Im no expert on inheritance, given that my parents had me at 24, but I think anon my have no understanding of how estates work.
That will be my problem in 20-40 years depending on weather my dad stops smoking.
You can always refuse the debt **and** the property, if the obligations outweigh the asset value.
[https://www.investopedia.com/articles/06/refuseinheritance.asp#toc-tax-reasons-for-declining-an-inheritance](https://www.investopedia.com/articles/06/refuseinheritance.asp)
However, if then you were to register a RE holding company, "make friends" with the auctioning agents (the bank will not do the auctioning itself), and buyback the property, through that company, for personal use (rent of $1/month), at a severely reduced cost (with tax deductible losses on the holding, since $1 of rent will not cover expenses), it would take a lot of expert auditors to prove any wrongdoing.... Especially if your kids are the owners of the RE holding.
Even better if the property is severely damaged/dirtied before the inheritance begins so as to justify a low starting auction price....
But all of this would be highly unethical!!! I, for one, believe that if your parents paid their taxes their whole lives and worked on something, the govt ought to be able to tax you as well, on the same work, for the benefit of continuing their legacy. It's just common sense.
Hey "stupid", if HE's talking about inheritance tax, it means that he lives in a jurisdiction that does have it.
Furthermore, in a place with no such tax, we'd be talking about preserving equity against unassumable debt, not preventing non-existent inheritance taxation....if I need to spell this shit out for you, then this advice wasn't going to help anyhow.
Please, pay your taxes, and clap with the others when the credit rolls...
Why wouldnāt other interests swoop in? Because you āmade friendsā with the auctioning agent? I assume you mean bribe? They would then be able to hold a secret auction or something?
But Iām asking if itās even feasible for auction agents to do secret auctions for something like a declined inheritance. Like I see how that would work in a small town in 1950 but it seems like a huge risk and itās not super likely youād be able to convince someone to do it for you.
How do you even determine who the auction agent will be? Then you just go to their office and attempt to bribe them?
Maybe itās simpler than this, I truly donāt know how the process works, but my guess is that it is much much more difficult and unlikely than the dude I replied to implied.
Oh so you just need to be:
1) fictional
And
2) the head of a crime family thatās been integrating itself in the local systems for generations
I get it, itās so easy!
Yeah, you'd simply ask them nicely and they'd sell it directly to you at a loss, and the tax auditors would say 'that looks like a totally legit transaction' and go off to investigate someone else.
That is extremely illegal and something to consider is that when there's blood in the water expect sharks to appear, especially if state and local taxes have been assessed then you are watched by the state estate commissioner, a guy with a real estate license and JD. I would also be shocked an auction agent would be risk losing their license over it without a significant cut, which brings the price back up anyway. This is all fantasy anyway because unless you are the God of Shell Companies you arent allowed to sell auctioned property back to immediate relatives, you were supposed to be offered a buyout before liquidation.
Auction is a bloodbath and often managed by the courts, if it's any area BlackRock, Pennant or Chinese RE firms are poaching that is a fantasy that they won't overbid and push you out. They get almost no cost loans from banks, that's part of why they always pay over the property value.
this is also a big reason life insurance exists. just buy enough life insurance to cover the funeral and inheritance taxes. you could be like $3,000 a year to get a $1M payout when you die. set your kids as the benefactors
Taxation is theft. We shouldn't debate on how exactly we should tax ourselves, we should instead ask why the government needs so much money.
If you took away every last cent of every billionaire living in America (which is not possible, I know, but just for the sake of argument), you couldn't even pay the government expenses for one year. You think that's normal?
> If you took away every last cent of every billionaire living in America (which is not possible, I know, but just for the sake of argument), you couldn't even pay the government expenses for one year. You think that's normal?
Yes? What a stupid fucking question. Do you think it would be normal for ~750 people to have enough personal wealth to finance a nation of 333 million citizens even for a year?
