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Letter "F" » Frank Degen Quotes
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«It used to be much more advantageous prior to the change (in 1993). There's been a lot more tightening.»
Author: Frank Degen
«Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing.»
Author: Frank Degen
«The new rule is much more friendly to taxpayers. Only sales of more than $500,000 for married couples and $250,000 for single people have to be reported. So you don't need to keep records unless you think you home may sell for more than that amount.»
Author: Frank Degen
«When people sell funds from one family to another -- say, Fidelity to Janus -- they know they've triggered a taxable event. But when people sell one Fidelity fund and buy a different Fidelity fund, they don't realize that's taxable as well.»
Author: Frank Degen
«There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.»
Author: Frank Degen
«A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.»
Author: Frank Degen
«I would encourage the children to be open. Ask your parents in general terms if they want some help discussing it, or in setting up a meeting to talk about it with a professional.»
Author: Frank Degen
«One of the biggest problems I see these days is when the children feel they have a right to an inheritance and a lot of times [they want to intervene on their parent's financial behalf] before they are ready and willing to do that. I know a lot of lawyers who say the first thing they do is take the parents into a room and ask them if they are ready for this.»
Author: Frank Degen
«Record-keeping is important. Document everything you do.»
Author: Frank Degen
«That's a winner all the way around.»
Author: Frank Degen
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