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.
Wesley: Hey. Hey, Gunn. Is something weird going on? … Charles, you just peed on my shoes. Gunn: I'll be damned. That's weird.
'Life of the Party'
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.
Topic!Cindy - Jul 27, 2005 7:27:08 am PDT #3210 of 10002
What is even happening?
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.
bon bon - Jul 27, 2005 7:30:07 am PDT #3215 of 10002
It's five thousand for kissing, ten thousand for snuggling... End of list.
And you are not being taxed on it again. The recipients are being taxed on what is essentially new income to them. My employers were taxed on their income before they passed it along to me. I pay taxes on it.
Actually, no. Wages are deductible because otherwise it would be double dipping.
Cashmere - Jul 27, 2005 7:30:12 am PDT #3216 of 10002
Now tagless for your comfort.
bon bon - Jul 27, 2005 7:33:42 am PDT #3217 of 10002
It's five thousand for kissing, ten thousand for snuggling... End of list.
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?
Yes, just as if it were income.
-t - Jul 27, 2005 7:34:11 am PDT #3218 of 10002
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
the rhetoric around the death tax will soon make it harder to create an inter vivos trust without taxing it
Okay, why am I not hearing about that in the news? Disregarding for the moment my habit of avoiding the news as much as possible. But I feel like I am not only uninformed, but misinformed, somehow.
I am not categorically opposed to double dipping, what with my tax and spend leanings.
Calli - Jul 27, 2005 7:36:05 am PDT #3219 of 10002
I must obey the inscrutable exhortations of my soul—Calvin and Hobbs
just as if it were income.
Isn't it income? If someone hands me money above a certain amount, whether it's my parents, my boss, or some random rich wacko who thinks I'm just that cute, I get taxed on it. Why would that change just because the giver is dead?