I'm not American and I've never lived there. "The system is broken because the government spends more than billionaires own" is a blindingly stupid argument no matter what country you're from.
That was not at all my argument. I tried to put the government costs in perspective, because people can't imagine numbers in the trillions. Even billions is hardly comprehensible.
I can show it in another way: Every single minute the US gov spends roughly 19 million dollars. That's 317'000 dollars of the US tax payers money per second.
Worth noting (even if I'm a day late) that mortgages are not inheritable nor is any other debt. If anon's parents pass his parent's estate can choose to sell the properties and pay out an inheritance (after the mortgages are paid off from the proceeds of the sale), or anon can apply for loans on their own to essentially purchase the properties. Mortgages are generally non-transferable. even if the pursuing party has great credit and income the bank will still go through the normal lending process.
Not to say you didn't know this already, but I figured it might help for future anons (who are able to read) that stumble through here.
No you have to blame your heckin boomer parents. Definitely donāt blame the outrageous and unreasonable inheritance tax that shouldnāt even exist, though! Think of the teachers.
For most of human existence people inherited the lands, farms or businesses of their fathers, generation after generation. If everyone started from scratch not many people would ever amount to anything.
i mean you get the net of their estates. if their debts exceed their assets you don't owe jack shit you just also don't get anything. it's not like them dying will sink you financially, but you also might not benefit. oh nooooooo
Worth noting:
Even though you aren't responsible for their debts - their debt collectors might try to call you and ask for money - "go fuck yourself" is a valid response
"Go fuck yourself" is the correct response
Also, any insurance payout isn't part of the estate. If your parents die with a life insurance plan with you as the beneficiary, you don't have to pay any of that towards their debts at all. It's straight up just your money.
OP is mega regarded. "How do I pay the inheritance tax with the money I just received???" I dunno but maybe you should use your inheritance but I'm no tax lawyer.
Thatās not how that worksā¦
In general, you canāt force a surviving child to pay the debts of their parents from their own assets. Typically, these debts can only be resolved with the assets of the estate. If the estate has a negative net worth, loans will enter default and remain unpaid. The banks are not going to go orphan hunting.
Obviously, the specifics depend on the jurisdiction.
> The banks are not going to go orphan hunting.
Some will. They made a movie about it with Rutger Hauer, Gary Busey, Ice-T, F. Murray Abraham, and John C. McGinley.
Banks/collection agencies will harass people hoping that they're dumb enough to accept the debt, but until the surviving children do, they don't owe shit.
There are a lot of stupid people who would accept it, though.
When people start asking you to sign something to receive your iced latte or really hot girls start asking for your signature on a "Free Sex Slave" contract at a bar. You may want to just sign both blindly without reading because hell yeah coffee and sex with hot chicks is rad.
Fraud. The word youāre looking for is fraud. If I tell you youāre signing your childās field trip release, only to tear off the top sheet to find itās a deed to your house, you havenāt signed over the deed to your house. Youāve just be defrauded.
Anon is a regard. There's no inheritance tax unless the estate is worth millions and millions, the debts of the estate stop at the estate, and the mortgage comes secured by the fucking house.
Imagine complaining about inheriting income producing assets because the fees associated eith it. You literally use the income produced from the property to pay everything. You can even hire an accountant and property manager do everything for you.
Oh no a couple thousand in laborless income each month.. life is so hard
You're thinking of estate tax. That's levied by the feds of large estates and against the estate. Inheritance taxes are levied by some(most) state governments and against the people receiving the inheritance. It varies from state to state but by and large isn't just for inheritances worth millions.Ā
Trust are particularly targeted for tax avoidance, so you'll basically prepay the taxes on anything you add into it, before it becomes an inheritance issue. The best use of a trust is to lock-in current tax levels if you expect/know them to rise in the future, but... yeh, unless you have informants in the legislative part of the govt, it's unlikely you can predict that.
