View Mobile Site


TOP RECENT CONTENT

Oglesby: Recalling old friends, Newt's win, lottery tips

POSTED: January 31, 2012 1:00 a.m.

Contemporaries who made our community a better place to live keep falling.

George H. Law was another. He was an auto dealer and ran a construction business. He served on a number of boards, was a civic leader and strong booster of our Georgia Bulldogs. He was generous with his charitable contributions.

Now Ed Jared has passed. We had an unusual relationship. His daughter, Nan, was married to Jody Powell, President Jimmy Carter's press secretary.

I knew Carter but was no admirer. I believed he supplanted Warren Harding and Herbert Hoover as our worst presidents. I also wrote that Jody was a bright spot in Carter's Administration. The Jareds took considerable umbrage, actually crossing streets to avoid me for several years.

Then one day I stopped at a diner to get a bite. The Jareds were lunching and called me to join them. We renewed our friendship and enjoyed a number of years in Kiwanis.

Ed, a decorated pilot, flew "The Hump" in Asia during World War II. He became the corporate pilot and military sales manager for Jesse Jewell increasing poultry sales and local jobs.

Our community is better because of his contributions.

It was no surprise that my friend Newt Gingrich won South Carolina, but surprising was the big margin, 17 points ahead of Romney. He needs at least a close second-place finish in Florida. How long will Rick Santorum stay in the race?

I got a strange question the other day. Here's the gist of what I told the caller. It might someday help somebody save big net bucks.

He (not a tax client) wanted to know what I thought he should do if he won the Power Ball or Mega Millions Lottery. I told him the first thing was to tell only a lawyer and tax adviser, not even family. Sign it and put the ticket in a safety deposit box.

Rushing to cash it as most winners do is foolish. Many of these return to their previous financial state in a few years, the IRS with most of the money.

See your lawyer and tax adviser immediately. Prepare a new will before cashing. Laws change but currently estates can exclude the first $5 million from estate taxes. Charitable contributions are deductible and those over the limit can be carried forward five years.

Many first instincts are to give family and relatives money. Watch out! You can give any number of people $13,000 each without you owing tax on it. You, not they, must pay a hefty gift tax (above 50 percent) on an excess.

Don't buy a grown child a house or car. Buy it yourself and then lease it to them at $13,000 a year. Your first gift is a down payment. Finance the rest, crediting the recipient another gift $13,000 payment each year until paid.

Until paid, you have leased property that because of depreciation and interest can show a paper loss, saving you taxes.

When all the basics are in place, cash the ticket and enjoy keeping a bigger percentage of the win than most.

Amanda Watkins has company as a performer. Abit and Kayanne Massey's grandson stars in a popularTV show and was nominated for an Emmy Award. He also is a dancer.

Ted Oglesby is retired associate and opinion editor of The Times. His column, in its 53rd year, appears biweekly on Tuesdays. You can contact him at P.O. Box 663, Gainesvlle, GA 30503.



Comments

Commenting not available.
Commenting is not available.

LOCAL

SPORTS

LIFE & GET OUT

LOCAL VIDEO


Contents of this site are © Copyright 2010 The Times, Gainesville, GA. All rights reserved. Privacy policy and Terms of service

Powered by
Morris Technology
Please wait ...