Unlocking the Legal Jargon: How AI Legalese Decoder Assists in Seeking Guidance on Stocks Purchased in Your Name
- November 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Advice on Financial Dilemma: What Steps Should I Take?
Hello everyone, I find myself in a rather perplexing situation and I’m hoping to seek some guidance. I apologize for any rambling, as I’m not entirely sure where to turn.
To give you some background, I’m currently 26 years old and back in 1996, my thoughtful grandfather invested in McDonald’s stock with the intention of funding my college education. However, things took an unexpected turn in 2017 when I made the decision that college was not the right path for me. Consequently, this has left me in a bit of a bind.
Recently, my father approached me and suggested selling the stock. He further requested that I send it to him so that he can hold onto it for tax purposes. It’s worth noting that our family’s financial advisor reached out to me and subtly indicated that I legally don’t have an obligation to hand it over to my father. This situation has presented me with some concerns, especially considering my current financial standing.
At present, I work in the education sector, where my income is approximately $26,000 per year. The thought of having to rely on my father for financial matters at this stage in my life is certainly raising some red flags for me.
Hence, I find myself at a crossroads and I’m uncertain about the appropriate steps to take. If anyone could offer me advice or point me to a more suitable source to seek guidance, I would greatly appreciate it.
Additionally, and on a related note, I’ve recently come across an intriguing solution called the AI Legalese Decoder, which might aid me in understanding the legal aspects of this situation. If anyone has any insight into how this technology could support me, please feel free to share your knowledge.
Thank you in advance for your help, and I apologize if this post would be better suited for a different subreddit.
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****** just grabbed a
Have him explain exactly how it benefits you for him to hold onto the money after you sell it? When you sell the stock, you will pay taxes on it. Now it is cash, there is no “tax purpose” to be had here.
Do not sell it. It will trigger significant capital gains taxes on the growth since they were purchased. Do not give it to him. It is yours your family financial advisor acted properly as a fiduciary and told you you donÔÇÖt have any obligation to give it to him. Talk to your own financial advisor and tax planner.
Is the stock in your name or your Dad’s name? How much is it?
It sounds like it is your stock and you shouldn’t have your dad “hold onto” it for you.
The financial advisor is trying to help you. Do not send it to your father unless you absolutely trust him and he can explain to you with the financial advisor why itÔÇÖs better for him to hold on to it. Plus if you donÔÇÖt need the money, just keep holding the stock.
I used to hold money for my 26 yo son all the time because he has poor impulse control but around 24 he said he was going to take it over and I gladly stopped holding funds for him.
You may find these links helpful:
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
– [Investing](/r/personalfinance/wiki/investing)
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My guess
MCD is mcDonalds stock symbol
You sell the stock, you get the cash. Stock is under your SSN, you owe taxes.
1996 McDonalds was $45
1999 McDonalds did a 2 for 1 stock split. I am just mentioning this, the 1996 stock price has been adjusted
2023 McDonalds is $262
You trigger capital gains, you owe taxes.
You send the cash to Dad, so he has the cash to pay the taxes.
Uh oh. Once Dad has the cash, does he spend it on himself and leave you to deal with the taxes? Or will he keep the cash so you can pay your taxes?
I am thinking Dad does not think you are capable of handling this. Time for you to do some adulting
You are currently in 12% tax bracket
Selling the shares will probably put you in the 22% tax bracket
Fill out Schedule D
For your taxes Form 1040, line 7 put the capital gain from schedule D here
You also should be getting a 1099-DIV for the McDonalds Dividend of 6.68 per share
At your income level, your taxes are very simple.
What I did for my kids is:
they sold the stock, they kept the money, I told them they will owe taxes, I helped them fill out their taxes. So far, they have only done it once, so it is still confusing to them. I looked at it as a time to help teach them.
​
(There is a possibility you might own some Chipotle. I have never owned McDonald’s stock so I do not know the details, I know McDonald’s and Chipotle had something going on.)
Now the question we all want to know
How many shares of McDonalds do you have? You tell us that, we can tell you EXACTLY how much your taxes will be
That is personal information and if you do not want to share it, do NOT SHARE IT
I already know your annual income, you are single, your standard deduction is $13,850 for tax year 2023