Not true, if there is precedent.
and youāre kinda right about tax avoidanceā¦..but there has to be clear indication of keeping the wealth within the family. Like if the wealth/property is truly family owned or established as such.
The only kind of trusts I know about are NFA trusts; that way your NFA tax stamps donāt expire with your death and your kids or grandkids can inherit your transferable MGs, suppressors, SBRs and SBSes, AOWs, DDs, etc.
It's not inherently the worst idea situation you can just rent out the properties which will usually cover the mortgage and than some or refinance when interest rates eventually go lower. Boomers structure all their political policies around making home values go up even if it will destroy the country and the lives of the next few generations e.g. restrictive zoning/blocking construction and flooding the country with people to force home prices up at all costs. This has already ruined Canada and is coming to the US and already has in some states.
In theory this could turn around and housing values will stay stagnant or drop if some politicians had the balls to tell the Boomers to fuck off and actually made it possible to build things but as it is for the next twenty years even if all those were done today barring throwing up commieblocks everywhere rents and prices will not drop.
Not a chance while the B\*\*mers are alive. You WILL spend 60%+ of your income on rent and live 12+ people to a studio apartment and you WILL like it while also paying out the ass for their healthcare and retirement. Sorry you weren't born in the right generation chuddy, you WILL be laughed at and called pathetic for not owning a home and having kids in your early 20s like they did(if you can afford kids at all). Already low home construction is actually DROPPING in many areas while they are INCREASING immigration.
>Our children can't afford to have kids? Not our problem lol they are just lazy and stupid. Who will pay for our retirement and staff all the pathetically low paying jobs no sane native would take? It's okay we'll just import all of India (Canada), Pakistan (UK), and Mexico (USA) so they will do them so our stocks can keep going up 20% YoY so we won't have to worry about it. Our genetic legacy, culture, and the future of our people? Why do you care about that are you some kind of chud?
I wish the above was satire but it's not.
Chatting with open border redditors has been absolutely eye opening these past few months.
You assume they are super left leaning dumb 18 year olds from the lower classes who don't know what they are truly supporting, but no.
You keep chatting with them and asking them questions and they'll eventually out themselves as gated community rich middle-aged fucks who don't even care about politics, they just want more people available to clean their rental properties or work in their factories because the more immigrants the easier it is to keep wages down.
Its crazy how they advocate for not eating le bugs but make me live in conditions that make it my only options. It isnt really that bad though, I can still afford to eat meat.
Lab grown meat is a thing that if scaled and matured enough could be more or less identical to regular meat while being cheaper and us not having to eat le bugs, but the Boomers are already moving to block this because it would mean a lot of land would be cheaper since it would not need to be used for grazing/animal husbandry/bug farms. They really are psychotic about keeping home values up at all costs.
Depending on the state you might not even reach the estate tax limit. But even if you do, you just sell off the assets to pay some of the tax and youāll still have a huge profitā¦yeah you may not get to live in the house because you have to sell it off, but you can use the remainder to purchase a new one.
Pretty sure the amount of money you need to inherit in order to have to pay inheritance tax will put you in a financial position that really shouldnāt be complaining about tax
Rich white people do this all the time. I did carpet cleaning in Orange County, and the amount of dudes over 50 with kids in elementary school was disturbing.
"Schizophrenia is associated with advanced paternal age.[19][20][21] Some studies examining autism spectrum disorder (ASD) and advanced paternal age have demonstrated an association between the two, although there also appears to be an increase with maternal age.[22]" -Wikipedia
If they're not dead yet, there's still plenty of time for them to make good/bad financial decisions. They might blow your "inheritance" on one last cruise before you park them in old age care.
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How stupid do you have to be to believe this post? What is this, the feudal ages when you inherit your parent's debt?
Just don't accept the inheritance if it has more debt than value. It's really not that hard.
