u/RemarkableFocus4075

I’m considering gifting highly appreciated assets to an elderly parent to receive back via inheritance, achieving a stepped up basis (eliminating capital gains). I realize that this consumes part of my 15 million lifetime gift allowance but think it worth considering. Anyone who has done this? Pitfalls?

Well, this has not been a picnic! Haha. I still have a number of strong urges every day. I pop some gum or a lozenge and it passes. I do miss it and hope that really diminishes. Does anyone else feel sometimes that breathing is more constricted without the vape? Or is this some weird psychological thing? Anyway, onward. Not going back. p.s. I do have the desmoxin(name?) but am waiting until I taper the NRT.

pps - 40yr smoker, 8yrs vape.

Ok. Well we’ve recently (3-5yrs ago) been told/found out that we have enough money for serious estate planning. Max gifting is not sufficient. We’re over the estate tax exemption. It may sound stupid but we’ve never thought we had “real” money - money, yes, but not irrevocable trust/generational wealth money. I actually only heard that term a few years ago. So…I’m having a talk with our only kid - having bought him a very nice house (via irrevocable trust) in an excellent school district. It’s a bloodline trust and I’m wondering if people usually include the spouse in discussions with FA’s and trust attorneys or just keep it “family”? Obviously, the spouse will benefit from the extra money (no mortgage plus distributions). We’re setting up meetings with FA and trusts attorney and tax planning CPA. My feeling is the spouse is not a participant. Our son is 37 and was blown away - but was already blown away by the house purchase - north of 2mil. We’re late to the game in talking to our son but, as I said, we didn’t think we had real money. Does the spouse join the discussion? The purpose of the trust was/is to protect against divorce.

I can’t say that I don’t have cravings or seriously miss vaping. I do. I’m just going to stick it out and pay the price/deal with being uncomfortable (suffering?). It’s the right/best/only decision. So, here I am. I’m using NRT after 40yrs smoking and 8 vaping - yes, serious addiction here. I’ve told myself that I no longer vape. And as far as my mind and thoughts are - I don’t. I’m just hoping the cravings further lesson because I’m never buying another one.

Just ok but no slips. I am using NRT (gum and lozenges). I was a longtime smoker and 8yrs vapes. I have a number of fairly strong urges daily. I definitely miss the vapes. I’m hopeful/pretty determined to stop vaping and think I can do this. I know some don’t consider using NRT a quit but I sure do. It was a deal for me even going from cigarettes to vapes. 40yrs of smoking does that. I bought the Desmoxan and it may be 2 or 3 months before I give that a try. As long as I’m not inhaling anything I’m good. It’s a win for me.

Hi everyone. I’m on day 14 and the past 3 days were about the worst. It could be that we had company for the weekend and it was a bit stressful. Anyway, I’m having a better day. Only a few strong urges this morning. I’m getting ready to take my boat out (by myself). I always find that very relaxing. Has anyone felt very tired and somewhat depressed?

We’re on a friends and family membership in SWFL. I want to come off and have my brother come on. The other 3 members will stay the same. I’m going to call but wanted to see what others have paid - if anything.

Hey, so I’ve completed day 7 and this may have been/is the most challenging. I’m so glad that I threw everything out as I’m quite sure I would have caved. I pretty much don’t reach for the device anymore (did a few times today), just bummed that I can’t use it. I miss it. I have some medical issues that make it very stupid to continue. I’m using NRT but it’s still tough. I don’t have any support but have not asked for any. That’s just my personality. So…I’m hoping for some support here. Please push me. Don’t let me be an idiot. I’m older than most of you and had a heart attack last year.

I have a decades long history of smoking and switched to vaping 8yrs ago. I tossed my device after my last cartridge ran out. It was 6 days today. I no longer reflexively reach for the device. That doesn’t mean the cravings don’t hit numerous times a day. I am using NRT (lozenges and gum). I have patches coming tomorrow. I have taken 3 very low dose Xanax (.125mg). I have these leftover from some PTSD when a hurricane destroyed our home. At this dose it’s probably placebo effect. It seems most here go cold turkey off nicotine but trading vapes for gum would be a huge win for me. Are the first few weeks the worst? It was kinda like that when I went from cigarettes to vaping. I’m thinking that I can do this.

I’ve been reading that red lights are flashing for the stock market and there’s talk of various metrics showing some high risk right now (think dot com). What is your cash position relative to equity/bond? This would be for UHNW on the cusp of retirement.

I’ve read about this happening but now have seen it first hand. Not for us - but we’re more than fine. Wow, we have friends and relatives with 20, 30, 40 being dropped on them. It’s crazy. I certainly wouldn’t talk about it as our friend group is quite varied as to assets, etc. So we’re probably only hearing about it from those less wealthy. I guess the great wealth transfer is fully underway.

Hi. I’ve recently created an irrevocable trust. I’m the grantor, my son beneficiary. Bloodline HEMS trust. It was created fairly quickly with the initial purpose the purchase of a home (2.5m). I have a number of questions, over and above the more basic. I could ask our trust and estate lawyer but I’d rather learn as much as i can and have issues that I still have questions about directed to the attorney. Some will probably be more properly directed to a CPA or tax planning attorney. I am an attorney, but practiced only a few years - 40yrs ago. I’d like something written for attorneys looking to get educated in Trusts. I will be adding significant amounts in the next few years. I know the attorney(s), CPA’s will be the best source but want some level of understanding. Any recommendations?