You Can't Take it with You- Or Can You?

[jpmcwjr]

Wow! Missed that ep.

Every time I bitch to myself about paying taxes, I kick myself and remind self that I have income that causes taxes.....Then I try to be grateful.

 

[Egg Shen]

There's no getting around some governmental involvement with an inheritance, both federal and state. But, honestly, it's not a difficult a process to set up a will and a trust with the right attorney. You go over the options and they craft the document and handle getting it registered. Also, trusts had some protective benefits, besides tax, like a level of privacy regarding one's assets, as well as a layer of protection from lawsuits, especially scams.
But if you want to refuse any inheritance just ask you parents to take you off their list of beneficiaries in writing. Failing that you can always donate all of it to you favorite home for retired cats. You'll still have to declare it.
Try being the executor of an estate some time. That's a lot of work, especially if you're principled. Setting up a trust is nothing in comparison.

Thanks for taking the time to explain. I hear you on being in the undesirable position of executor of an estate - I observed what a pain it was for my grandmother. Maybe I’ll request they omit me. I honestly don’t want my parents’ possessions. Or even money. I just feel freer when I have little to lose and little to be responsible for. My dad says he wants me to have his 40+ guns. WTF can I do with forty guns? I barely have time or desire to shoot the few I own. Or even more dreadful, my mother leaves me her house and everything in it. I’d kill myself if I got stuck with all her holiday decorations and stupid ceramics and heavy furniture. Less is more and our possessions have a way of possessing us. The times in my life that I’ve felt the most unencumbered and free were also times when I had little money and material possessions. I won’t even use an FSA or HSA because it’s just more bureaucracy to dick around with. I know it saves money but I’m into living, not pissin around with paperwork worrying about acquiring more crap.

That reminds me of a scene from the 80's series, Night Court. The bailiff, Bull, finds out that he has inherited millions of dollars, and he rejects it. The whole episode was the characters of the show trying to get Bull to sign for the money. In the final scene, he gets frustrated with everyone and says, "I don't want millions of dollars. I couldn't afford the taxes on it." Badum pishh...

Great show that still “holds up”. I don’t recall that episode and I get that I’d net a profit after all then dust settles but some things aren’t worth the hassle. Government interaction, courts, lawyers…all that stuff I’d rather avoid. Life is better this way.

 

[jpmcwjr]

Well, sure, if it's a puny estate.

I'd love to be executor of a $10 Billion estate. There are fees, you know...

 

[Hillcrest]

I think the fact that the original lyrics were darker than the final version makes the song more powerful and emotional.

I think he didn't want to give a pro-smoking message through a lyric, it might not be commercially acceptable, so he buried it an an analogy to a train "the 309" ! But ... just an opinion from someone not a lyricist or musician so maybe worth less than 2 cents.

 

[sablebrush52]

Thanks for taking the time to explain. I hear you on being in the undesirable position of executor of an estate - I observed what a pain it was for my grandmother. Maybe I’ll request they omit me. I honestly don’t want my parents’ possessions. Or even money. I just feel freer when I have little to lose and little to be responsible for. My dad says he wants me to have his 40+ guns. WTF can I do with forty guns? I barely have time or desire to shoot the few I own. Or even more dreadful, my mother leaves me her house and everything in it. I’d kill myself if I got stuck with all her holiday decorations and stupid ceramics and heavy furniture. Less is more and our possessions have a way of possessing us. The times in my life that I’ve felt the most unencumbered and free were also times when I had little money and material possessions. I won’t even use an FSA or HSA because it’s just more bureaucracy to dick around with. I know it saves money but I’m into living, not pissin around with paperwork worrying about acquiring more crap.


Great show that still “holds up”. I don’t recall that episode and I get that I’d net a profit after all then dust settles but some things aren’t worth the hassle. Government interaction, courts, lawyers…all that stuff I’d rather avoid. Life is better this way.

I'm with you one the business of possessions, especially after having spent months getting rid of about 3/4 of the stuff I had accumulated over the years. I don't miss the stuff I gave away or sold off, and most of the things that I've kept are tied to life memories and events, so they have that significance to me.

But, having said that, should you inherit a house, you can hire someone to sell off the contents and you can sell or rent out the house and have some extra income. I don't know how old you are, but at some point, assuming that you live a long life, having assets to fund adventures or to cover healthcare costs in your senior years (think $300,000 to $500,000 now, or closer to $1,000,000 in another decade, out of pocket during one's final years) isn't a bad thing to have in your back pocket.

 

[macaroni]

. . . or it is something to keep the conversation interesting at the funeral. . .

That's a great thought, @telescopes -- Doc, you came up with a winner of an idea in my book. So, if cremated (burned, LOL!), the pipe can rest next to the usual photo on the stand, if indoors. Perhaps just stick the pipe in the dirt if it's a graveside or maybe throw the pipe in the water if the ashes are sprinkled on water ) LOL

Just thinking this through and wondering if you witty Bro's and Sisters might come up with something else or something more?
kindly
mike

 

[The Amish Tyrant]

Wow! Missed that ep.

Every time I bitch to myself about paying taxes, I kick myself and remind self that I have income that causes taxes.....Then I try to be grateful.

Taxes be damned, take the money (or give the money to me and I'll pay the taxes).

 

[jpmcwjr]

I don't think so.....

 

[felix Cappuccio]

My smoking pale is a fellow pipe smoker who I've know for twenty eight years he is a good friend and his name is frank Pesa we are both school bus drivers at Mineola transportation here's to you brother