tloonya
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Post by tloonya on Oct 12, 2015 9:58:19 GMT -5
My FIL stashed away some money and wants my husband to come and get it because he isn't feeling well and at 85 he keeps talking about passing. So my husband has sciatica and can't travel. It is 6 hours flight. We are thinking how to mail the money. FIL afraid 'they' going to ask where he got it from. He is very frugal man and gets SS, living in subsidized home. Eating from a food bank. It is free food. We yell at him but he doesn't care. Dresses in whatever he brought in with him to US 25 years ago. So he saved $25K for his granddaughter and wants to give it to her for 21 BDay. It is basically $1K per year he was saving from his SS. He is keeping it in a bank box. So no one knows... Is there way he can call for pick up and pay insurance and not to get in trouble and not to lose his SS. At 85.
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thyme4change
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Post by thyme4change on Oct 12, 2015 10:01:29 GMT -5
You can lose social security?
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NancysSummerSip
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Post by NancysSummerSip on Oct 12, 2015 10:04:03 GMT -5
Wait a sec....Your FIL wants to transfer cash he has stashed for years, using a courier he does not know to do the transfer, and thinks paying "insurance" to get it to his granddaughter will make this OK, both from a safety standpoint and a tax standpoint?
-popcorn-I'll just wait this out for a bit...I want to see the replies.
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Deleted
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Post by Deleted on Oct 12, 2015 10:06:13 GMT -5
I'm confused. There's no rules against saving your SS. He's got 25K in cash just sitting in the house? Have him put it in a bank account. He can open one in both his and your husband's name and then your husband can access it.
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NancysSummerSip
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Post by NancysSummerSip on Oct 12, 2015 10:07:43 GMT -5
You can lose social security? I think TLoony is asking because the amount the FIL has may jeopardize his SS income; I believe the rules have changed, and after age 66, there is no limit to the income you can make and still keep SS. However, if he has been stashing that cash prior to age 66 and not paying taxes on it, that could be problematic, depending on where the cash came from in the first place.
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NastyWoman
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Post by NastyWoman on Oct 12, 2015 10:09:24 GMT -5
I don't think the SS is at risk, but maybe the subsidized housing would be?
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mollyanna58
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Post by mollyanna58 on Oct 12, 2015 10:10:06 GMT -5
FIL won't lose social security because he has savings. I don't think SS would be affected much even if FIL was currently working and earning income. It may affect the means testing for subsidized housing.
FIL should go to bank and buy a money order. Or, he should offer to pay your airfare and have you come out for a nice weekend, because your husband can't travel. Of course, if the TSA finds $25K cash on you, they are likely to accuse you of being a drug runner or something. Maybe you can take the $25K to the bank and get the money order payable to the granddaughter.
Just remember all the trouble your mother's BF had trying to hide assets and how it came back to bite him.
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mollyanna58
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Post by mollyanna58 on Oct 12, 2015 10:13:12 GMT -5
You can lose social security? I think TLoony is asking because the amount the FIL has may jeopardize his SS income; I believe the rules have changed, and after age 66, there is no limit to the income you can make and still keep SS. However, if he has been stashing that cash prior to age 66 and not paying taxes on it, that could be problematic, depending on where the cash came from in the first place. Even if he was stashing cash in the first place, there's probably no way to trace it at this point. Maybe he's just frugal and saved from his legitimate earnings.
There is the gift tax issue though. I think he can give $14K to GD without worrying about gift taxes.
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tloonya
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Post by tloonya on Oct 12, 2015 10:14:40 GMT -5
I'm confused. There's no rules against saving your SS. He's got 25K in cash just sitting in the house? Have him put it in a bank account. He can open one in both his and your husband's name and then your husband can access it. I KNEW this is whats going to happen! WHY are you all getting me questions instead of the answers? YES he is 85 y/old and he is afraid to lose his SS. I can't deal with changing his mind. And it wasn't a question!!! He can't open bank account because he believes 'they' will take his SS away. \ Now lets anwer the question
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NancysSummerSip
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Post by NancysSummerSip on Oct 12, 2015 10:14:20 GMT -5
FIL won't lose social security because he has savings. I don't think SS would be affected much even if FIL was currently working and earning income. It may affect the means testing for subsidized housing.
FIL should go to bank and buy a money order. Or, he should offer to pay your airfare and have you come out for a nice weekend, because your husband can't travel. Of course, if the TSA finds $25K cash on you, they are likely to accuse you of being a drug runner or something. Maybe you can take the $25K to the bank and get the money order payable to the granddaughter.
Just remember all the trouble your mother's BF had trying to hide assets and how it came back to bite him.
Molly, isn't there another issue about depositing cash over $10,000 into the bank? There's some kind of IRS form the bank makes you fill out, right?
