11.01.06 ekj's loan overview

ekj seems to have forgotten $20,000 to her daughter interest free.

From: Liz <lizkingjones@yahoo.com>
To: Wayne King 
Cc: Barbara Lochner 
Sent: Wednesday, November 1, 2006 1:34:56 PM
Subject: Re: topic of the day

I know they gave me 4K in 1982 in the fall.  I assume they also gave you two money because that's what they always did.

They gave each of the grandkids 4K in 1986, the year Angie graduated from high school.
Mom and Dad gave us at least 25K a piece, maybe 30K. The first time was about 1992.  Woody and I borrowed 10K when we moved to W. Alex and then they decided to give each of you 10K and called our debt off.  At that time, Gail had some "work done", and this may have been the same 10K that paid for your lot Wayne.  I know that when Gail, Mom and I were in New York in May of 1991 the purchase of the lot was discussed.  They bought it and deeded it in there name and then later on your name.  At that time, they didn't want to give you money because you were in the midst of a divorce from Andy. 
In about 1997 they gave each of us more money.  At that time, we owed them 5K on Woody's 1995 Astro van and they forgave that debt.  I think they gave us a total of 10K at that time because I gave Angie 1K to help her out with expenses at home while she was going to school and she graduated in 1998.  I also think this was the same money that got there in the nick of time to help with Gails taxes.
I also think there was another 10K since then, but my memory ain't what it used to be.
I'll have to check my bank records for that. 
I realize the income has not been increasing, but I also know at one time Mom had at least 189K at Lee bank.  That was when she put me on those records the first time.

Wayne King > wrote:
Before you two work yourself into a heart attack, think about the following and decide how much you think is "missing".
We have a 22K, interest payment loan for partial purchase on one of the condos. I seem to remember Adam receiving 4K for college, and me receiving, I believe a total of 20K in 2 installments, 10K of it being used for this lot and another 10K as a gift. That's 46K.
I assume both of you have received like gifts or existing loans.
All their major purchases have been made with cash. That is house, car, motor home (18K), small motor home (15K), little house, etc.
While Daddy's memory is suspect, Mother's is pretty good, missing the part that formulates words, which is not the same. Having a few hundred dollars laying around in travelers checks is not a big deal. That is the way they paid for their trips.
I will stop at the CPA's today and see what information they have. Their tax return will list any interest income from anything other than Lee Bank and FNB. Gail, passive income is what the name indicates, in that they have no active involvement to create the income, which is different that interest or dividends income which must be reported. They have primarily live in two places for 60 yrs, so it's pretty unlikely that interest statements haven't made it here.
I will let both of you know after I look at the tax return. With the exception of digging up the farm with a shovel, let me know if you have a new idea and I will either get the information or find a name and number for you to talk to.
My initial cut is what you see is what you get. They elected to share there savings with us during those years they felt we needed it. It can't be had both ways.


10.1.06 ekj land split/Barbara Little house

Gail correspondance

The story I am currently telling myself has to do with
leaving this house - which I love more than life -
Well, almost.  Daddy (or maybe it was my
passive-aggressive sister who instigated it) brought
up the subject of splittin up the land.  She wants the
back 50 acres.  My brother and I are okay with that. 
It leaves the front part for us to work with.  I have
now said I want the 'little house' which is a house
daddy built for his mother after his father died. 
Then mother's mother lived there for several years. 
So I can eventually live in the house my father built
and both my grandmothers lived in, on a site where the
original farm house stood, and where my father and his
brothers and sisters  were born.  

The original fireplace is still standing in the back
yard and the original barn - which is now over a
hundred years old - is across the field but not too
far away.  I used to walk out there to feed the
chickens with my grandmother when I was maybe two or
three.  She carried the corn folded up in her apron
so she only had one free hand and I was pretty much 
on my own...toddling along beside her.  There were
barn cats so I was always excited to go there, and
once in a while grandma would let me carry an egg back
to the house.  Heady times.

It's just over 800 sq feet so I will be adding another
800 sf, with a garage and family room with big windows
over the meadow.  Deer and fox and wild turkeys come
out into the meadow, especially in the early morning
and twilight.  It is really quite beautiful.

So the story I tell myself is that looking at deer,
etc., is just as good as watching the dolphins go by. 
And building the addition will be pretty exciting.