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Eldercare
Reply to "reimbursements from parents?"
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[quote=Anonymous]If your father is willing/able, get on the phone with him to Vanguard next week, have them sell whatever shares are necessary to liquidate $200k and then transfer the $ to the checking account and then have him write a check. Good to document this is a reimbursement and not a gift (though even if a gift it’s just a matter of filing an additional form with his taxes - it doesn’t sound like his estate will be large enough to trigger estate taxes down the road). There will likely be tax to be paid on the distribution (if the account was an IRA/401(k) or appreciated stocks/mutual funds). If needed take out enough to over the tax and have that withheld from the distribution. As long as your dad is in the phone with you, you won’t need to get into the POA (unless you want that set up going forward).[/quote]
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