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LadyDelilahDeb -> RE: financial domme? (1/6/2010 9:16:46 PM)
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After a quick check of the IRS.gov web site, here's my *simplified interpretation* of the rules as far as taxes go:
For the U.S.A. in 2009, any one person may give any single other person as much as US$13,000 *in one year* without taxes being due from either the person giving it or the person receiving it. And according to the site, the person giving the funds pays the gift tax on any amount more than that.
Now, as for financial domination, I agree with those posters who say "don't". I have an accountant that I pay a monthly fee to receive my bills and pay them on time and ration me a spending allowance. (She has my power of attorney, and is on my bank account as an authorized signer.) It's WORK. In addition, I pay her annually to prepare my income tax paperwork, separately.
If you have documentary evidence that he gives you whatever as a gift, no strings attached, then you should be reasonably clear. And, no, anything he signs to say it's a gift, should not be signed when he's incapacitated.
Duh.
Lady Delilah Deb, not any sort of professional, and not qualified to give legal or tax advice.
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