gift for mom 2012 image
WAKE UP
well i had 60 dollars, i spent 15 on my dad, but he only asked for one thing and he said to spend the rest on my mom. so i got a 30 dollar gift card for my mom. spent 5 dollars on cards. now im left with 10 bucks. i gotta get her something thats not a gift card, something 10 and under tho. thanks
Answer
These people did a pretty funny list
http://kidsarecreepyweirdos.blogspot.nl/2012/12/christmas-gifts-for-assholes.html
These people did a pretty funny list
http://kidsarecreepyweirdos.blogspot.nl/2012/12/christmas-gifts-for-assholes.html
Can I add my mom to my bank account without legal problems?
Jaad Roman
I'm a divorced mom with a young child. I'd like to have my mother's name in all my accounts, so if I die she can use the funds right away. I have more than 13k and my mom doesn't make much, is this going to be a tax problem?
Besides a will, is there an easy way to share my property with her, now and in case of death?
Thanks.
Answer
I am not a lawyer and do not guarantee anything I am about to say is right, but I'll tell you what I THINK I understand about this.
Since you mention 13K, I assume you are concerned about gift tax and know that the maximum you can give to a person in a year without filing a gift tax return is $13,000. I think if you add your mother to an account that's currently in your name only, then 1/2 of the account value is considered a gift to her. If that's right then you could add her to $26,000 worth of accounts this year without having to file a gift tax return. (You'd probably want to do a little less so that birthday presents, etc. don't put you over the $13,000 limit.) Other than the hassle associated with filing the return, I don't think the gift tax return will actually cost you anything. I think the way that works is that anything over $13,000 in a year just gets deducted from the amount that is exempt from estate tax when you die. The exemption is currently a few million dollars so unless you expect to have that much by the time you die, I don't think there's actually any cost to you - but you would have to file the gift tax return and then keep track of the amount of the exemption that you have used for the rest of your life.
Of course, you could do $26,000 worth of accounts this year (making the gift to her be $13,000) and then in January do another $26,000 to use up 2012's gift limit. If you have more than that, you could do more in 2013, etc.
Some things to consider before doing that though would be that if your mother already does or might in the future qualify for some kind of government aid based on low income and low assets, having half your money count as her might make her ineligible for things she would otherwise be eligible for. Also if she ever gets sued for anything I think half of the money in the accounts could be at risk.
I'm not sure why you're expecting to die earlier than her when you're younger than she is, but I think in most states if you set the account up as "Joint Tenants With Right of Survivorship" (JTWROS for short) then the money automatically transfers to the surviving person when the first one dies without the need for a will and going through probate. I think all the survivor has to do is show the bank a copy of the death certificate to get the account changed to just the survivor's name.
Some types of accounts (e.g. 401k) also allow you to specify a beneficiary that gets the account when the account owner dies and I think that bypasses the need for a will also. There would be some delay before the survivor could get those accounts though because they would have to submit a copy of the death certificate and wait for the account to be transferred.
I am not a lawyer and do not guarantee anything I am about to say is right, but I'll tell you what I THINK I understand about this.
Since you mention 13K, I assume you are concerned about gift tax and know that the maximum you can give to a person in a year without filing a gift tax return is $13,000. I think if you add your mother to an account that's currently in your name only, then 1/2 of the account value is considered a gift to her. If that's right then you could add her to $26,000 worth of accounts this year without having to file a gift tax return. (You'd probably want to do a little less so that birthday presents, etc. don't put you over the $13,000 limit.) Other than the hassle associated with filing the return, I don't think the gift tax return will actually cost you anything. I think the way that works is that anything over $13,000 in a year just gets deducted from the amount that is exempt from estate tax when you die. The exemption is currently a few million dollars so unless you expect to have that much by the time you die, I don't think there's actually any cost to you - but you would have to file the gift tax return and then keep track of the amount of the exemption that you have used for the rest of your life.
Of course, you could do $26,000 worth of accounts this year (making the gift to her be $13,000) and then in January do another $26,000 to use up 2012's gift limit. If you have more than that, you could do more in 2013, etc.
Some things to consider before doing that though would be that if your mother already does or might in the future qualify for some kind of government aid based on low income and low assets, having half your money count as her might make her ineligible for things she would otherwise be eligible for. Also if she ever gets sued for anything I think half of the money in the accounts could be at risk.
I'm not sure why you're expecting to die earlier than her when you're younger than she is, but I think in most states if you set the account up as "Joint Tenants With Right of Survivorship" (JTWROS for short) then the money automatically transfers to the surviving person when the first one dies without the need for a will and going through probate. I think all the survivor has to do is show the bank a copy of the death certificate to get the account changed to just the survivor's name.
Some types of accounts (e.g. 401k) also allow you to specify a beneficiary that gets the account when the account owner dies and I think that bypasses the need for a will also. There would be some delay before the survivor could get those accounts though because they would have to submit a copy of the death certificate and wait for the account to be transferred.
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