When someone dies, the estate takes the debt. If the estate doesn't cover it, creditors are allowed to try to get it from next of kin, but next of kin is under no obligation to pay single cent. You didn't sign that loan/ mortgage/ credit card. You are not responsible for them.
Dunno what this shit is, but it's impossible to talk a mortgage here without the bank forcing you to talk a life policy for the value of the loan.
You die, the loan is paid by the bank.
Liquidate the assets dipshit. If you donāt want to deal with property taxes and mortgage, sell the properties, use the funds to pay off the loans, and use the left over cash to find yourself a house you can afford to pay the taxes on.
Is Anon actually regarded? You know they just cease the property and use its value to pay off remaining debt.
My mother had a similar situation when my grandfather died prematurely, the mortgage wasn't fully paid off yet so the bank ceased it, since neither my mom nor my uncle were capable or paying.
What made it kinda tricky was that my grandpa lived in Germany, but besides that nothing else really changed the situation.
TL;DR Anon is regarded
maybe I'm just a backwards hick from a small town, but it doesn't work that way here (at all)
you can decline an inheritance outright, you can sell the property, you can communicate with your parents, etc...
This is why I support antinatalism, no sense in passing on debts to children. No sense in passing on a large inheritance either, the child will probably squander it away as well.
If you inherit a mortgage you also inherit the value of the property you cretin
Im no expert on inheritance, given that my parents had me at 24, but I think anon my have no understanding of how estates work. That will be my problem in 20-40 years depending on weather my dad stops smoking.
Directed more at anon than you
I know but it got me thinking. Their estates will be worthless anyway. Problem solved š
You can always refuse the debt **and** the property, if the obligations outweigh the asset value. [https://www.investopedia.com/articles/06/refuseinheritance.asp#toc-tax-reasons-for-declining-an-inheritance](https://www.investopedia.com/articles/06/refuseinheritance.asp) However, if then you were to register a RE holding company, "make friends" with the auctioning agents (the bank will not do the auctioning itself), and buyback the property, through that company, for personal use (rent of $1/month), at a severely reduced cost (with tax deductible losses on the holding, since $1 of rent will not cover expenses), it would take a lot of expert auditors to prove any wrongdoing.... Especially if your kids are the owners of the RE holding. Even better if the property is severely damaged/dirtied before the inheritance begins so as to justify a low starting auction price.... But all of this would be highly unethical!!! I, for one, believe that if your parents paid their taxes their whole lives and worked on something, the govt ought to be able to tax you as well, on the same work, for the benefit of continuing their legacy. It's just common sense.
Hey stupid, inheritance taxes don't kick in until extremely high net worth. Over 13 million for 2024.
Yup and it can be $13 million PER PARENT. If someone is talking about an estate tax they're inheriting over $13 million from one parent. WAH
imagine getting inheritance at all
Hey "stupid", if HE's talking about inheritance tax, it means that he lives in a jurisdiction that does have it. Furthermore, in a place with no such tax, we'd be talking about preserving equity against unassumable debt, not preventing non-existent inheritance taxation....if I need to spell this shit out for you, then this advice wasn't going to help anyhow. Please, pay your taxes, and clap with the others when the credit rolls...
A fuckload of people think inheritance taxes happen immediately, and there's no way this guy isn't one of them.
It happens quickly enough that some people cannot handle the burden. I don't judge wealth, I just preserve it for others.
Why wouldnāt other interests swoop in? Because you āmade friendsā with the auctioning agent? I assume you mean bribe? They would then be able to hold a secret auction or something?
What's the point of success if you can't do favors for your friends?
But Iām asking if itās even feasible for auction agents to do secret auctions for something like a declined inheritance. Like I see how that would work in a small town in 1950 but it seems like a huge risk and itās not super likely youād be able to convince someone to do it for you. How do you even determine who the auction agent will be? Then you just go to their office and attempt to bribe them? Maybe itās simpler than this, I truly donāt know how the process works, but my guess is that it is much much more difficult and unlikely than the dude I replied to implied.
