|
|
Ralstons Return! |
|
|
The situation is this: Our daughter Cyndi, her husband Ron Ralston, and their three kids are now sharing with us “Chankly,” the Kaysville residence we built in 2003 with the intention of cohabiting with these same Ralstons as a multigenerational family, for the rest of our (the old folks’) days. Then they moved to LA in 2004, and Valerie and I have been rattling around in much too much house, renting out the (originally our) basement mother-in-law apartment from time to time. New Jersey’s loss is very much our gain, but I’m sure our overregulated polity (Happy Birthday, America!) won’t leave us alone to enjoy it: ’twould be too much to expect of the lawyers and the bureaucracy.
What potential problems am I aware of? Well, I presume that for tax purposes we’ll remain a pair of households. Are you aware of options we shouldn’t ignore? Need we structure anything specially to avoid (or promote) commingling of resources, taxable or otherwise? Have we an opportunity to structure bookkeeping and allocation for tax advantages, for example? When we started out, nearly a decade and a half ago, we agreed that the younger generations would care for the property and pay for utilities and taxes; is that a workable arrangement today? Can you suggest improvements on it? Valerie and I will continue (insha’llah) to receive our Social Security, our Prudential annuity, and the proceeds of our investments that remain comfortably in Jeff’s able and amiable care. Ron and Cyndi will have their own income streams, details to be determined in due time. What sharing/ownership issues and hazards may arise from this configuration? Now that the basement’s no longer rental property, need we do anything to implement and memorialize that transition? It will have consequences for our tax return, I’m sure. At this moment, Bethany (now at BYU) is preparing to get married next month, and Lindsay’s an entering freshperson at BYU; their physical tenancy in the ancestral digs is, alas, vanishing. Matthew, a ninth-grader, will have a Chankly address with his parents until further notice. I presume that the two youngest will continue as Ron’s and Cyndi’s dependents, for governmental purposes, and that Valerie and I will continue to have no dependents. Need we pay attention to any issues of family structure that haven’t occurred to us? Parenthetically, we haven’t yet taken the required steps to take down RMDs from the investment funds you have, Jeff, nor to arrange to pay our tithing out of those proceeds, as we’ve done in recent years. As long as our cash position doesn’t move us to undertake those tasks sooner, I presume we want to leave the money in our investment funds until the last minute, there to contribute their growth to our continuing prosperity; we’ll leave that timing in your hands, Jeff, and we’ll make sure to keep you, Russ, au courant. Am I missing anything crucial? or even amusing? We do appreciate you loving experts and your valuable services. Blessings upon you! --&E |
|
Back a Page (Ralstons Return!) |
Such a Life Contents |
Chapter 4 (1972-2002) |
Chapter 5 (2003-?) |
2016 2017 2018 |
Chapter 6 (People) |
Next Page (Bethany & Declan) |
| Welcome | Stories | Sections | Such a Life | People | Places | Site Search | Do You Know? |
| Updated Jul 2020 | [2017p11.htm] | Page 517-11 |