Gift or loan? Nephews want a federal ruling

Judith Stoll had moved to Florida after she retired from her family's successful business in Mankato, and in March 2005, she flew her four nephews out East because she had good news she wanted to deliver in person.

[Wow]

Sounds like the lawyers are trying to pocket the money. But that's what they get for trying to screw with the IRS. Guess their aunt got the last laugh.

[whatever]

look, no matter how well you think you know some one, how together things seem to be between anyone and you in your life, Always get a reciept or document stating whats really going on..
she could sign 4 checks but not 4 documents to be thier back up to her plan.
every thing in her life was brilliant up untill this..

[It was a simple fix]

If it's not in writing, it doesn't exist. She could have put that in her will or some other legal document.

[Northern Pike]

The executor is a thief. Suing the heirs of the estate only to have to distribute the procedes to the same people he is suing. Why? To drive up his fees as executor. He should be removed, but since he was probably appointed by the court and is likely an attorney the fix is in. The only one seeing a dime of this estate is the executor and the IRS. A sad state of affairs.

[Missing]

What's the will say? My guess is the nephews are going to split the 7.2 million after estate taxes. Pay back the loan which increases the value of the estate, and you're going to get all the money back and more in the will. Now...if the nephews aren't in the will, well that's another story. And if they're not in the will, then doesn't the "gift story" seem a bit fishy? Seems to me that the reporter missed an important element of the story.

[Jesse M]

Another example of why you should just do things he honest way. Just cause there is a loop hole doesn't make it ethical and by using this loop hole in my mind (though I know it means nothing in this case) they stole from the IRS and are therefore thieves.

[Slim Shady]

shes dead,the executor wnts his green bean,greedy mutt

[JPJ]

Get rid of the stupid death tax and gift tax and it would be a non-issue. The government is who is greedy.

[Skip]

The obvious moral? Don't sign anything with which you don't agree.

[Skip]

Northern Pike wrote:

The executor is a thief. Suing the heirs of the estate only to have to distribute the procedes to the same people he is suing. Why? To drive up his fees as executor. He should be removed, but since he was probably appointed by the court and is likely an attorney the fix is in. The only one seeing a dime of this estate is the executor and the IRS. A sad state of affairs.

Please. The executor is just doing what he is legally obligated to do.

[LiberalBuster]

Skip wrote:

<quoted text>
Please. The executor is just doing what he is legally obligated to do.

No, An Executor does have limited power...He is being an ash-hole

[The Big Bopper]

Isn't it sad when families have to figure out funky ways to give their relatives money without it causing major grief?

[YouLie]

Jesse M wrote:

Another example of why you should just do things he honest way. Just cause there is a loop hole doesn't make it ethical and by using this loop hole in my mind (though I know it means nothing in this case) they stole from the IRS and are therefore thieves.

Legally using existing tax code is not stealing and never had been. If there are thieves involved it's attorney's and the IRS waiting in the wings to collect money they did nothing to earn. And if anybody is using loopholes look no further than the current administration at the white house... they are reinventing and re-authoring the loophole handbook.