u/QandGone

Due to certain reasons, we are transferring my moms Life Insurance policy ownership to me.

i was wondering exactly what this entails? the person we are working with are of no help and keeps trying to sell other products to us and not really answering our questions. And frankly speaking, I personally do not trust them at this point.

how does this work and what does it exactly mean?

My mom is an immigrant and USA citizen who is 65 in 2 months and is low income. and has been low income all her life.

she has been working with a social securities benefits person to help plan her retirement stages. i.e. medicare / medicaid. Part A and B. etc

She was just informed that because of her current permanent life insurance policy, it will have an issue in regards to her income (its not a huge amount IIRC. like 5 figures in the cash value.)

and because of that, was recommended to "pass it to me" as the owner. so it doesnt affect her benefits from social security, medicare, medicaid, etc.

how does this work exactly and what does this mean for her and I?

i am in the USA.

I do my taxes yearly as well as my moms (my moms is itemized).

so on the very fundamentals, i am somewhat familiar on doing taxes.

This year will be somewhat different (but still the same). I always trade stocks, but not enough that I will have a huge capital gains hit me.

I have some short calls that are going to be assigned most likely end of Friday. And 200 shares will be sold. (if it does matter, they will all be long term gains). the gains are over $50k.

so yes, that will be a huge spike in my taxable income, and for sure over the threshold.

Do i have to make quarterly tax payment on this?

what would happen if i just wait to do my taxes like any normal year and wait until next April 2027 to file?

tbh, i have kept pushing off SI forever because i had the misunderstanding that it was survivor type show. where people would end up getting voted off and such.

i also thought it would be similar in the concept of Heart signal.

i watched a couple of these shows and i really dislike "game type" format. such as heart signal.

my favorites being better late than single and My Sibling's Romance.

so just wanted to say that first.

i also started off on S2 as a choice. because it looks like S2 is consistently voted as the best season.

i just finished Ep6 and yes, i and really enjoying Singles Inferno. and planning on watching from S1 and all of them again.

But my god.... i really dislike Seul-Ki... ill be honest, i almost ended up just dropping the show at around episode 4 because of her. and more i watch, the more i really dislike her.

again. i just feel like i have to vent because im getting really frustrated with her.

i didnt want to pull up any discussions about it atm because im afraid that i might end up finding spoilers.

but with keeping in mind that im only on episode 7, what are peoples thoughts when it came to Seul-Ki?