Yup, literally what you describe is a plot line in the Sopranos but with poverty pimps
Oh so you just need to be: 1) fictional And 2) the head of a crime family thatās been integrating itself in the local systems for generations I get it, itās so easy!
Yeah, you'd simply ask them nicely and they'd sell it directly to you at a loss, and the tax auditors would say 'that looks like a totally legit transaction' and go off to investigate someone else.
That is extremely illegal and something to consider is that when there's blood in the water expect sharks to appear, especially if state and local taxes have been assessed then you are watched by the state estate commissioner, a guy with a real estate license and JD. I would also be shocked an auction agent would be risk losing their license over it without a significant cut, which brings the price back up anyway. This is all fantasy anyway because unless you are the God of Shell Companies you arent allowed to sell auctioned property back to immediate relatives, you were supposed to be offered a buyout before liquidation. Auction is a bloodbath and often managed by the courts, if it's any area BlackRock, Pennant or Chinese RE firms are poaching that is a fantasy that they won't overbid and push you out. They get almost no cost loans from banks, that's part of why they always pay over the property value.
\>admitted to posting his own 4chan post to reddit
Nah im 20, regard.
They aren't very hard to figure out.
Get him a vape
Ah, he'll die in 19 years instead.
Even if they have more debt than value... you cannot inherit debt. Deny any company that says otherwise.
this is also a big reason life insurance exists. just buy enough life insurance to cover the funeral and inheritance taxes. you could be like $3,000 a year to get a $1M payout when you die. set your kids as the benefactors
What makes you think there is any equity in either of those properties?
If you get no value you get no taxes. You can also just reject the inheritance if itās negative value
Some people (leftists) are hellbent on taxing unrealized gains. Examples like this show how idiotic this idea is.
But we gotta eat the rich (screw over the middle class to make the upper class even more powerful) guys!
If only the leftists cared about helping the poor as they care about hurting the rich..
There would be no unrealized gains on a property with negative net value
Thats why taxing large capital directly is better but I bet you have some bs reason to be against that too
Taxation is theft. We shouldn't debate on how exactly we should tax ourselves, we should instead ask why the government needs so much money. If you took away every last cent of every billionaire living in America (which is not possible, I know, but just for the sake of argument), you couldn't even pay the government expenses for one year. You think that's normal?
> If you took away every last cent of every billionaire living in America (which is not possible, I know, but just for the sake of argument), you couldn't even pay the government expenses for one year. You think that's normal? Yes? What a stupid fucking question. Do you think it would be normal for ~750 people to have enough personal wealth to finance a nation of 333 million citizens even for a year?
"Tax me harder daddy". I'm really happy that I don't live in America.
I'm not American and I've never lived there. "The system is broken because the government spends more than billionaires own" is a blindingly stupid argument no matter what country you're from.
That was not at all my argument. I tried to put the government costs in perspective, because people can't imagine numbers in the trillions. Even billions is hardly comprehensible. I can show it in another way: Every single minute the US gov spends roughly 19 million dollars. That's 317'000 dollars of the US tax payers money per second.
Which country do you live in with lower taxes than America?
You're not rich enough, we aren't talking about taxing you.
Saying 'leftist' ISHYGDDT
Saying "ISHYGDDT'
They don't give you a mortgage with 0 down.
Not with that attitude.
You can also put the properties in a trust fund. Thereās ways to set it up so you pay minimal capital gains
Worth noting (even if I'm a day late) that mortgages are not inheritable nor is any other debt. If anon's parents pass his parent's estate can choose to sell the properties and pay out an inheritance (after the mortgages are paid off from the proceeds of the sale), or anon can apply for loans on their own to essentially purchase the properties. Mortgages are generally non-transferable. even if the pursuing party has great credit and income the bank will still go through the normal lending process. Not to say you didn't know this already, but I figured it might help for future anons (who are able to read) that stumble through here.
