Have I stumbled upon the WVU board?
OT: Attorneys- Can You Adopt Your Adult G/F?
- Thread starter RutgersMO
- Start date
In a similar situation with gf ...can create stress with the love....way to go Mo !! Lol..
Yes. I believe the actual rule is that the gift is included if it is made "in contemplation of death." That is a factual determination. Then there is a statutory presumption that if it was within 3 years of death, it was in fact made in contemplation.
Also, just for the sake of clarity - whether the trust is a grantor trust or a non-grantor trust is irrelevant. That just determines who pays income taxes. A grantor pays the income taxes on a grantor trust, the trust pays the income taxes on a non-grantor trust. The key here is that the trust must be irrevocable. If you can revoke it, you still own it as far as the taxing authorities are concerned. That is one of the biggest misconceptions out there. A revocable living trust has zero impact on estate taxes.
Precisely. No "marriage in contemplation of death" rules. You just have to worry about competency/untimely death issues.
Best way is a QTIP Marital Trust, since it also has tax advantages. You leave everything to a marital trust designed to provide for whatever the spouse needs. You name someone else (a family member on your side, a child, or a professional) as the trustee. The spouse gets all income, and principal to maintain the accustomed standard of living. If she wants more, she has to ask the trustee, who has the ability to say no.
That way, the money cant be spent on the pool boy, or the pool boy's kids. Whatever is left after the surviving spouse's death is controlled by YOUR will, not controlled by her will. That way she can't leave it to the Scientologists in her Will. Or the pool boy's kids. This kind of trust is SOP in second marriage situations, where a surviving spouse may feel compelled to treat your kids and her kids equally -- even though it is your money.
Why do people feel the need to ask legal questions on a fan board??? I don't know which it is... are you ignorant (can't believe that's the issue based on your board contributions over the years) or just too cheaP to pay for a legal consultation?
Thanks. My understanding is that the 3 year look back for a gift in contemplation of death only applies to the State's Inheritance Tax Law. There would be no look back therefore if the gift was made directly to Class A beneficiaries. However, there would be a 3 year look back period if the gift was made to an irrevocable trust even though the primary beneficiary of the trust were Cass A beneficiaries. The reasoning being that an irrevocable trust is not a Class A beneficiary? Would that be correct? I really appreciate your input.
No couches were harmed in the making of this thread. So no, not the WVU board.
So... I just noticed your avatar. Is that you? If so, I'd like to adopt you for, uh, tax reasons.
So Mo admits he was just having fun and everyone else gets more serious about the debate? Only on Scarlet Nation.
C'mon now. That sort of thing happens everywhere all the time.
There's probably an applicable physics principle, but I don't have the math for it.
Unfortunately she's a fallen Lutheran...in fact she fell all the way to Atheist.
But once the adoption goes through I'm inviting this W H O L E board to her Bas Mitzvah....bring CASH!
MO
For the same reason that some people post boing rhetorical responses to threads (nothing personal....just feeling like let it rip).
MO
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I think that is all correct. I am actually not sure if inheritance tax applies to an irrevocable trust created within 3 years of death that benefits solely Class A. I looked for a minute, but no obvious answer was forthcoming. I've been doing this for a decade and I've never even considered it.
In practice, we typically just do the planning that makes the most sense on the assumption that the individual is going to live for 3 years. If they fail to survive, so be it. The small risk of untimely death doesn't change what they want to do for other reasons. It would matter in a "crisis" planning situation where a dying person asked what their options were; I've just never had it come up.
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Ok ...our pics are not posted on any website. But are on my local computer.
My future daughter is UPSET that her face / figure will be ridiculed- and as her parent I won't tolerate bullying or making fun of her.
However, please check my avartar..... BEHOLD: father - daughter celebrating upcoming adoption!
And how does this affect her Medicare!
MO
My future daughter is UPSET that her face / figure will be ridiculed- and as her parent I won't tolerate bullying or making fun of her.
However, please check my avartar..... BEHOLD: father - daughter celebrating upcoming adoption!
And how does this affect her Medicare!
MO
pretty sure i saw this exact scenario on some tv show. (Good Wife maybe).
probably a more common situation than many would think.
glad you found someone you're happy with.
that said, can you not accomplish the things you're trying to accomplish here without the adoption thing, thus without the prospect of things looking creepy to those looking for the creepy in things..
unfortunately, adopting your girlfriend for legal reasons gets quickly confused with making your girlfriend out of your adopted kid, (thus the Woody responses), even if the 2 scenarios are actually quite different other than verbally.
i think i'd exhaust all legal options that could accomplish, or come closest to accomplishing, your objective, without going the adoption route.
probably a more common situation than many would think.
glad you found someone you're happy with.
that said, can you not accomplish the things you're trying to accomplish here without the adoption thing, thus without the prospect of things looking creepy to those looking for the creepy in things..
unfortunately, adopting your girlfriend for legal reasons gets quickly confused with making your girlfriend out of your adopted kid, (thus the Woody responses), even if the 2 scenarios are actually quite different other than verbally.
i think i'd exhaust all legal options that could accomplish, or come closest to accomplishing, your objective, without going the adoption route.
