• Thank you for visiting HeavyEquipmentForums.com! Our objective is to provide industry professionals a place to gather to exchange questions, answers and ideas. We welcome you to register using the "Register" icon at the top of the page. We'd appreciate any help you can offer in spreading the word of our new site. The more members that join, the bigger resource for all to enjoy. Thank you!

Question about wills?

Pettiboner

Pettiboner

Well-Known Member
Joined
Nov 26, 2014
Messages
84
Location
BC Canada
Tones said:
My will quite clearly states that those who choose not to be part of my life won't be part of my death. Another way of circumnavigating the BS after you die is to divide up and give to those you think are deserving before you die
Click to expand...
This is my family's strategy exactly. Give it away while you are still here to provide the supreme interpretation of your wishes. This way the legacy left behind is NOT one of bitterness and conflict and you can bear witness to the benefits of your gifts.
 
T

terex herder

Senior Member
Joined
Nov 10, 2017
Messages
1,804
Location
Kansas
Unfortunately, here in the USA, the tax cost of giving it away while you are alive greatly exceed the (current) tax bill of giving it away after death.
 
L

lantraxco

Senior Member
Joined
Jan 1, 2009
Messages
7,704
Location
Elsewhen
terex herder said:
Unfortunately, here in the USA, the tax cost of giving it away while you are alive greatly exceed the (current) tax bill of giving it away after death.
Click to expand...
Yes, but you can give, what, 14 or 15K per year per person, and if your child is married you can gift the same amount to their spouse, tax free. So you can move a lot of money over several years, if that's what you want to do.
 
S

suladas

Senior Member
Joined
Jun 30, 2016
Messages
1,731
Location
Canada
terex herder said:
Unfortunately, here in the USA, the tax cost of giving it away while you are alive greatly exceed the (current) tax bill of giving it away after death.
Click to expand...

I can't speak for tax laws in the US, but there is generally plenty of ways of making the tax less or disappear, it's just knowing the loopholes.
 
T

terex herder

Senior Member
Joined
Nov 10, 2017
Messages
1,804
Location
Kansas
Tax issues are more likely to rear their ugly head when you are talking about titled property. While not tremendously difficult, giving a piece of property to someone at a rate of 14K/year does involve a lot of paperwork. It even becomes more tangled if either party dies before the transfer is completed.
 
W

Welder Dave

Senior Member
Joined
Oct 11, 2014
Messages
12,526
Location
Canada
skyking1 said:
My wife's folks had a clause in the will. Mess with the executor and you get one dollar.
Click to expand...

I guess the exception would be if a nice family member knew another really liked a certain item and said they could have it or a family member was already much better off.
 
zhkent

zhkent

Senior Member
Joined
Apr 21, 2007
Messages
294
Location
Kansas
Occupation
Earthmoving
Asked my kid's to fill out a will, living will and power of attorney when they turned 18. Otherwise if they were in an accident the hospital could not tell me what was going on, nor would I have had any say in there care.
I have my will, living will and power of attorney filled out also. Spent money on kids college and ex wife that would of been their future inheritance, so not a lot left to worry about right now. May look into trust at some point.
I don't know who to give what Welder Dave, but I do think that you should make those decisions and get it laid out. It's sad to see whoever is the most conniving get the lions share.
 
Last edited:
You must log in or register to reply here.
Top