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More - Frank Degen Quotes

Record-keeping is important. Document everything you do. - Frank Degen Quotes

Record-keeping is important. Document everything you do.

There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children. - Frank Degen Quotes

There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.

It can't be like a babysitting situation. - Frank Degen Quotes

It can't be like a babysitting situation.

The rate at which the profit is taxed depends on whether or not the property depreciated in value. - Frank Degen Quotes

The rate at which the profit is taxed depends on whether or not the property depreciated in value.

It used to be much more advantageous prior to the change (in 1993). There's been a lot more tightening. - Frank Degen Quotes

It used to be much more advantageous prior to the change (in 1993). There's been a lot more tightening.

Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing. - Frank Degen Quotes

Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing.

Money

The new rule is much more friendly to taxpayers. Only sales of more than $500,000 for married couples and $250,000 for single people have to be reported. So you don't need to keep records unless you think you home may sell for more than that amount. - Frank Degen Quotes

The new rule is much more friendly to taxpayers. Only sales of more than $500,000 for married couples and $250,000 for single people have to be reported. So you don't need to keep records unless you think you home may sell for more than that amount.

A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that. - Frank Degen Quotes

A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.

Parents Relationships

I would encourage the children to be open. Ask your parents in general terms if they want some help discussing it, or in setting up a meeting to talk about it with a professional. - Frank Degen Quotes

I would encourage the children to be open. Ask your parents in general terms if they want some help discussing it, or in setting up a meeting to talk about it with a professional.

One of the biggest problems I see these days is when the children feel they have a right to an inheritance and a lot of times [they want to intervene on their parent's financial behalf] before they are ready and willing to do that. I know a lot of lawyers who say the first thing they do is take the parents into a room and ask them if they are ready for this. - Frank Degen Quotes

One of the biggest problems I see these days is when the children feel they have a right to an inheritance and a lot of times [they want to intervene on their parent's financial behalf] before they are ready and willing to do that. I know a lot of lawyers who say the first thing they do is take the parents into a room and ask them if they are ready for this.

Inheritance Lawyer Parents

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