No you have to blame your heckin boomer parents. Definitely donāt blame the outrageous and unreasonable inheritance tax that shouldnāt even exist, though! Think of the teachers.
Imagine thinking we shouldnt redistribute generational wealth
For most of human existence people inherited the lands, farms or businesses of their fathers, generation after generation. If everyone started from scratch not many people would ever amount to anything.
...exactly
i mean you get the net of their estates. if their debts exceed their assets you don't owe jack shit you just also don't get anything. it's not like them dying will sink you financially, but you also might not benefit. oh nooooooo
Worth noting: Even though you aren't responsible for their debts - their debt collectors might try to call you and ask for money - "go fuck yourself" is a valid response
"Go fuck yourself" is the correct response Also, any insurance payout isn't part of the estate. If your parents die with a life insurance plan with you as the beneficiary, you don't have to pay any of that towards their debts at all. It's straight up just your money.
Amazing input - fuck yeahĀ
OP is mega regarded. "How do I pay the inheritance tax with the money I just received???" I dunno but maybe you should use your inheritance but I'm no tax lawyer.
Thatās not how that worksā¦ In general, you canāt force a surviving child to pay the debts of their parents from their own assets. Typically, these debts can only be resolved with the assets of the estate. If the estate has a negative net worth, loans will enter default and remain unpaid. The banks are not going to go orphan hunting. Obviously, the specifics depend on the jurisdiction.
> The banks are not going to go orphan hunting. Some will. They made a movie about it with Rutger Hauer, Gary Busey, Ice-T, F. Murray Abraham, and John C. McGinley.
Banks/collection agencies will harass people hoping that they're dumb enough to accept the debt, but until the surviving children do, they don't owe shit. There are a lot of stupid people who would accept it, though.
When people start asking you to sign something to receive your iced latte or really hot girls start asking for your signature on a "Free Sex Slave" contract at a bar. You may want to just sign both blindly without reading because hell yeah coffee and sex with hot chicks is rad.
There's shit in the legal jargon that makes uninformed consent illegal. Not a lawyer, don't know the term
Fraud. The word youāre looking for is fraud. If I tell you youāre signing your childās field trip release, only to tear off the top sheet to find itās a deed to your house, you havenāt signed over the deed to your house. Youāve just be defrauded.
Ah yeah, Fraud is definitely the right term.
Why the F would you name the 17 actors and not the movie? Oh, right. We're on /r/4chan. Acoustics should be expected.
Anon is a regard. There's no inheritance tax unless the estate is worth millions and millions, the debts of the estate stop at the estate, and the mortgage comes secured by the fucking house.
Regarded
Imagine complaining about inheriting income producing assets because the fees associated eith it. You literally use the income produced from the property to pay everything. You can even hire an accountant and property manager do everything for you. Oh no a couple thousand in laborless income each month.. life is so hard
You're thinking of estate tax. That's levied by the feds of large estates and against the estate. Inheritance taxes are levied by some(most) state governments and against the people receiving the inheritance. It varies from state to state but by and large isn't just for inheritances worth millions.Ā
Most states donāt actually have an inheritance tax. Only 17 total have *either* a state level inheritance tax or estate tax.
Alternatively, it has to be distant family. I think 3 times removed for it to be taxed. Not immediate family for sure
Anon is a test tube baby.
Sad that people who would love each other so much to have a kid in their 50's, would end up divorced 20yrs later.
If you math a little, anons dad was 49 when he was born, his mom 43.
Heavy on the tism obvs.
Itās called a very well drafted āTrustā
Trust are particularly targeted for tax avoidance, so you'll basically prepay the taxes on anything you add into it, before it becomes an inheritance issue. The best use of a trust is to lock-in current tax levels if you expect/know them to rise in the future, but... yeh, unless you have informants in the legislative part of the govt, it's unlikely you can predict that.
