Anya ,'Bring On The Night'
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.
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.
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.
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.
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.
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?
There aren't enough random rich wackos who think I'm cute in my life....
We've inherited the loan that my late FiL took out to pay for DH's college. Apparently. Though I think thay are saying that DH was a co-signer or guarantor or something, not just an heir (he signed over his share of the estate to his mother).
You and me both, tommyrot. But I live in hope. And, at the moment, in debt.
Cindy, good to know. That's not what I had heard before. I'll still be losing any possible inheritance since their houses (which are both of value) will likely belong to the bank and/or other creditors, but perhaps not their debt.
One of my colleagues was in a horrible situation (on many levels) when her 30-year-old son committed suicide. He had all kinds of debt, and she and her husband ended up being responsible for most of it. It must have been debt they had cosigned on or something.