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RE: financial domme? - 1/6/2010 8:45:00 PM

LadyHibiscus

Posts: 27124
Joined: 8/15/2005
From: Island Of Misfit Toys
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A gift is a gift, here in the USA. You say "thank you very much". Once you DO something in exchange, you have EARNED that money, and it is declarable income.

I've had men approach me with the "take over my life" thing... and I have never done it, for myriad reasons. The fantasy THEY have, of someone controlling the most vital thing to many men, their WALLET, is all glamourous, but the reality? Less so.

I actually have the credentials to be a personal manager/budgeter/controller, and I would never take on that RESPONSIBILITY without a legitimate legal contract, that said outright what MY reasonable remuneration would be, and just what would be done with the rest of the monies. Sure, it's a fun idea to go nuts on someone else's paycheck, but that other person has to pay his bills. Once all the i's are dotted, then he can take to to Neiman-Marcus and party till his Amex smokes.

<snort> Yeah, right!

CPA Hib

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RE: financial domme? - 1/6/2010 9:16:46 PM

LadyDelilahDeb

Posts: 52
Joined: 10/29/2009
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After a quick check of the IRS.gov web site, here's my *simplified interpretation* of the rules as far as taxes go:

For the U.S.A. in 2009, any one person may give any single other person as much as US$13,000 *in one year* without taxes being due from either the person giving it or the person receiving it. And according to the site, the person giving the funds pays the gift tax on any amount more than that.

Now, as for financial domination, I agree with those posters who say "don't". I have an accountant that I pay a monthly fee to receive my bills and pay them on time and ration me a spending allowance. (She has my power of attorney, and is on my bank account as an authorized signer.) It's WORK. In addition, I pay her annually to prepare my income tax paperwork, separately.

If you have documentary evidence that he gives you whatever as a gift, no strings attached, then you should be reasonably clear. And, no, anything he signs to say it's a gift, should not be signed when he's incapacitated.

Duh.

Lady Delilah Deb, not any sort of professional, and not qualified to give legal or tax advice.

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