"Ron Peterson" <ron[at]shell.core.com> wrote
Elle
- quote -

Beg pardon, but it seems to me your first post indicated
yours was a general question, not one addressing
specifically poster S's needs, per another thread.

I think trusts work for other situations than the one you
indicate above. Between siblings, say, where one is mentally
limited, and where death of the trust's creator can pass on
certain limited entitlements to the mentally limited
relative that will help ensure he/she has extra income for
life, or similar.

On Dec 9, 6:41 pm, "Elle" <honda.lion...[at]nospam.earthlink.net> wrote:
- quote -

That might work for a rich relative to give for a poor young relative.

S was indicating that his parents would need financial help, so he can
only give incrementally and he may not want to impair any support that
his parents receive through governmental programs.

--
Ron

"Ron Peterson" <ron[at]shell.core.com> wrote
- quote -

Trust fund.

John A. Weeks III wrote:
- quote -

To be specific, you go to form 709 (and the instructions for the form)
and use part of your unified credit. This allows one to tap part of a $1
million allowed transfer before they pass on. Yes, this year individual,
no form to file gift limit is $12,000 per person combination.
JOE

In article
<5d1abd27-a714-4b41-96a9-75a5daa91f0f[at]e67g2000hsc.googlegroups.com> ,
Ron Peterson <ron[at]shell.core.com> wrote:

- quote -

If you do it correctly, the $11,000 limit (which is actually
$12,000 this year if I remember correctly) can be worked around.
It involves taking an early use of your death exemption. I
qualified attorney would know all the details.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

On Dec 9, 8:05 am, Ron Peterson <r...[at]shell.core.com> wrote:

- quote -

The amount is $12,000 for the year 2007. If you're married, you can
give 24K. If the people you give to a married and you are single, you
can give 24K (12K to each person, I'd write seperate checks). If
everyone is married, then 48K. The amount may increase next year.

It's not clear to me how the IRS polices this rule. I suppose if your
income (say from interest, dividends, or capital gains bought from the
gift received) increases rapidly say through a 1M gift, then the IRS
might have cause to look further.

- quote -

No idea. I'm guessing that you can still own a house, but because you
don't live in it, you can't take the mortgage interest deduction, but
will still be able to take the property tax deduction.

The thread started by S got me thinking.

Some family members may not be able to work and other income such as
SS, savings, and pensions may not be adequate to have a reasonable
lifestyle.

What makes the best way of supplementing the income of needy family
members and how should that load be shared with other family members?

Direct gifts might work since there isn't any tax under $11,000(?).

How does supplying living quarters work (e.g. buying a condo)?

Any other ideas?

--
Ron