I received some really good info from my attorney at our consultation

and wanted to share it with everyone.

Another really good piece of info I learned from him was about gifting.

There are several members of my family that really helped me out financially these past couple of years since I’ve been unable to work from a back injury.

Since I was a little burdensome on them, I’m looking to give them a sizable amount of money.  My concern was what could I do since I only could give up to $14,000?

I got a little tickled with him.  He told me this was one of the IR S’s favorite games but that he knew the workaround on this.  He told me I could go ahead and give my family members the money I wanted; however, what I needed to do was to type up a letter form like I was making a loan out to them for an “x” amount of money and that they had an “x” amount of time to pay back the loan.  He told me to make sure that the payback date was for at least the next calendar year.  He stated that once the payback date arrived, all I would need to do is simply “forgive” the loan.  He stated I would not be liable for any additional taxes, nor would any of my family members, as long as we followed the protocol on the loan, in that we reached the one-year date and I then forgave them of the loan in writing.  Wonderful info!  Of course, though, you will want to verify the accuracy of this with your state.  I’m in Oklahoma.

He also advised me that I was doing the right thing in giving gift cards to individuals on any kind of state assistance, that this is a very prickly situation with gifting money to those in need.  Too much money can cause them to lose their assistance, which I would not want to happen.

This attorney used to work in both the state tax commission and the state attorney general’s office about 20 years ago.  So he really knows his stuff.  He was very concerned with what he was told by his other clients and me about what the banks were looking to do.

He also had a great deal of concern about the NDAs and the tax issues.

He was mortified by what was going on with congress and the IRS on the taxing of the dinar, trying to treat this currency differently from others (discrimination).  He really felt like there could be some legitimate lawsuits over this issue, should they change the law.

He felt this should be treated as a regular capital gains tax.  He was absolutely going to watch this issue closely.