to write a will for those accumulated payments to benefit his grand daughter) or gifting? As mentioned tuition may be exempt from taxes. What other benefit are you seeking that everyone else is not benefitting from and where everyone else pays their fair share? Why do you think your family should be treated differently?

DannoXYZ said:
He hadn't completed adoption yet. From courts perspective, my dad was heir.
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If you fuck up and kill a member of my family the fuck yeah I will sue you to pay for the loss you caused from your negligence. Putting the person in prison for 1 year for negligent vehicular manslaughter is not justice. In a court of law, the perp can get off with community service. it is not about greed because you are not getting untold millions.

Civil courts provide a means to make a family whole and provide punitive damages for the injury caused. tough shit.
 
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