Wifes Childish Behavior Over Taxes Causes Husband Grief

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DEAR BRUCE: My wife goes ballistic when it comes to taxes. She thinks that we're being raped by every level of government, supporting activities that we neither have interest in nor support. She is scheming like crazy to pay less in taxes. She now wants me to put many of our assets into our three children's names (they are ages 9, 11 and 12). This way the earnings will be taxed at the children's rate, which would be relatively modest. I've tried to explain to her that this is not an appropriate thing to do for several reasons, but primarily because, until the children are older, they will be taxed at our rate. Even though our accountant has told her this, she is still insistent that we make these transfers. Help. -- P.C., Via Email

DEAR P.C.: Your accountant and you are correct. There is no tax advantage whatsoever -- even assuming that these transfers had merit and could be accomplished. Even if there were a tax advantage, you'd be very foolish to do this. The money then would be the kids' and they could do as they wish with it when they were of legal age to access the funds. Unless other strictures are in place, they get the money. I understand not wanting to pay any more taxes than are necessary, but it would appear that your wife's aversion to taxes is bordering on a sickness and that's what should be addressed.

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Wifes Childish Behavior Over Taxes Causes Husband Grief

DEAR BRUCE: My husband and I recently purchased our first home. It may not seem like much,...

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