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 10:14:31 GMT -5
can he wire it?
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 10:15:36 GMT -5
FIL won't lose social security because he has savings. I don't think SS would be affected much even if FIL was currently working and earning income. It may affect the means testing for subsidized housing.
FIL should go to bank and buy a money order. Or, he should offer to pay your airfare and have you come out for a nice weekend, because your husband can't travel. Of course, if the TSA finds $25K cash on you, they are likely to accuse you of being a drug runner or something. Maybe you can take the $25K to the bank and get the money order payable to the granddaughter.
Just remember all the trouble your mother's BF had trying to hide assets and how it came back to bite him.
Molly, isn't there another issue about depositing cash over $10,000 into the bank? There's some kind of IRS form the bank makes you fill out, right? No. There is internal paperwork the bank fills out.
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mollyanna58
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Post by mollyanna58 on Oct 12, 2015 10:17:24 GMT -5
FIL won't lose social security because he has savings. I don't think SS would be affected much even if FIL was currently working and earning income. It may affect the means testing for subsidized housing.
FIL should go to bank and buy a money order. Or, he should offer to pay your airfare and have you come out for a nice weekend, because your husband can't travel. Of course, if the TSA finds $25K cash on you, they are likely to accuse you of being a drug runner or something. Maybe you can take the $25K to the bank and get the money order payable to the granddaughter.
Just remember all the trouble your mother's BF had trying to hide assets and how it came back to bite him.
Molly, isn't there another issue about depositing cash over $10,000 into the bank? There's some kind of IRS form the bank makes you fill out, right? Yes. I don't think there will be much of an issue with an elderly man finally doing something with his life savings, but I'm no expert on IRS thinking
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Deleted
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Post by Deleted on Oct 12, 2015 10:18:18 GMT -5
I'm confused. There's no rules against saving your SS. He's got 25K in cash just sitting in the house? Have him put it in a bank account. He can open one in both his and your husband's name and then your husband can access it. I KNEW this is whats going to happen! WHY are you all getting me questions instead of the answers? YES he is 85 y/old and he is afraid to lose his SS. I can't deal with changing his mind. And it wasn't a question!!! He can't open bank account because he believes 'they' will take his SS away. \ Now lets anwer the question Fine. Fly out there and get the money. Take your airfare out of it.
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NancysSummerSip
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Post by NancysSummerSip on Oct 12, 2015 10:18:37 GMT -5
Molly, isn't there another issue about depositing cash over $10,000 into the bank? There's some kind of IRS form the bank makes you fill out, right? No. There is internal paperwork the bank fills out. Any CASH deposit over $10,000 is reported to the IRS. This law was set up in 1970 under the Bank Secrecy Act of 1970 and updated under the provisions of the USA Patriot act. The law tracks daily cash deposit amounts of $10,000 or more, not checks, to try and prevent money laundering.
So the above is no longer done?
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ArchietheDragon
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Post by ArchietheDragon on Oct 12, 2015 10:20:36 GMT -5
No. There is internal paperwork the bank fills out. Any CASH deposit over $10,000 is reported to the IRS. This law was set up in 1970 under the Bank Secrecy Act of 1970 and updated under the provisions of the USA Patriot act. The law tracks daily cash deposit amounts of $10,000 or more, not checks, to try and prevent money laundering.
So the above is no longer done? I believe it is still done.
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mollyanna58
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Post by mollyanna58 on Oct 12, 2015 10:21:54 GMT -5
I'm confused. There's no rules against saving your SS. He's got 25K in cash just sitting in the house? Have him put it in a bank account. He can open one in both his and your husband's name and then your husband can access it. I KNEW this is whats going to happen! WHY are you all getting me questions instead of the answers? YES he is 85 y/old and he is afraid to lose his SS. I can't deal with changing his mind. And it wasn't a question!!! He can't open bank account because he believes 'they' will take his SS away. \ Now lets anwer the question I knew this was going to happen, too. People are trying to provide answers to handle this reasonably and legitimately, and you are getting all excited because we are not trying to help your FIL do something in violation of banking rules or IRS rules or generally doing something underhanded.
Fine. Send the granddaughter down to pick up the money herself. She can flash her boobs at the TSA agent and maybe get away with carrying $25K in cash. Depends on how good her boobs are.
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tloonya
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Post by tloonya on Oct 12, 2015 10:22:06 GMT -5
FIL won't lose social security because he has savings. I don't think SS would be affected much even if FIL was currently working and earning income. It may affect the means testing for subsidized housing.
FIL should go to bank and buy a money order. Or, he should offer to pay your airfare and have you come out for a nice weekend, because your husband can't travel. Of course, if the TSA finds $25K cash on you, they are likely to accuse you of being a drug runner or something. Maybe you can take the $25K to the bank and get the money order payable to the granddaughter.
