Dec,31,2010... Death Tax

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
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:

thatoneguy

Joined Feb 19, 2009
6,359
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.
 

nerdegutta

Joined Dec 15, 2009
2,684
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.
Say what??!!

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

jpanhalt

Joined Jan 18, 2008
11,087
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
 

Markd77

Joined Sep 7, 2009
2,806
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.
 

jpanhalt

Joined Jan 18, 2008
11,087
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.
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
 

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
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.
 

jpanhalt

Joined Jan 18, 2008
11,087
@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
 

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
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.
 

jpanhalt

Joined Jan 18, 2008
11,087
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.
 

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
Thanks ,John..you can tell from a few post that our information
has informs a few members about death and taxes.
 

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
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.
 

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
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.
 

jpanhalt

Joined Jan 18, 2008
11,087
John.says it true....John is pretty much up to date on things
with good information. I believe him.
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
 

Thread Starter

loosewire

Joined Apr 25, 2008
1,686
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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