spstax Posted February 20, 2008 Report Share Posted February 20, 2008 Client just retired and within a month his adult son has a horrible accident. Son had let his insurance lapse. The parents dip into their 401k to pay $90,000 in lawyers, med and auto replacement cost for the son. Any deduction at all for the parents? The attorneys have not given a breakdown on the costs assigned to each. Terrible situation all around. Thanks Quote Link to comment Share on other sites More sharing options...
lbbwest Posted February 20, 2008 Report Share Posted February 20, 2008 Client just retired and within a month his adult son has a horrible accident. Son had let his insurance lapse. The parents dip into their 401k to pay $90,000 in lawyers, med and auto replacement cost for the son. Any deduction at all for the parents? The attorneys have not given a breakdown on the costs assigned to each. Terrible situation all around. Thanks Adult son qualify as dependent? Medical MAYBE; lawyer fees and auto no way. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 20, 2008 Report Share Posted February 20, 2008 >>auto replacement cost for the son<< They bought him ANOTHER one? Quote Link to comment Share on other sites More sharing options...
spstax Posted February 20, 2008 Author Report Share Posted February 20, 2008 Thanks everyone, no the son is an adult and is not a dependant. The parents didn't want him to lose his license forever and the State and the attorneys advised him to pay up, of course he doesn't have the money and the parents had some savings. They didn't get him a new car the car related expenses was sent to GEICO the victim's insurance company. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.