Cheating the Tax Man

My sister-in-law told me that she and her husband plan to put the proceeds of the sale of their house into the hands of their children, to be doled out to them as needed. This is an effort to cut down on the inheritance tax the government will take when the old folks pass away. This is also my own plan for when I sell my house in a few years.

Someone told them that it might not be wise to put their earthly possessions into someone else's hands but my sister-in-law claimed that if she couldn't trust her own children she couldn't trust anyone. How lucky she and I are that we can truthfully say that.

It got me wondering about how we are fortunate enough to have loving and trustworthy children when so many others can't say the same. There are horror stories about elderly abuse where children beat and rob their own parents. The elderly are as defenseless as children in many ways and can often be preyed on in the same way.

Though I never want to be dependant on my children, I can trust they'll make sure I'm cared for right to the very end. It's reassuring for aging parents to know they have someone they can trust implicitly.

There are so many scams that are directed toward old and gullible people. I fend them off on a regular basis but I always worry that others who are maybe more gullible will fall victim to them. It's wise for a child to listen carefully to what their elderly parents have been up to and it's a good idea to have power of attorney and even joint bank accounts with their parents so they can easily see if too much money is being spent. Usually the aged are bright and alert to the very end but not always. Sometimes we need a bit of protection.

I've already told my children that there might not be a penny left for them when I pass away because I plan to enjoy the fruits of my husband and my labors as long as I can. My good children cheered me on.