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OT: Attorneys- Can You Adopt Your Adult G/F?

RutgersMO

RutgersMO

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She's 65 / collects her deceased husbands social security death benefits + medicare.

Spare me / yourselves the sarcasm etc.- she's very hot looking (most think she's 10 years younger).

Marrying her is out... since she would lose her social security benefits.

Note: both of her birth parents are deceased.

So the question is- am I correct that you can adopt an adult, thus setting in motion a chain for inheritance / the ability to make selections about healthcare while still being able to collect her social security.

Thanks

MO
 
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RutgersMO said:
She's 65 / collects her deceased husbands social security death benefits + medicare.

Spare me / yourselves the sarcasm etc.- she's very hot looking (most think she's 10 years younger).

Marrying her is out... since she would lose her social security benefits.

Note: both of her birth parents are deceased.

So the question is- am I correct that you can adopt an adult, thus setting in motion a chain for inheritance / the ability to make selections about healthcare while still being able to collect her social security.

Thanks

MO
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Just go get some estate planning documents: http://www.investopedia.com/articles/pf/07/estate_plan_checklist.asp
 
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You should become women and get married.....this story has legs
 
RutgersMO said:
She's 65 / collects her deceased husbands social security death benefits + medicare.

Spare me / yourselves the sarcasm etc.- she's very hot looking (most think she's 10 years younger).

Marrying her is out... since she would lose her social security benefits.

Note: both of her birth parents are deceased.

So the question is- am I correct that you can adopt an adult, thus setting in motion a chain for inheritance / the ability to make selections about healthcare while still being able to collect her social security.

Thanks

MO
Click to expand...
From your question, it is not clear to me why you need to adopt her. Is there a specific concern you are trying to guard against? If your only goals are "setting in motion a chain for inheritance" and "selections about healthcare" you could accomplish those goals through a Will and a Living Will, respectively.

People can leave whatever they want to whomever they want in a Will. The only person who has a right to a portion of your estate is a surviving spouse. Since hers is dead, she can leave her assets to whomever she wants in her will, and since you are unmarried (presumably) you can do the same. If you sign Living Wills that include a "Healthcare Proxy" you can designate each other as the person to make medical decisions in the event you are ever unable to make them for yourself.
 
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Ole Cabbagehead said:
From your question, it is not clear to me why you need to adopt her. Is there a specific concern you are trying to guard against? If your only goals are "setting in motion a chain for inheritance" and "selections about healthcare" you could accomplish those goals through a Will and a Living Will, respectively.

People can leave whatever they want to whomever they want in a Will. The only person who has a right to a portion of your estate is a surviving spouse. Since hers is dead, she can leave her assets to whomever she wants in her will, and since you are unmarried (presumably) you can do the same. If you sign Living Wills that include a "Healthcare Proxy" you can designate each other as the person to make medical decisions in the event you are ever unable to make them for yourself.
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Actually contacted an attorney (RU grad)....and he's worked on a will / living trust. This idea just hit me today- and I enjoyed the absurdity /comedic value. Since it's not football season/ no commits lately, I personally enjoy a "jolt" every now / again to stay awake.

Thanks for addressing the issue- appreciate it .

MO
 
RutgersMO said:
Actually contacted an attorney (RU grad)....and he's worked on a will / living trust. This idea just hit me today- and I enjoyed the absurdity /comedic value. Since it's not football season/ no commits lately, I personally enjoy a "jolt" every now / again to stay awake.

Thanks for addressing the issue- appreciate it .

MO
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Well, if you adopted you'd solve the inheritance tax issue as a daughter is a Class A beneficiary. But would you end up getting indicted for incest?
 
RutgersMO said:
She's 65 / collects her deceased husbands social security death benefits + medicare.

Spare me / yourselves the sarcasm etc.- she's very hot looking (most think she's 10 years younger).

Marrying her is out... since she would lose her social security benefits.

Note: both of her birth parents are deceased.

So the question is- am I correct that you can adopt an adult, thus setting in motion a chain for inheritance / the ability to make selections about healthcare while still being able to collect her social security.

Thanks

MO
Click to expand...

Way to keep up the Free Shit Army train.

So you or her would rather have the money than get married. Sounds like a great relationship.
 
RutgersMO, while your idea is odd I understand the premise. Yes Olecabbagehead, you can leave whatever you want to whomever you want, but unless it is a spouse or offspring there are tax consequences that RutgersMO would like to avoid while also preserving his Ladyfriends' SS benefits.