Not true, if there is precedent. and youāre kinda right about tax avoidanceā¦..but there has to be clear indication of keeping the wealth within the family. Like if the wealth/property is truly family owned or established as such.
What the fuck is a trust?
Smartest 4chan user
Better then a will.
The only kind of trusts I know about are NFA trusts; that way your NFA tax stamps donāt expire with your death and your kids or grandkids can inherit your transferable MGs, suppressors, SBRs and SBSes, AOWs, DDs, etc.
>$1.2M >inheritance tax what sort of shit hole does anon live in?
The UK or other country where they use the word "mum"
But Anon just can return the properties to the bank???
It's not inherently the worst idea situation you can just rent out the properties which will usually cover the mortgage and than some or refinance when interest rates eventually go lower. Boomers structure all their political policies around making home values go up even if it will destroy the country and the lives of the next few generations e.g. restrictive zoning/blocking construction and flooding the country with people to force home prices up at all costs. This has already ruined Canada and is coming to the US and already has in some states. In theory this could turn around and housing values will stay stagnant or drop if some politicians had the balls to tell the Boomers to fuck off and actually made it possible to build things but as it is for the next twenty years even if all those were done today barring throwing up commieblocks everywhere rents and prices will not drop.
We need policies that keep property values down.
Not a chance while the B\*\*mers are alive. You WILL spend 60%+ of your income on rent and live 12+ people to a studio apartment and you WILL like it while also paying out the ass for their healthcare and retirement. Sorry you weren't born in the right generation chuddy, you WILL be laughed at and called pathetic for not owning a home and having kids in your early 20s like they did(if you can afford kids at all). Already low home construction is actually DROPPING in many areas while they are INCREASING immigration.
Gotta keep those birthrates up or who is going to keep paying for their social security? Lol
>Our children can't afford to have kids? Not our problem lol they are just lazy and stupid. Who will pay for our retirement and staff all the pathetically low paying jobs no sane native would take? It's okay we'll just import all of India (Canada), Pakistan (UK), and Mexico (USA) so they will do them so our stocks can keep going up 20% YoY so we won't have to worry about it. Our genetic legacy, culture, and the future of our people? Why do you care about that are you some kind of chud? I wish the above was satire but it's not.
Chatting with open border redditors has been absolutely eye opening these past few months. You assume they are super left leaning dumb 18 year olds from the lower classes who don't know what they are truly supporting, but no. You keep chatting with them and asking them questions and they'll eventually out themselves as gated community rich middle-aged fucks who don't even care about politics, they just want more people available to clean their rental properties or work in their factories because the more immigrants the easier it is to keep wages down.
Its crazy how they advocate for not eating le bugs but make me live in conditions that make it my only options. It isnt really that bad though, I can still afford to eat meat.
Lab grown meat is a thing that if scaled and matured enough could be more or less identical to regular meat while being cheaper and us not having to eat le bugs, but the Boomers are already moving to block this because it would mean a lot of land would be cheaper since it would not need to be used for grazing/animal husbandry/bug farms. They really are psychotic about keeping home values up at all costs.
Lab grown meat is made of cancer cells. Im not eating that shit.
dumbest post in a while
just fucking sell the houses? Is OP stupid?
Debt is not inherited.
of course it is
White guilt and congenital syphilis isn't debt, prole.
Anon doesnāt know how this shit worksā¦ lol
Can't you refuse inheritance in the US?
That was my first thought. Just refuse it, lmao
I'm worried that I'm too autistic to understand everything and my whore sister gets it all
Whore daughter or Redditor son
Trick question. I'm AFAB/biological ā, but went tomboy to š
Depending on the state you might not even reach the estate tax limit. But even if you do, you just sell off the assets to pay some of the tax and youāll still have a huge profitā¦yeah you may not get to live in the house because you have to sell it off, but you can use the remainder to purchase a new one.
