So, wait, I'm sorry -- unrealized gains are taxed in the inheritance tax? That is, I'd get taxed on the full current value of my parents' investments?
Saffron: You won't tell anyone about me breaking down? Mal: I won't. Saffron: Then I won't tell anyone how easily I got your gun out of your holster. Mal: I'll take that as a kindness.
'Trash'
Natter 37: Oddly Enough, We've Had This Conversation Before.
Off-topic discussion. Wanna talk about corsets, duct tape, or physics? This is the place. Detailed discussion of any current-season TV must be whitefonted.
Jesse - Jul 27, 2005 7:20:58 am PDT #3205 of 10002
Sometimes I trip on how happy we could be.
Cashmere - Jul 27, 2005 7:21:51 am PDT #3206 of 10002
Now tagless for your comfort.
Also, I'm scared as to what's gonna happen with the huge budget deficits we're having and will continue to have for a long time, and repealing the estate tax will make things worse.
But if allow the rich people to keep their money, it will magically trickle down. Or so I've been told.
§ ita § - Jul 27, 2005 7:22:25 am PDT #3207 of 10002
Well not canonically, no, but this is transformative fiction.
I'm looking at inheriting a whole lotta debt
That part's totally not fair¹. What steps can one take (other than eliminating it) to prevent your descendants from being in that position?
¹: Okay, it's totally fair. It's just not nice.
Pix - Jul 27, 2005 7:25:05 am PDT #3208 of 10002
The status is NOT quo.
It's the trap of the middle and working classes, I think. Owning property offsets it, but when one's parents (like mine) got divorced in their fifties and had to get brand new 30 year mortgages...well...
-t - Jul 27, 2005 7:25:48 am PDT #3209 of 10002
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
I acrually have expectations of some kind of inheritance from my grandfather's trust. I get these statements from my grandmother's lawyer every so often detailing what's going on with the estate, but I don't pay close attention because as far as I'm concerned, that's her money. If there's enough left when she passes on to be taxed, so be it. If there's nothing much left, that's cool too.
Topic!Cindy - Jul 27, 2005 7:27:08 am PDT #3210 of 10002
What is even happening?
You don't actually inherit the debt, unless you also inherit something of value, because if it is all debt, there is no estate. If you want [thing of value] then you have to pay off the debt. Otherwise, the things of value are sold off to satisfy the debt.
Pix - Jul 27, 2005 7:27:45 am PDT #3211 of 10002
The status is NOT quo.
One of my grandmother's has a reverse mortgage on her house to be able to afford to live, so the bank will own it when she passes on. My other gram has no property (she lives with us currently) and no assets.
ETA: Cindy, you do when it comes to credit cards etc.
Topic!Cindy - Jul 27, 2005 7:28:12 am PDT #3212 of 10002
What is even happening?
acruallyVery cool typo, because given the subject, it could be just a new, useful word.
tommyrot - Jul 27, 2005 7:28:21 am PDT #3213 of 10002
Sir, it's not an offence to let your cat eat your bacon. Okay? And we don't arrest cats, I'm very sorry.
So dead people can get out of paying their debts. Bastards!
Topic!Cindy - Jul 27, 2005 7:30:04 am PDT #3214 of 10002
What is even happening?
ETA: Cindy, you do when it comes to credit cards etc.
Only if you're also inheriting anything of value. You're not responsible for someone else's credit card debt, if they die without any estate that they're leaving you. If they're leaving you a house, etc., then there is an estate, and so of course you're responsible for it. If grandma dies leaves nothing + credit card bills, you don't inherit those, unless you have a joint account or something.