Growing Old With Dignity

[buckeyefarmer]

Positive? (which I guess your certain) For some reason I always thought it was blue.

Do remember that after 6 months and seeing how high the death toll was getting for killings (remember them saying it was a record year), it was time to call it quits.

I looked it up to make sure, lol. The blue line is just south of ir, that is a bad area. Coworker of mine lived there 30 yrs ago, he moved out then.

 

[Sigarms]

Coworker of mine lived there 30 yrs ago, he moved out then.

Ironically enough, we were there about the same time.

Back to the topic at hand... my father got pissed at me because I didn't tell him I covered the final payment for the rezoning of his house per the flood plain when FEMA re mapped it out AFTER he paid for the house in full (after 2000). This to sell his house with a listed local realtor. Kind of funny getting into an argument with my father that I forgot to transfer HIS money to my account after I paid the engineering application for rezoning to FEMA.

I still remember asking him for $20 going out as a teen and him handing me money. Not certain if I'd do that with my two boys when their time comes.

 

[Alien]

Giving away money to your family isn't as simple as it sounds. The IRS has something called a "Gift Tax" that over a certain limit per year (I think it's $10,000?) the recipient has to pay taxes. Good old Uncle Sam wants your money after you're gone so it has barriers setup to prevent you from just giving it away pre-death.

Frequently Asked Questions on Gift Taxes | Internal Revenue Service

We have the same rule here. $10,000 per year and no more than $30,000 in a five year period.
We can prepay our funerals with no penalty.
Not allowed much in the way of assets or we begin to lose our pensions. $3.00 for every $1,000 over the limit. Not that our pensions are worth much so the $3.00 per $1,000 quickly puts a big hole in it. The only thing to do is spend it quickly or say you blew it on the pokies.
Govt doesnt want pensioners to have money or assets. Thankfully the family home doesnt count in the figures.

 

[ultrarunner]

And the modest family home can be worth a lot depending...

My Godfather recently passed at age 85... he married in 1958 and bought a home in Santa Clara in 1959 for 18k

Regular 3 bedroom, 2 bath with two car garage... the kitchen and baths are all original down the Formica Counters... and show like new... impeccably maintained... even the oven is 1959 and like new...

Anyway... the comps on the street are 1.8 million... so in 60 years it went up 10,000 percent... boggles the mind but this is the Silicon Valley market...

Plus Santa Clara has a lot of perks... many things are included in his 2k property tax bill and he said he had no interest in ever moving...

 

[Big Barn]

And the modest family home can be worth a lot depending...

My Godfather recently passed at age 85... he married in 1958 and bought a home in Santa Clara in 1959 for 18k

Regular 3 bedroom, 2 bath with two car garage... the kitchen and baths are all original down the Formica Counters... and show like new... impeccably maintained... even the oven is 1959 and like new...

Anyway... the comps on the street are 1.8 million... so in 60 years it went up 10,000 percent... boggles the mind but this is the Silicon Valley market...

Plus Santa Clara has a lot of perks... many things are included in his 2k property tax bill and he said he had no interest in ever moving...

Yikes!

 

[ultrarunner]

It is hard to even understand... at one time I was thinking of buying my first home down there... it was 70k and cinderblock subdivision... he said not to waste my money so I passed... those homes are a million now.

The big thing to remember is what goes up has also gone down...

In 2005 I sold my modest Oakland home for 255k and in 2007 it sold for 350k and it was exactly how I sold it...

In 2009 it sold Bank Owned for 70k...

 

[Jim Shooz]

We have the same rule here. $10,000 per year and no more than $30,000 in a five year period.
We can prepay our funerals with no penalty.
Not allowed much in the way of assets or we begin to lose our pensions. $3.00 for every $1,000 over the limit. Not that our pensions are worth much so the $3.00 per $1,000 quickly puts a big hole in it. The only thing to do is spend it quickly or say you blew it on the pokies.
Govt doesnt want pensioners to have money or assets. Thankfully the family home doesnt count in the figures.

Talking to a local lawyer friend and his advice was "at our age, a dollar saved is a dollar wasted"

 

[Doofy]

Talking to a local lawyer friend and his advice was "at our age, a dollar saved is a dollar wasted"

I hear that! Being frugal has its place as does spending on yourselves. You earned it.

 

[Alien]

Jim Shooz, I would have to agree with that lawyer. I am 70 now so time to start being extravagant? I intend getting a new kitchen, bathroom and general upgrades and a car or two (always wanted a Mustang) and then I can just plod along until the day. Oh, and of course a new shed and maybe a bigger tractor. Lol. Tell me I am bad.

 

[Jim Shooz]

No your good to go.
I went out and replaced my car with a more modern one and bought an MTB ebike. At 81 i'm out riding mountain bike trails, up to grade 3. 100km coast to coast trail rides. I'm gunna go out with a bang