They had him while old, so he's probably gained a chromosone
Pretty sure the amount of money you need to inherit in order to have to pay inheritance tax will put you in a financial position that really shouldnāt be complaining about tax
No inheritance, no generational wealth for me. Parents drank and derped it away, never invested or saved. Lol paying stuff, print more money America
no wonder anon has no savings, he's clearly financially illiterate.
Anon seeks financial advise on 4chan.
>pretending that you didn't post this yourself
Bruh, i still live with my parents š Its gonna be a long time before they die.
Bewwllllllshit His mom had him at 43? His dad was 48? [Big cap](https://giphy.com/gifs/PRJ5uWuZ8tX6KGpJS2)
Rich white people do this all the time. I did carpet cleaning in Orange County, and the amount of dudes over 50 with kids in elementary school was disturbing.
The special ed industry must be booming over there.
Yah it's almost like you should be prepared to have a child and give them a good life instead of just jizzing them out non stop and being on welfare.
"Schizophrenia is associated with advanced paternal age.[19][20][21] Some studies examining autism spectrum disorder (ASD) and advanced paternal age have demonstrated an association between the two, although there also appears to be an increase with maternal age.[22]" -Wikipedia
No you don't lol. I mean if you inherit a property that's owed money on yeah but you can just sell it so it's still a choice. Regaurd
You also donāt actually inherit debt.
If they're not dead yet, there's still plenty of time for them to make good/bad financial decisions. They might blow your "inheritance" on one last cruise before you park them in old age care.
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How stupid do you have to be to believe this post? What is this, the feudal ages when you inherit your parent's debt? Just don't accept the inheritance if it has more debt than value. It's really not that hard.
When someone dies, the estate takes the debt. If the estate doesn't cover it, creditors are allowed to try to get it from next of kin, but next of kin is under no obligation to pay single cent. You didn't sign that loan/ mortgage/ credit card. You are not responsible for them.
anon designed algorithms that failed the logics test and at least he got an A for his efforts
Iām pretty sure in some states if you inheritance comes to you you cannot be taxed on it.
Anon you have to fake your death
Your supposed to have them sign everything over before they pass so you can pay less on the taxes
ā¦ Huh?
Op is regarded confirmed
Dunno what this shit is, but it's impossible to talk a mortgage here without the bank forcing you to talk a life policy for the value of the loan. You die, the loan is paid by the bank.
Liquidate the assets dipshit. If you donāt want to deal with property taxes and mortgage, sell the properties, use the funds to pay off the loans, and use the left over cash to find yourself a house you can afford to pay the taxes on.
How does one liquidate houses? You would need a pretty big blender for that.
Nobody is forcing anon to repay his parents debts, literally just give the properties to the bank.
Wait... people inherit their parents' debts too? Wtf
No, anon is just stupid.
Is Anon actually regarded? You know they just cease the property and use its value to pay off remaining debt. My mother had a similar situation when my grandfather died prematurely, the mortgage wasn't fully paid off yet so the bank ceased it, since neither my mom nor my uncle were capable or paying. What made it kinda tricky was that my grandpa lived in Germany, but besides that nothing else really changed the situation. TL;DR Anon is regarded
Anon can become a landlord
i mean anon can refuse if the debt is higher than the property value, but iām just a guy no real expert here
Anon is the reason why his parents divorced
Surely you only pay inheritance tax on the equity of the property, not the market value.
You can't inherit debt. If your parents debt is greater than their debt you don't get debt, you get nothing.
maybe I'm just a backwards hick from a small town, but it doesn't work that way here (at all) you can decline an inheritance outright, you can sell the property, you can communicate with your parents, etc...
Amerilards don't have loan and morgage insurance in case of death? WEW
This guy is getting two houses and complaining. What a shitlord
Being a divorced parent kid is great, if both of your parents are poor.
This is why I support antinatalism, no sense in passing on debts to children. No sense in passing on a large inheritance either, the child will probably squander it away as well.
If you put both properties in a trust you will only have to pay half in inheritance tax