Home Forums Hunting & Shooting Hunter's Campfire Giving Away The Farm

pretty sure, driven by Sam's ranch a couple of times

Has anybody actually seen Rattler since he (supposedly) went to Australia? You have to admit it's kind of suspicious Scott wanting to get away from the farm so quick.

If you're really Rattler, post a selfie with today's newspaper.

Okay, it's you.

Whatever works for you and your lovely bride Sir, I pray for peace, joy, relaxation and freedom from want for Y'All.

Best of luck!

It is absolute suicide !

Having to deal with getting my MIL into long term care right now. From what we've learned SM is pretty much correct.

FWIW...

Much traveling mercies to yall.....still hope to see pics from time to time....grin

lol!

Best of luck to you and yours, Scott. Pulling for you from back east.

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The catastrophic health scare only counts 60 months. That should be and likely is the least of his concerns.

Tax implications would be far and away a more real concern and if Scott is smart enough to have sought counsel this (and not the boogie man of health scare) would have been the focus of the advice.[/quote]

Not true RE the health care, and that was what Scott himself said was the reason for the quick claim deed.

Tax implications are also a real concern with this plan, obviously, but those were not stated in the original post. Capitol gains taxes for the daughter someday, with no automatic step up in basis available for her to use to exempt them down the road are a problem, possibly, but having been involved in long term care planning and estate planning for many years I know that your boogeyman or scare is very very real. Unplanned for long term care expenses are the number 1 cause of impoverishment of seniors. To ignore this reality is folly.

for it to matter Scott would have to be willing to kick his daughter and grandkids off the land.....its a farm, a small one at that on a chunk of property not really ideal for splitting up and being able to sell off anything meaningful money wise.....think i know Scott well enough to know no matter how bad it got he wouldnt consider asking his daughter to give up what she herself has put that much blood sweat and tears into....Scott and his lovely bride are not the only ones that have made that wonderful place what it is....

You'd've loved Frank C. Everybody at the University of Alaska in the late 1950s loved guileless, friend-of-everybody, scatter-brained Frank.

He had a single room in the rear of the temporary dorm when a more desirable room became vacant across the hall. He started moving across the hall as haphazardly as he tackled everything else � move a few things, then go over to the Student Union for a shake, a couple of games of pool, and of course a while chinning with whomever else happened to be there.

After a few days of such interruptive intervals, he forgot which way he was moving � and moved back into his old room.

He sent his laundry out in an unsorted heap and when it came back, he "drawered" it � still unsorted � randomly in several bureau drawers � a randomly scooped armload in this drawer, an armload in that drawer, etc.

The day that he was moving OUT for good � leaving � he had several big cardboard boxes here and there all around the room, and was packing them the same way � an armload in this box, an armload in that box, etc.

In the middle of this "procedure," he stopped suddenly, looked around at all the chaos, and muttered,

"A man's a slave to his goddam possessions."

Scott has already said he has had a conversation with an attorney. I would suspect that the attorney can read the law and understand that Medicare's look back period on real estate transfers is 60 months. That information is readily available on the Medicare website and other online sources. It also comes into play only if the person making the transfer needs institutional care outside of what his health insurance (for Scott, as he has stated, Medicare and the VA) inside of those 60 months from the date of real estate transfer. Again, this information is readily available through the official Medicare websites and others. There may be other components in play, and an attorney would have advised him as to whether any were pertinent to his situation.

I suspect, too, that Scott is smart enough to have sought legal counsel and advice from an attorney that specializes in tax issues to assist with any taxable implications from the transfer and/or from a CPA. There is a lifetime gift amount that parents are allowed to give to their children. That may include land, and the amount might cover the transfer. I suspect the attorney/CPA Scott talked to would have mentioned this. You mention capital gains. For one, there are exclusions to capital gains on any sale of a primary residence. It sounds as though the daughter lives on the farm. Depending upon specific details that an attorney and/or CPA would go over with Scott and his family, capital gains are likely not a concern at all. Gift taxes might be, but again, there is a lifetime exclusion that I'm certain any decent attorney and/or CPA would discuss with them in detail as they apply.

safariman, by your posts here you didn't do estate planning for 37 years. You sold insurance for 37 years. There is a substantial difference. To present what you did in any other light might not be entirely accurate. That is for you to determine, not me. Also, a cursory review of your history here also raises questions about what you did and how you did it. Again, that's not for me to determine but it is there.

For me, an insurance salesman is not involved in estate planning or long-term care planning. He or she is selling an insurance product in order to make a commission. That is it and that is all. Planning requires, at least for me, someone with a license and training in a specialty area of law, accounting, and/or finance and investments. Attorneys have to pass the bar exam and then specialize in an area through continuing education and other requirements. CPAs have to pass a professional exam and do the same through CEs. Financial professionals are federally licensed through a series of exams and other requirements. Insurance agents pass a very basic test and sell insurance to make the companies they represent and themselves money through the sale of products. They are minimally licensed, they are generally not insured or bonded (unlike attorneys, CPAs, or financial professionals), and are not "planners".

Like it or not, insurance agents are not the go to source for legal advice. Attorneys are. Insurance agents are not the go to source for advice on investments. Financial advisers and planners are. Insurance agents are not the go to source for advice on taxes. CPAs are. I'd not talk to an attorney, CPA, or financial planner about the proper insurance coverage for my truck, and I'd not talk to an insurance agent about real estate transfers, investments, or tax issues. I suspect that Scott has sought the advice of those necessary.

I apologize to ScottF for the sidetrack of his thread. Good luck, Scott, on your new adventures and I'll be wondering where the new roads take you.

That's a hilarious story, and the last line is painfully true. It's good advice to remember. Thanks.

Fortunately or unfortunately depending on how you look at it, others are now reviewing Mark's history here, and it is not now, nor will it be in the future, a good thing for him.

I would have loved the guy!

As you might well know, letting go of possessions that are not really needed is a wonderfully freeing exercise.

As to the tax thing. Since my wife and I will still be paying part of the mortgage and since we (daughter, wife, and I) transfer funds into a joint checking account and the bank removes the mortgage from that account it can be easily verified. The daughter cannot refinance for six months and has no plans to refinance for several more years. So it appears we will not be hit with the tax by either the Feds or the state.

The plan is to stay healthy for the next several years and to use the VA for my primary health then make the decision what to do when the construction company can afford health care for all the principals.

This is the best plan we have for protecting our daughter, grandkids, and the farm.

Wishing you well, even the very BEST as you move forward.

Never thought I would ever see you leave that farm while still upright.

I guess this means no more 24hrcf gatherings at your place. Maybe Sherri and I will have to pick up that torch and plan something out this way. I am sure glad I attended the event that I did over there, loads of fun and all.

Blessings, prosperity, peace and grace to you and your clan my friend. Keep us posted as you go along!

MARK

Once again, living proof that getting together in person is worlds better than just ganging-up on-line.