Sounds like something a hoarder would say
Thoughts On Floating Money Around
- Thread starter Zee09
- Start date
I think your friend's problem is not really with the IRS but rather with the dementia wife's spending. Personally I make assumption that there is no way to hide from IRS forever. You can fly under the radar but eventually they will catch up with you, especially the initial money was earned electronically like stocks.
At their age divorce may or may not be the best choice, since he'd be totally responsible for the alimony for her rest of life and she may burn more of his money through divorce legal battle. He also may be emotionally still with her and makes it difficult to fight a divorce case. If I was him I would move as much money out of joint account he can control to another account she can't, and just give her a reasonable allowance, let her default on her own credit card (cancel any joint credit card), and anticipate the fights that follow.
If you cannot divorce a drug addiction spouse the best you can do is cut him/her loose and limit the damage. Making more money to feed the addiction is never the answer. Consult a lawyer to see if you can find a way to get her to be declared incompetent due to dementia and then cut off her ability to borrow money or spend, if that's possible that'll be the best he can do.
At their age divorce may or may not be the best choice, since he'd be totally responsible for the alimony for her rest of life and she may burn more of his money through divorce legal battle. He also may be emotionally still with her and makes it difficult to fight a divorce case. If I was him I would move as much money out of joint account he can control to another account she can't, and just give her a reasonable allowance, let her default on her own credit card (cancel any joint credit card), and anticipate the fights that follow.
If you cannot divorce a drug addiction spouse the best you can do is cut him/her loose and limit the damage. Making more money to feed the addiction is never the answer. Consult a lawyer to see if you can find a way to get her to be declared incompetent due to dementia and then cut off her ability to borrow money or spend, if that's possible that'll be the best he can do.
You'll lose half.
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I think his concern is not the IRS (because the taxes are paid and information sent to the SSA) but the DEA, FBI and who knows what other agency starting an investigation.
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I am lost. He has records of making the money, paying taxes on the money, and withdrawing the money correct?
He might want to enlist the services of a CPA to make sure the records are complete and in order - if were talking that much cash. When he deposits it in the bank he will get a knock on the door, and at that point he has everything covered.
He is loosing his money at the rate of inflation sitting in cash. Sounds like he doesn't care. Just pointing that out.
As for the wife - love is blind. I won't go there.
He might want to enlist the services of a CPA to make sure the records are complete and in order - if were talking that much cash. When he deposits it in the bank he will get a knock on the door, and at that point he has everything covered.
He is loosing his money at the rate of inflation sitting in cash. Sounds like he doesn't care. Just pointing that out.
As for the wife - love is blind. I won't go there.
I have no idea what the context of all of that is nor understand it.
FWIW, your writing is tough to understand....
I didn't ask a question.
You said you hoped there were no offspring… He confirmed there were children from the marriage, but that the children saw things the fathers way.
There is no law against having suitcases full of cash. If obtained in a lawful manner and any required taxes are paid.
But if your house burns to the ground you are screwed.
I've seen scenarios where one spouse earned the money (maybe a bit of a tax dodge or other questionable practice like kick back), while the other knows the dirty deed and abuse the situation by overspending. Not knowing the friend's scenario I can only take his word for it that the money was earned clean and legal, and in this case the primary reason is to hide from the wife and secondary is to hide from the big brother as wife's investigator could find the money.
So I guess to the friend's question would be whether he intended to eventually spend the money or re-invest them eventually, or just hide it from the wife out of spite. Also the amount would tell us whether something is worth doing or not (you would probably not fly to Cayman Island to open an account just to hide 10k worth of cash, but for 50M that's probably a reasonable move). In the worst case scenario he probably need to anticipate the wife filing for divorce wanting 1/2 of it and unless he is willing to live in a rental apartment while parking his money oversea, he wouldn't be able to keep them safely in the US without a paper trail. If he is just wanting to fly under the wife's radar then cash + secret day trading account with a tax payer id number would probably be sufficient.
Zee09
$200 Site Donor 2023
You are a Hillbilly afterall
Zee09
$200 Site Donor 2023
The problem I have is if your house burns down the insurance company makes you build it back right where it burned down.. I'd want to get out.
