Current Events > Inheritance is pretty macabre and weird to think about sometimes.

(+) Yeah! (+)

I know it's pretty common, the idea of things being passed down to the rest of the family when someone dies, but it's weird thinking about. Especially as I get older. Not due to me thinking about possible inheritance or anything like that, but more about my age group in general. Our parents are getting old or sadly already gone. Kinda weird that there are some 30-40 year olds who will have to think about stuff like that soon. However little or big the value ends up being.

Also kinda weird that inheritance would end up happening when the people are more likely to already be established as adults (my age group), rather than the wealth being more front loaded and available when they're a young adult.

I don't know, it's weird at times

Not really. It's to make sure a loved one has something they need (money, house, practical items) or something special for them to remember the deceased, especially if connected with happy memories.

I don't think it's bad or anything (I do think it should be taxed) and I understand the positive emotional aspect of it.

It's not a pleasant thing to thing about, but once it's done it's and your loved ones and assets being taken care of after your passing are just a few less things to worry about come the inevitable.

So if you want it taxed be prepared to only get 30% of what someone wanted you to have

bnui_ransder posted...

So if you want it taxed be prepared to only get 30% of what someone wanted you to have

Not sure where you get 30% from, but yes, I'm generally for money to be taxed when it is transferred between people.

It's a little morbid for sure to think about -- receiving a giant sum of money and a house contingent on a loved one's death.

Inheritance drives wedges in families like no other.

Bump

I don't see why it should be taxed if it is the result of death

greenjeans posted...

I don't see why it should be taxed if it is the result of death

I guess I just think large transfer of money from one person to another should generally be taxed, regardless of if it's due to death.
Gifts above a certain amount are also taxed (gift tax and inheritance tax are closely tied together if I'm not mistaken)

Well doing some research it seems Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania have this tax and it depends on the amount received + how closely related you are to the person that passed away

bnui_ransder posted...

So if you want it taxed be prepared to only get 30% of what someone wanted you to have

In the United States for 2023, federally, the first $12.92 million is not taxed.

I should not that I'm mixing up inheritance and estate tax a bit.

The federal estate tax is the one that has the first 12.9 million exempt (I think this limit should be dramatically lowered).

At a state level, inheritance taxes seem to then differ state to state at times.

my dad has recently been dealing with inheritance related/adjacent stuff for his parents and he has 9 other siblings and the whole thing is very complicated sounding. I don't know too much from the outside looking in but it seems quite stressful