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• 1. M

     Bad debt and gift taxes

     Thanks LdiJ for clearing up that the loan is not worthless if one party of the loan continues to make payments.

     • MostlySerious
     • Post #5
     • Oct 26, 2021
     • Forum: Tax Law
  2. M

     Bad debt and gift taxes

     Thanks davew9128 for the response. The loaning of 401k monies to siblings is not a prohibited transaction (disqualified are family members such as spouses, ancestors, lineal descendants and spouses of lineal descendants of substantial contributors, foundation managers, and 20 percent owners...

     • MostlySerious
     • Post #3
     • Oct 26, 2021
     • Forum: Tax Law
  3. M

     Bad debt and gift taxes

     What is the name of your state? California 1) Made a $200k loan to renovate brother and sister-in-law’s large Colorado house in late 2004 for later sale in 2005. Loan secured by second deed of trust. Interest only loan payments were made during the renovation. Loan monies source from 401k via...

     • MostlySerious
     • Thread
     • Oct 25, 2021
     • Replies: 7
     • Forum: Tax Law
  4. M

     Possible elder abuse, How to proceed?

     Thanks everyone again for your thoughts. Will pass the suggestions to my cousin.

     • MostlySerious
     • Post #16
     • Aug 29, 2018
     • Forum: Elder Law, Powers of Attorney, Living Wills (Adva
  5. M

     Possible elder abuse, How to proceed?

     Thanks everyone so much for your thoughts. In regards to possible criminal activity there is 1) Suspicion that multiple bank accounts are now under control of the daughter as evidenced by conversations of daughter with another cousin that the money was needed for "insurance in case court stuff...

     • MostlySerious
     • Post #14
     • Aug 28, 2018
     • Forum: Elder Law, Powers of Attorney, Living Wills (Adva
  6. M

     Possible elder abuse, How to proceed?

     Thanks.

     • MostlySerious
     • Post #5
     • Aug 28, 2018
     • Forum: Elder Law, Powers of Attorney, Living Wills (Adva
  7. M

     Possible elder abuse, How to proceed?

     Thanks for the reply. I'm a cousin, the RO was only temporarily lifted (other counsel pissed off the judge is my understanding), I believe daughter doing this because jealous of her siblings, who have more than she does and mother has some sizable assets.

     • MostlySerious
     • Post #3
     • Aug 28, 2018
     • Forum: Elder Law, Powers of Attorney, Living Wills (Adva
  8. M

     Possible elder abuse, How to proceed?

     What is the name of your state? California Adult daughter has told her 89 year old mother a series of lies to convince her to hire an attorney and file a restraining order (RO) against her other children preventing them from seeing their 89 year old mother who is a little senile, but does not...

     • MostlySerious
     • Thread
     • Aug 28, 2018
     • Replies: 16
     • Forum: Elder Law, Powers of Attorney, Living Wills (Adva
  9. M

     Litigation and delayed estate taxes

     What is the name of your state (only U.S. law)? California Hi, In 2009 the decedent passed away leaving a large estate with multiple bank accounts, properties and personal property. Named executor destroyed the most recent Will and submitted an earlier Will favoring the executor. The executor...

     • MostlySerious
     • Thread
     • Mar 15, 2017
     • Replies: 4
     • Forum: Tax Law