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Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 6775
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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I am 71 years of age I have been drawing my ss years

Customer Question

I am 71 years of age I have been drawing my ss for 10 years . what i want to know is would i do better drawing from my husband. i was never a high wage earner my ss no. is *******. my husband no is *********** My name is***** ******** my husband is Ernest ************. I was watching tv the other day and i saw where the program of draw now and more later was ending soon,
Submitted: 6 months ago.
Category: Legal
Expert:  Irwin Law replied 6 months ago.
Hello Martha: I have asked customer service to delete your personal information. It is risky to send SS numbers to anyone on line. Only the SS administration can give you this information. THey have all of the necessary information in their computers to make the calculation for you. We don't, so contact your local SS office today. The deadline for this electon is Friday, I believe.
Expert:  Irwin Law replied 6 months ago.
Here goes: When I pull Facts from the question I'll put them in italics and/or boldface. Please ignore the occasional capitalized word in the middle of a sentence. You can thank Dragon software for that. Again, this will be a simple summary of issues that are raised by the various facts in the question. I'll try to number them individually and perhaps even assign headings to the sections so You can follow them better:1. Bill and Martha own the property outright and in their own names as tenants-in-common.Discuss: The nature of owning real estate as tenants in common. What is an "undivided half". Generally what are the rights of each one of them regarding the real estate. Equal division of net Profits and loss. Equal right to control the property management. What about a dispute. How can it be settled with equal right to decide. what is Fair market value of the center based on 8% cap rate and $2 million net income? What does capitalization rate mean and How does one figure a capitalization rate? Most of the discussion about the property's location, the management company with the property is made up of is pretty much irrelevant as far as legal issues go. I'm not sure what you would say about those things.2. Both Bill and Martha have others liquid assets in their own names in amounts in excess of $10,000,000. Discuss: the federal estate tax implications; New York State estate tax; Current tax rates And discussions of both forms of tax are easy to find online. Methods of avoiding estate tax through the use of lifetime gifts,Use of annual gifts, revocable trusts: charitable foundations; life insurance Owned by each on the life of the other to fund payment of taxes.3.Martha is 62 years of age and Bill is 58. Martha is married and has been for a long time in a staple relationship. Discuss the disparity in the family Situations. Estate planning for Bill with one child will be very different from the estate planning for Martha, with a spouse and three children. Discuss marital deduction and wife as survivor exemption from estate tax. Discuss affect of tax on the death of second spouse to die, and best methods to avoid it or minimize it.I'm sending this now in order to avoid accidentally losing it which often happens to me :-) let me know what you think about this format. Will it work for you? You can enter a positive rating at this point, I will definitely finish up After I hear from you.

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