Just remember all the trouble your mother's BF had trying to hide assets and how it came back to bite him.
Who are TSA?
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tloonya
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Post by tloonya on Oct 12, 2015 10:25:41 GMT -5
He will have to have his name associated with $25K and this is what he is afraid of. And yes, the ticket is bought. My husband just not feeling too good to travel that long. But now are you saying airport authority will search him WTF
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Lizard Queen
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Post by Lizard Queen on Oct 12, 2015 10:27:24 GMT -5
Yeah, it would probably be best to go out there to pick it up. Do you have a bank branch near him? You could probably deposit some of it in the bank before flying back with the rest.
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NancysSummerSip
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Post by NancysSummerSip on Oct 12, 2015 10:27:52 GMT -5
Any CASH deposit over $10,000 is reported to the IRS. This law was set up in 1970 under the Bank Secrecy Act of 1970 and updated under the provisions of the USA Patriot act. The law tracks daily cash deposit amounts of $10,000 or more, not checks, to try and prevent money laundering.
So the above is no longer done? I believe it is still done. Thanks. Not that I was suggesting the money was tainted or anything. Then again, this is TLoony, so anything is possible. I'm thinking this whole event would make a movie plot. A very cheesy movie plot. It has all the elements. An old man, money, a young girl, her scheming mother, a long trip, the feds...it sounds like James Bond took on The Bourne Identity and they both got bad drugs and went down the rabbit hole.
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jkapp
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Post by jkapp on Oct 12, 2015 10:32:53 GMT -5
Put the money in some boxes, put those boxes in a Fedex delivery box, pay for the best overnight delivery available from Fedex (tracking number, signature, etc). Make sure someone is home to collect the delivery right away and sign for it.
Don't pay for insurance because you don't want anyone to know what's in the box.
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tloonya
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Post by tloonya on Oct 12, 2015 10:33:17 GMT -5
Yeah, it would probably be best to go out there to pick it up. Do you have a bank branch near him? You could probably deposit some of it in the bank before flying back with the rest. Perfect. Thanks. I KNEW someone will do it.
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tloonya
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Post by tloonya on Oct 12, 2015 10:35:14 GMT -5
Put the money in some boxes, put those boxes in a Fedex delivery box, pay for the best overnight delivery available from Fedex (tracking number, signature, etc). Make sure someone is home to collect the delivery right away and sign for it.
Don't pay for insurance because you don't want anyone to know what's in the box. Another perfect but...he sent us money order once and it got lost so he will never agree on it.
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Post by The Walk of the Penguin Mich on Oct 12, 2015 10:43:45 GMT -5
Yeah, it would probably be best to go out there to pick it up. Do you have a bank branch near him? You could probably deposit some of it in the bank before flying back with the rest. Perfect. Thanks. I KNEW someone will do it. Once you fly there, what you might want to do is to buy a series of $9K money orders before you get onto the plane to come back. I would not carry that much cash on me, and MO's can pretty much go undetected in your wallet.
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tloonya
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Post by tloonya on Oct 12, 2015 10:46:54 GMT -5
Perfect. Thanks. I KNEW someone will do it. Once you fly there, what you might want to do is to buy a series of $9K money orders before you get onto the plane to come back. I would not carry that much cash on me, and MO's can pretty much go undetected in your wallet. WOW! Another good one. But how much $9K MO will cost?
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mroped
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Post by mroped on Oct 12, 2015 10:49:02 GMT -5
Have him break it in $5000 or lesser amounts and Western Union it to his granddaughter!
For each transaction he will probably pay about $50. So, if he breaks it in 6 smaller amounts and sends one every other day, then he'll pay about $300 in sending fees.
Less than flying someone out. He'd still need an ID for the transactions.
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Lizard Queen
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Post by Lizard Queen on Oct 12, 2015 10:50:12 GMT -5
Perfect. Thanks. I KNEW someone will do it. Once you fly there, what you might want to do is to buy a series of $9K money orders before you get onto the plane to come back. I would not carry that much cash on me, and MO's can pretty much go undetected in your wallet. Good idea, but where can you get a money order for over $500? Ooh, how about traveler's checks?
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swamp
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Post by swamp on Oct 12, 2015 10:54:05 GMT -5
He will have to have his name associated with $25K and this is what he is afraid of. And yes, the ticket is bought. My husband just not feeling too good to travel that long. But now are you saying airport authority will search him WTF Holy fuck. Do you live under a rock?
Yes, you get searched at the airport.
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tloonya
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Post by tloonya on Oct 12, 2015 11:21:04 GMT -5
What if my husband isn't checking bags?
And about MO - they don't go above $500 I think.
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