Mrs Bridges
Member
What is the name of your state? Maine
I am Power of Atty for my Aunt. I have a sister, but she does nothing for my aunt. For several years I have helped my aunt with medical appointments, transportation, grocery shopping, business and financial management, etc. I was Personal Representative for my Uncle's estate when he died (and that was a mess, and took a huge amount of time), and I took care of all the funeral arrangements, plus helping my aunt wrestle with all those "end of life" decisions for the last two weeks my uncle was hospitalized. My sister could help, but she doesn't, and that is very frustrating. I am sure that ours is not the only family with this issue. I am also personal representative for my aunt, and when the time comes, I know that I will be cleaning out her house and settling her estate without any help from any of the other beneficiaries (devisees??) However, I have been advised by counsel that I may keep track of my time, and bill for my hourly services as P.R.
My aunt recently told me that she wants to do something special for me, because of all that I have done for her. At first, she said she wanted to give me some of her stock, but I explained to her that as a "gift", my basis would be her basis, and therefore the tax consequences would be huge for me, and for that reason not a good idea.
I also told her that my best advice to her was to keep all her assets. After all, none of us know what the future will bring, and she might need those resources later. I told her I would try to come up with some options.
Her current will came about because 2 of the 3 people listed in it as beneficiaries had pre-deceased her. So a local lawyer came to her house, and asked her what she wanted him to write up. She said, "Oh, I have no idea. What do you suggest?" So he then inquired about who and how many her relatives were. After digesting that information, he said, "Well, what a lot of people do is to take the next generation of folks, and distribute 80% of the estate among them equally. Then the second generation of folks get to share equally in the remaining 20% of the estate." My aunt said, "That would be alright, I guess. You're the lawyer, you know what's done." So that's how she arrived at the will she has now.
I am wondering what would be a fair way to thank me for the special care I have taken over the past 5 1/2 years, and will continue to do until her time on this Earth is completed.
I am thinking that after all the bills and taxes are paid from the estate, that I could be remembered with a percentage of what's left. Then, after that is done, the will could proceed as mentioned above with the 80% and 20%. I would continue to also share equally with others (including my sister) in the 80%. I think that this keeps things equal, but also recognizes the special effort I have made to help her over the years.
So here are my questions:
1. Given the background information I have provided, what are the most common, or popular ways of financially "thanking" someone for their efforts?
2. Is a first cut percentage off the top reasonable? If so, what is a reasonable percentage?What is the name of your state?
Thanks in advance for your help and suggestions.What is the name of your state?
I am Power of Atty for my Aunt. I have a sister, but she does nothing for my aunt. For several years I have helped my aunt with medical appointments, transportation, grocery shopping, business and financial management, etc. I was Personal Representative for my Uncle's estate when he died (and that was a mess, and took a huge amount of time), and I took care of all the funeral arrangements, plus helping my aunt wrestle with all those "end of life" decisions for the last two weeks my uncle was hospitalized. My sister could help, but she doesn't, and that is very frustrating. I am sure that ours is not the only family with this issue. I am also personal representative for my aunt, and when the time comes, I know that I will be cleaning out her house and settling her estate without any help from any of the other beneficiaries (devisees??) However, I have been advised by counsel that I may keep track of my time, and bill for my hourly services as P.R.
My aunt recently told me that she wants to do something special for me, because of all that I have done for her. At first, she said she wanted to give me some of her stock, but I explained to her that as a "gift", my basis would be her basis, and therefore the tax consequences would be huge for me, and for that reason not a good idea.
I also told her that my best advice to her was to keep all her assets. After all, none of us know what the future will bring, and she might need those resources later. I told her I would try to come up with some options.
Her current will came about because 2 of the 3 people listed in it as beneficiaries had pre-deceased her. So a local lawyer came to her house, and asked her what she wanted him to write up. She said, "Oh, I have no idea. What do you suggest?" So he then inquired about who and how many her relatives were. After digesting that information, he said, "Well, what a lot of people do is to take the next generation of folks, and distribute 80% of the estate among them equally. Then the second generation of folks get to share equally in the remaining 20% of the estate." My aunt said, "That would be alright, I guess. You're the lawyer, you know what's done." So that's how she arrived at the will she has now.
I am wondering what would be a fair way to thank me for the special care I have taken over the past 5 1/2 years, and will continue to do until her time on this Earth is completed.
I am thinking that after all the bills and taxes are paid from the estate, that I could be remembered with a percentage of what's left. Then, after that is done, the will could proceed as mentioned above with the 80% and 20%. I would continue to also share equally with others (including my sister) in the 80%. I think that this keeps things equal, but also recognizes the special effort I have made to help her over the years.
So here are my questions:
1. Given the background information I have provided, what are the most common, or popular ways of financially "thanking" someone for their efforts?
2. Is a first cut percentage off the top reasonable? If so, what is a reasonable percentage?What is the name of your state?
Thanks in advance for your help and suggestions.What is the name of your state?