Inheritance tax shocker!

sparkletheimpMarch 7, 2007

Has anybody actually looked at the deal with 'inheritance' tax?I've just been trying to get my head around it for myself after loosing out on it after my parent's passing. it's ridiculous! try out this tax calculator http://surewill.co.uk/inheritance_tax_calculator how does the government get away with this?!? and what can we do about it?it seems such a scam we have to pay tax our whole lives then get this to put on our relatives after we die!

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western_pa_luann

A UK tax calculator will do me no good in the USA....

    Bookmark   March 7, 2007 at 2:16PM
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joyfulguy

Hi sparkle,

Too bad you hadn't moved to Canada years ago.

And brought your money with you (though it would have cost you, at the time, to ship it out).

When Dad died, his estate had some rather modest probate fees to pay (to have the will registered) but ...

... no inheritance tax.

ole joyful

P.S. I get hundreds of offers sent to me at my email address.

Many don't identify themselves as of U.S. origin.

But - if I choose to make a reply, their Zip Code slot for postal address won't accept more than 5 numbers/digits. Which mens that they only want to hear from U.S. people.

So - why didn't they say so?

And why did they send me their dratted message in the first place??

Some, in the small print late in the message, say that their offer is only available to U.S. residents, 18 years of age or older.

With others, when I attempt to seek info, I get a white box with black letters - "This offer is not available in your area".

Right.

So - why did you send me the message in the first place??

GGggrr-rr-rrr!!

o j

    Bookmark   March 7, 2007 at 3:55PM
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gina_in_fl

Welcome to the world of death. Taxes are the norm at death. Just figure how much you have more than you have had before these folks passed and pay the taxes... you'll be much less stressed.

    Bookmark   March 11, 2007 at 1:14AM
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partst

I don't know about the UK but in the USA federal estate tax only kicks in after the first 2 million, goes up to 2.5, in 2008, and increases up to if I remember correctly to 3 million in 2009. In 2010 there is no Federal estate tax. Non, zip, noda. If Congress doesn't do anything it goes back to 1 million in 2011.

There is a way to increase the 2 million exemption. For example if a married couple has say 3 million in total assets and one spouse dies the other can disclaim up to one half of the estate and put it into what is called a bypass trust, sometimes called a AB trust, The surviving spouse still has control and can spend it all if they like, with some restrictions, or they can let it grow and it will never have to pay estate taxes.

You can also reduce estate tax by using the gift tax option but only up to a point. This is very general information but if you even think your estate is close to the 2 million limit you should consult a really good estate planning attorney. And pay what ever it takes to get informed and hire yourself a CPA who specializes in estates.

I know this is possible because this is what my parents did. When my mother passed my dad signed the disclaimer, put her half of there estate in a bypass trust for me, and saved me over a quarter million dollars that I would have had to pay when he passes. Thank you DAD!

I still may have to pay estate tax on his half of the estate, hopefully he will live longer that 2010, but like I have told him I would rather have both of the than the money. He being of the depression mentality he would have a heart attack if he even thought I would have to give the government any of his hard earned money.

    Bookmark   March 13, 2007 at 12:25AM
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