I am sure someone somewhere has tried this, but in the words of my accountant 'I can only walk you to the prison gate'. Tread lightly RutgersMO.
 
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Well I'll give you credit for having the guts to ask the "weird" question and open yourself up to the crowd.

But as to the money thing versus marriage, it's not always cut and dry as you get older. I had to deal with a long term health issue with one of my parents who has since passed. Luckily it didn't affect them or the family financially but while we were in the hospital at various times, I heard a few stories of couples getting divorced to protect their assets due to the costs of long term health care issues. It's something that hadn't occurred to me prior but I could easily see a life savings be wiped out just like that.

I think there was a look back period but if it was something that could be foreseen getting worse down the line (Alzheimer's), it was something that some couples did. Sometimes you have to be practical and things aren't always rosy.
 
Piscataway said:
RutgersMO, while your idea is odd I understand the premise. Yes Olecabbagehead, you can leave whatever you want to whomever you want, but unless it is a spouse or offspring there are tax consequences that RutgersMO would like to avoid while also preserving his Ladyfriends' SS benefits.

I am sure someone somewhere has tried this, but in the words of my accountant 'I can only walk you to the prison gate'. Tread lightly RutgersMO.
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I like that line from your accountant. I am going to use that. Your reasoning was why I asked what his objective was. I'm not sure if Mo is an NJ resident or a resident of another state with an inheritance tax or not. It may or may not be an issue.

To add a further note, if you guys are trying to find a tax effective way to provide significant sums to each other and you are NJ residents, you can completely mitigate NJ estate and inheritance taxes by utilizing an irrevocable trust funded during your lifetime. NJ has no gift tax, and has no mechanism for capturing gifts made unless they are made "in contemplation of death." Most people I've met with are unwilling to do that, but it is an option.

Your issues when you are unmarried in NJ are twofold. First, you cannot utilize the unlimited marital deduction from estate taxes, so everything the first "spouse" to die owns over $675,000 will be taxable on his or her death. Second, is the inheritance tax issue. If you guys have significant wealth, such that you anticipate being federally estate taxable (over $5.43mm each), I would likely recommend that you get married at an appropriate point in the future.
 
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Can some attorney let me know how I can set up my assets so some leech can't suck off my 65 year old widow with some adoption scheme after I'm gone?
 
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RUJohnny99 said:
Can some attorney let me know how I can set up my assets so some leech can't suck off my 65 year old widow with some adoption scheme after I'm gone?
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Not to worry - Mrs99 becomes CE Team6 community property upon your demise.
 
Ole Cabbagehead said:
Your issues when you are unmarried in NJ are twofold. First, you cannot utilize the unlimited marital deduction from estate taxes, so everything the first "spouse" to die owns over $675,000 will be taxable on his or her death. Second, is the inheritance tax issue. If you guys have significant wealth, such that you anticipate being federally estate taxable (over $5.43mm each), I would likely recommend that you get married at an appropriate point in the future.
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I guess in such a case, you could get married just before dying to preserve assets?
 
RU4Real said:
Hey - don't hate.
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Welcome to the brave new world of Dating for Senior Citizens.

In this world it is usually the adult children who monitor, vette and police their parents dating relationships, especially if Ma or Pa has financial assets that can whisked away by a rogue love interest.

I know some guys in their 60's that are involved in the dating scene. I certainly would not want to change places with them. Lots of human baggage out there. Good luck to Mo.
 
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Ole Cabbagehead said:
I like that line from your accountant. I am going to use that. Your reasoning was why I asked what his objective was. I'm not sure if Mo is an NJ resident or a resident of another state with an inheritance tax or not. It may or may not be an issue.

To add a further note, if you guys are trying to find a tax effective way to provide significant sums to each other and you are NJ residents, you can completely mitigate NJ estate and inheritance taxes by utilizing an irrevocable trust funded during your lifetime. NJ has no gift tax, and has no mechanism for capturing gifts made unless they are made "in contemplation of death." Most people I've met with are unwilling to do that, but it is an option.

Your issues when you are unmarried in NJ are twofold. First, you cannot utilize the unlimited marital deduction from estate taxes, so everything the first "spouse" to die owns over $675,000 will be taxable on his or her death. Second, is the inheritance tax issue. If you guys have significant wealth, such that you anticipate being federally estate taxable (over $5.43mm each), I would likely recommend that you get married at an appropriate point in the future.
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Old Cabbagehead, Is there a three (3) year look back for a transfer to an irrevocable, non-grantor trust? In other words, would the grantor have to live for 3 years to avoid the presumption of a gift made in contemplation of death?
 
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