Husband settled estate, what to do with $$

[misskim121]

What is the name of your state (only U.S. law)? MA

My new husband just settled his mother's estate and will be receiving money from it. He doesn't have bank account and he doesn't want to have one. He has some previous debts his is trying to negotiate first.

My question is that if he cashes the check and I deposit a large sum of money, will someone try to come after it? Will I have to pay taxes on it? Can we just claim that the cash is wedding gifts? What are the challenges with this?

 

[Zigner]

I don't think you're going to find help in defrauding your creditors here...

 

[Ohiogal]

What is the name of your state (only U.S. law)? MA

My new husband just settled his mother's estate and will be receiving money from it. He doesn't have bank account and he doesn't want to have one. He has some previous debts his is trying to negotiate first.

My question is that if he cashes the check and I deposit a large sum of money, will someone try to come after it? Will I have to pay taxes on it? Can we just claim that the cash is wedding gifts? What are the challenges with this?

He should pay his bills. Then he won't have to worry about creditors. And now that he will be recieving money he has the opportunity to do so. Ain't it sweet that he has found a partner in crime with you though. The couple that defrauds together stays together. So SWEET!

 

[Antigone*]

What is the name of your state (only U.S. law)? MA

My new husband just settled his mother's estate and will be receiving money from it. He doesn't have bank account and he doesn't want to have one. He has some previous debts his is trying to negotiate first.

My question is that if he cashes the check and I deposit a large sum of money, will someone try to come after it? Will I have to pay taxes on it? Can we just claim that the cash is wedding gifts? What are the challenges with this?

Can you say FRAUD.

Just a little tidbit to help you along. When he cashes that bookoo buck check, the bank will send a little notice to the IRS. When you deposit that bookoo buck check, the bank will send a little notice to the IRS.

So go ahead stuff the check in your mattress. It would be safe there

 

[BlondiePB]

Good Grief.....

This is legal advice site NOT an illegal advice site.

 

[misskim121]

Geniuses!

I don't think anyone understood the question, so before you go making accusations to anyone why don't you become educated first. If anyone has an legitimate, educated advice contact me if not....I didn't know lay people could answer these questions...I'll contact a lawyer who knows his business and not bother to answer to ask in here again.

 

[Antigone*]

I don't think anyone understood the question, so before you go making accusations to anyone why don't you become educated first. If anyone has an legitimate, educated advice contact me if not....I didn't know lay people could answer these questions...I'll contact a lawyer who knows his business and not bother to answer to ask in here again.

Lillt Miss Genius,

You might want to google Bank Secrecy Act. When your hubby CASHes the check, and when you deposit the CASH ~ Uncle Sam will know. You may have a tax event on your hands.

OG...this chick wants to hear it from a lawyer. She doesn't believe a banker. Can you tell her that I said it is so. She'll believe you.

 

[BlondiePB]

Lillt Miss Genius,

You might want to google Bank Secrecy Act. When your hubby CASHes the check, and when you deposit the CASH ~ Uncle Sam will know. You may have a tax event on your hands.

OG...this chick wants to hear it from a lawyer. She doesn't believe a banker. Can you tell her that I said it is so. She'll believe you.

But, the OP doesn't think anyone who replied to the thread is an attorney including OG.

 

[Antigone*]

But, the OP doesn't think anyone who replied to the thread is an attorney including OG.

Shows you what a genius she is...NOT

How's the fingers B?

 

[Antigone*]

Hijack tiriva!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Since this thread is particularly useless ~and us layman know nothing, why not play HIJACK TIRIVA!!!!!!!!!!!!!!!!!!!!!!!

This is will an easy one for the sake of the lay people on the forum

What is the amount of cash(+exceeds) in a transaction that the bank will have to send the little "Yoo-Hoo" to Uncle Sam, and what is the reason for the "Yoo-Hoo"?

The prize is a hand-shake with a recent Swine flu patient!!!!!!!!!!!!!!!

 

[BlondiePB]

Shows you what a genius she is...NOT

Makes good fill for buckets.

How's the fingers B?

Much, much better thanks. 'Bout 98% healed & no pain typing?

How's the heat?

 

[Antigone*]

Makes good fill for buckets.



Much, much better thanks. 'Bout 98% healed & no pain typing?

How's the heat?

We've cooled down some, mid-seventy's this week. It is supposed to rain this weekend though, go figure it's So. Cal!!!

 

[BlondiePB]

Since this thread is particularly useless ~and us layman know nothing, why not play HIJACK TIRIVA!!!!!!!!!!!!!!!!!!!!!!!

This is will an easy one for the sake of the lay people on the forum

What is the amount of cash(+exceeds) in a transaction that the bank will have to send the little "Yoo-Hoo" to Uncle Sam, and what is the reason for the "Yoo-Hoo"?

The prize is a hand-shake with a recent Swine flu patient!!!!!!!!!!!!!!!

1. 10,00.00

2. Money laundering

3. What's second place prize?

 

[Antigone*]

1. 10,00.00

2. Money laundering

3. What's second place prize?

a dose of Tamiflu.


Thank you for playing the Thursday edition of HIJACK TRIVIA!!!!!!!!!!!!

 

[LdiJ]

For the sake of other people reading this thread, I do have to clear up some misconceptions.

It is not illegal or fraudulent to hold your money somewhere other than a bank account in your own name.

It is not illegal or fraudulent to not open a bank account in order to avoid a garnishment of said money.

Holding money for someone else does not create a taxable event. It may cause questions to arise from the IRS, but if there is a proper paper trail it won't create a taxable event.

If you hide money as part of an actual crime or as part of a fraudulent scheme, then there could be fraud involved.

If you hide money in order to avoid a creditor, and the creditor can prove it, then the creditor can go after the hidden money, but again, that does not constitute the crime of fraud.