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you can only give up to 1 million in gifts in a lifetime then its counted towards the estate tax limitations...
if you had 4 million bucks then it would pay to give away a million over your life time and assuming 3 million was left you could pass that tax free too...
however using trusts husband and wife can pass 2x the estate tax limits anyway or 6 million right now so gifting may not be a factor anyway.
im not an accountant so im not up on all the details but non the less its just a heads up to research this stuff or get a pro if you want to do it.
there are much more creative ways to pass tax free wealth using life insurance and roths then alot of the old estate planning methods.
we are out at the PA house today...the deer were all in our yard when we got here...there was a huge arts and crafts show in the local park we went to ... afterwards we took a walk around part of lake wallenpaupack which is 52 miles of shore line.its just beautiful..
tonight diner will be at the falls port inn which is a fabulous steak house in our little town of hawley ..about 1/2 the price of peter lugars and every bit as good...... we also have a very famous chef who opened up a resturant in an old bank in town..its called TORTE KNOX . dinner can easly run 200 bucks for a couple in a heart beat but the brunches are excellent value.
its every bit on par with restaurants like the 4 seasons but at a lower price.. not cheap but less then the four seasons.. the kitchen is actually in the vault.
thats life in the country...... its another world compared to our life in bayside queens. when you ask why we dont stay and take the subway around town the answere is there is no reason to when places like this exist all over the country for those who want that life.
we are out at the PA house today...the deer were all in our yard when we got here...there was a huge arts and crafts show in the local park we went to ... afterwards we took a walk around part of lake wallenpaupack which is 52 miles of shore line.its just beautiful..
tonight diner will be at the falls port inn which is a fabulous steak house in our little town of hawley ..about 1/2 the price of peter lugars and every bit as good...... we also have a very famous chef who opened up a resturant in an old bank in town..its called TORTE KNOX . dinner can easly run 200 bucks for a couple in a heart beat but the brunches are excellent value.
its every bit on par with restaurants like the 4 seasons but at a lower price.. not cheap but less then the four seasons.. the kitchen is actually in the vault.
thats life in the country...... its another world compared to our life in bayside queens. when you ask why we dont stay and take the subway around town the answere is there is no reason to when places like this exist all over the country for those who want that life.
nyc is a great place to visit but when it comes to lifestyle unless your very wealthy there just is no comparion to the lifestyle you can have for a fraction of the price in other areas. in retirement with nooooo pay check thats a key factor
I've lived in Rhode Island, Cape Cod, MA, and my folks are in NE Florida. These places are very nice for retirement as long as you can drive because you need a car to get everywhere since there's little to no public transportation. I agree that NYC is overpriced and there are benefits to living elsewhere to conserve money. If NYC wasn't so fixated on the wealthy, it could become a leader in developing communities for elderly that are affordable and have services within. I remember lots of elderly people living in Rochdale Village when I was a kid (1964-1968). The Village had it's own mall, medical facilities, banks, library, movie theatre, walking/sitting areas. It was really ideal for an older person.
I remember lots of elderly people living in Rochdale Village when I was a kid (1964-1968). The Village had it's own mall, medical facilities, banks, library, movie theatre, walking/sitting areas. It was really ideal for an older person.
Could Hunters Point South be the best thing that ever has happened for NYC retirees in years?
while we love the poconos which are only 2 hours from here i wish they had more and better medical facilities, some public transportation if needed, more oppertunity to work in areas of our hobbies if we chose to.
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agree
Hunters Point South looks promising
