Dec,31,2010... Death Tax

Discussion in 'Off-Topic' started by loosewire, Dec 7, 2010.

  1. loosewire

    Thread Starter AAC Fanatic!

    Apr 25, 2008
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    Guys do the death taxes go up Dec,31,2010 with the other taxes for everyone.
    I have a deeper reason for this thread,we will see how many guys talk taxes.
    We have a lot U.K.'s that can join on deeper part of the
    thread,death is universal. I want to know what hospice means in U.K.
    and other places. First the death tax question.
     
    Last edited: Dec 7, 2010
  2. thatoneguy

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    Feb 19, 2009
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    Yes.

    Anybody that dies after Jan 1, half of their estate (house value, vehicle value, etc) needs to be paid to the .government.

    This applies to people worth $5,000 as well as those worth $5 million.
     
  3. nerdegutta

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    Dec 15, 2009
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    Say what??!!

    It's not April foolsday, guys. Is this true?
     
  4. jpanhalt

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    There was a gap in death/inheritance taxes that applied to 2010. Basically, our Congress couldn't read a calendar, so it let one set of taxes expire one year before another took place. That lapse has been known about for several years.

    I planned ahead. What about you?

    John
     
  5. Markd77

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    Sep 7, 2009
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    So if you were married and owned a house together, the partner left behind would have to pay 1/4 the value of the house? That's pretty harsh.
    I suppose that's what life insurance is for.
     
  6. jpanhalt

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    Nah, in typical American fashion, there are all sort of exceptions and exclusions. Attorneys write the laws to keep attorneys in business. It's a bit incestuous, but then, that's the way attorneys have fun.

    John
     
  7. loosewire

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    That answers the death tax question,now how much do you know about hospice.
    When I first heard of hospice,I did not know much about It. It seems to have
    changed,there a lady In the news that has cancer and treated at home for a
    couple years,lets watch the news and see if she passes away before the New
    Year.There a reason for this thread,I have noticed several people with estates
    to get a six week hospice. A trustee,lawyer,doctor,home care nurse and a
    morphine drip,would you think of this as hospice once a person signed to appoint
    a trustee. I have heard of people getting word they have tumor and gone in six
    weeks after placing trust in someone.Is this going to be the new care we have
    heard of. It seems like the more your estate is worth the quicker of your death.
    So it make me think,what is hospice..how should it be carried out. Would you like
    to live with tumor for a while,if you can't trust a trustee or family member.
    So for your money should you be able to live with your condition for awhile or
    speed things up to get your money and estate.
     
  8. jpanhalt

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    @Loosewire, Your question raises deep moral issues. My family, I hope, knows exactly how I feel. Some people don't feel the same way and want hospice care. I do not behold them that. To me, living in a hospice would be worse than any death imaginable.

    John
     
  9. loosewire

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    Most hospice is at home,sometimes with home nursing, my point was
    about the speed of things just for the money..not fear of death.
     
  10. jpanhalt

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    Hospice in its simplest sense is an expensive way to relieve some of the pain and prolong the act of dying. Why not allow euthanasia at the person's request?*

    John

    *Person's request means their clear intentions, whether made on the day of death or any reasonable period before that. I think a "reasonable period" can be many years, depending on the circumstances.
     
  11. loosewire

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    Thanks ,John..you can tell from a few post that our information
    has informs a few members about death and taxes.
     
  12. loosewire

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    I must have ESP,the lady that I was talking about
    being sick on post #1 of this thread,the T.V.news
    announced that she die today after my post. I won't
    name her,but it all over T.V. you can figure it out.
    So her death was before Dec,31,2010,read the thread
    on this about death and taxes. @ John, can you help
    explain this.
     
  13. jpanhalt

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  14. maxpower097

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    ..................................................
     
    Last edited: Jan 16, 2011
  15. loosewire

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    John,I knew you would put the statement I made and name
    together.My point was talking about people leaving us before
    Dec,31,2010.It just happen the way my post was stateing, I
    saw the story about her facebook anouncement,It made me think
    of alot of people is leaving us before Dec.31,2010. I have heard
    of a lot people passing with morphine drip with a lawyer,doctor
    assisting with a speedy death. You said your family know your
    wishes,I doubt you would want to go just to please a lawyers
    greed with the help of a doctor ,that the over all message here.
    I read that a D.J. was going to have heart bypass operation,the
    next day..the operation had been stopped. He was going to hospice
    that was yeserday.Lets see if he is dead by Dec,31,2010,if so I will
    post it.You don't hear so much about poor people,the estate seems
    to be the common factor. I know another man that just had an
    operation,I hope he with us after New Years. What a list,It should
    be Santa with list of dreams.
     
  16. loosewire

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    John.says it true....John is pretty much up to date on things
    with good information. I believe him.
     
  17. retched

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    This is true. No joke. No april fools.
     
  18. jpanhalt

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    That is not quite what I said. I confirmed the 2010 lapse in Federal estate tax/death tax. Before that and from 2011 on, it is complicated. Anyone who has had to deal with paying taxes for a deceased parent knows that. Here are links to a couple of simplified descriptions:

    http://wills.about.com/od/understandingestatetaxes/a/estatetaxchart.htm

    http://beginnersinvest.about.com/od/estatetax/f/estatetaxrate.htm

    In brief, yes, estate taxes will go up. Most will go up a lot.

    John
     
  19. nerdegutta

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    Dec 15, 2009
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    Those darn taxes.:(
     
  20. loosewire

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    Apr 25, 2008
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    I just added A.Franklin to my list of Dec,it was announce today
    that she has serious heath problems. Just curious oh how this new
    health thing is going to play out. Will there be death panels?
     
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