Looking for advice

[BillV 8-16-2004]

My wife has a separate savings and checking account which is what I preferred. I make all of her deposits and most of her withdraws she gives me her ATM card and I set up her password. I don't ask my wife for anything I pay all the bills, groceries and any other expenses. She will use her (our) money for buying furniture, China cabinet, couch, table, rugs, entertainment center, bed frame, she is currently upgrading our kitchen tile, having hardwood floors installed in our living room and dining room, it makes her feel like it is her home and makes her comfortable. She will also pay for the up keep of our home in China and is sending her nephew to private school. As far as pets my lab made the mistake of marking one of the chairs in our dining area and he has been banished from our home.

[C4Racer]

We are a two-wage earner family, but have one bank account. Both paychecks go into the one account. We pay everything from this one account, including anything that gets sent to China. Basically, my money is our money and her money is our money. We talk over any major purchases before anything is bought.

 

Also, we try not to use to much tomorrow money. This means loans, but also includes credit cards. We only use credit cards for anything that gets paid off at the end of month. Balances carried forward are not acceptable.

[2mike&jin]

 

Excerpt of POST:

 

At one point in time we discussed that she would inherit everything if I were to die and then let her know that included the family debt. Now we are on an accelerated payment plan to be debt free as soon as possible. B)

 

 

 

Just a quick note for you and others. I was shocked, as I was reviewing Pre-Nup's, Family Trusts, Wills, Estate Taxes -- WHEN I FOUND OUT that "NON-US" Citizens do not get a "marriage exclusion" when their husbands die -- IAW the US ESTATE Laws as modified in 1988. This is is a huge Problem -- that has to be taken into account when dealing with a "Non-US Citizen Spouse".

 

This linked with the changes or I should say lack of definition in the US Estate Law over the next 3 years --leaves a huge vulnerability and RISK for all of us "OLD GUYS" with "younger Wifes".

 

We are in the final stages of a K-1, and if successful will "QUICKLY" get married in the USA -- of course not before a small team of Lawyers can make sense of the conflicting laws concerning these issues.

 

I also have question for all the folks "Planning to Live in China", for various reasons....."How will you deal with US Taxation, Estate Taxes, Wills, Insurance, Health Insurance, Social Secuity (another surprise for non-citizen spouses) , Retirement Benefits, Trusts, Educational Trusts - ETC. I live in China - and it is a night mare to deal with these complexities. Just chucking it all in the US, does nothing to relieve one of the issues -- and the taxes, capital gains, and limited "ownership rights" (i.e. Leasehold land for all improvements) make China a "crapshoot" and bad deal in terms of actual taxation/ownership issues. How will those planning on living in China deal with these issues??

 

Sorry for the long post --- but these issues are very complex...sort of like death and taxes!!!

 

Hawaii Mike