![]() |
|
![]() | ||
|
Subject:
Advice on special fund for my dying brother
Category: Business and Money Asked by: tpsmith123-ga List Price: $35.00 |
Posted:
14 Dec 2005 06:59 PST
Expires: 13 Jan 2006 06:59 PST Question ID: 605700 |
My brother is very ill, needs 24/hr care, and is unable to work. I have set up a checking account into which I deposit money given to him by his (many) friends. This account is in my wife's name (it was an old account that was unused for some time). Right now, it is at about $18K. I use the money to pay for my brother's expenses such as rent, home health care services, insurance, etc. I have Durable Power of Attorney. I am concerned about the future tax issues related to this account. Will this money be subject to income tax or is it exempt (because it is a gift, or for some other reason)? |
![]() | ||
|
There is no answer at this time. |
![]() | ||
|
Subject:
Re: Advice on special fund for my dying brother
From: 4keith-ga on 15 Dec 2005 08:55 PST |
Talk to your bank about getting a trust account set up for this money. For tax reasons and for ethical/honesty reasons and accounting reasons, it must be in its own separate account, NOT the one set up for your wife. A local tax accountant or CPA can advise you if there are any tax implications. 4KEITH (I'm NOT a GOOGLE Researcher) Accountant |
Subject:
Re: Advice on special fund for my dying brother
From: tpsmith123-ga on 21 Dec 2005 11:12 PST |
Thanks, but this money is not eligible for a trust at my bank (500K min). The bank says I should hire an attorney to get advice and set up a trust, but I am reluctant since the amount I pay an attorney may end up being the same as or more than any tax on this money. |
If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you. |
Search Google Answers for |
Google Home - Answers FAQ - Terms of Service - Privacy Policy |