Hi Danno, Sorry to hear about your brother. Don't know the amount your talking about. Might be best to get some expert advice before giving too much to taxes if this is a larger amount. If smaller amount, could your Dad buy "stuff" to gift to his 2 sons over multiple years until gone? Could he pay for some "bills" for an extended period of time until money used? Just some thoughts, but not "expert" advice. ***Great job by others for posting 3 pages of great ideas. NOT!
And your idea is grand? Should the daughter be entitled to financial care or the father or brothers? Your ideas, with all due respect, are ridiculous.
Thank you. Yes, that's one avenue we looked at. Up to $15k/yr can be gifted without taxation. Which won't be enough to even pay for her college-tuition. I'm exploring inheritance hierarchy where default heir can renounce their claim and pass onto next (my brother and I). However, that still doesn't avoid tax-issues that arises when we go to transfer that money to daughter.
Read the question from OP. Courts decided in favor of payment. Where did OP ask for 50 opinions about whether the court's decision was correct? Where's your grand idea about how to avoid the taxes? Oh, you forgot that was the real question by the OP. You'd rather ramble & argue for hours about bla, bla, bla that he has no interest in. Please continue you rambling. Sorry I interrupted with an actual answer to his question.
So in other words, you pulled the numbers in your earlier post out your ass. You apparently don't understand the concept of democracy. You seem to be conflating civil liability in general with civil liability in the case of wrongful death. And you have absolutely no fucking clue what it takes to start and run a business anywhere let alone in the US. Those of us who are entrepreneurs have done very well for ourselves, thank you. We sure as hell don't cower in fear of civil suits as you apparently would, if you lived in the US and if you were an entrepreneur. But then neither of those apply to you, do they? So again, your irrelevant opinion is noted. Now take a chill pill before you give yourself an aneurysm.
What would you do in situations such as this: 1. someone accidently kills a loved one in your family through neglect. That is, they messed up. 2. it is proven 100% with video and eye-witness testimony that they were responsible Would you roll over "oh well" and just go on with your life? Note there's difference between compensatory vs. punitive damages. Although my question has more to do with taxes. Have you ever willingly wrote cheque for double your taxes due and donated extra to tax-man???
Indeed. He's on a rambling tear for no reason other than a simple question about accounting. Crazy stuff. Glue huffing? Dunno' what's gotten into him tonight.
Completely agree, there are dozens of trust structures you can set up that depend very much on your very specific situation, so even if one of us was an expert in this we couldn't really give you good advice here.