Savings accounts are way up.

[Piotrsko]

Originally Posted by wdb

When the person dies half of the value of that account will belong to the estate and half to the cosigned individual, for tax purposes. Said individual will owe state inheritance tax (check your state) on the half assigned to them.

There are legal requirements regarding notification of death. It's cute to not want to tell anyone, but probably illegal.

Im in nevada. Its a corporation with very low or nonexistent PIT. There are no new taxes generated because there is only a regime shuffle using existing participants. Not sure how to publish a death notice in a town that has a kinda online newspaper, but it wont be an issue for me.

Now a CALI person has different issues. Ditto for other states. Wiol post about my Oregon experiences if I aquire them.

[JSH]

Originally Posted by wdb

When the person dies half of the value of that account will belong to the estate and half to the cosigned individual, for tax purposes. Said individual will owe state inheritance tax (check your state) on the half assigned to them. We did this with my mother. When she passed the entire account balance was still available to me.

Only 6 states have inheritance tax: Iowa, Kentucky, Maryland, Nebraska. New Jersey. Pennsylvania.

Originally Posted by wdb

They should have been able to bill the estate for legitimate expenses.

The estate attorney said my father could not pay anything out of my aunt's accounts. Yes, the cost was reimbursed when the estate settled but until then my parents were out of pocket. Had the estate dragged out or the out of pocket been a large sum I'm sure my father might have looked into alternatives. However, it makes sense to me to be proactive and make sure the executor has access to the money they need up front. Planning for how your executor will pay to settle the estate should be part of basic estate planning.

Originally Posted by wdb

There are legal requirements regarding notification of death. It's cute to not want to tell anyone, but probably illegal.

There is no legal requirement to publish an obituary or public death notice. Yes, you have to notify Social Security, Medicare, pensions, insurance, and other people / institutions that the deceased has business with but you don't have to tell random strangers that someone died.

[Piotrsko]

Originally Posted by JSH

Only 6 states have inheritance tax: Iowa, Kentucky, Maryland, Nebraska. New Jersey. Pennsylvania.




The estate attorney said my father could not pay anything out of my aunt's accounts. Yes, the cost was reimbursed when the estate settled but until then my parents were out of pocket. Had the estate dragged out or the out of pocket been a large sum I'm sure my father might have looked into alternatives. However, it makes sense to me to be proactive and make sure the executor has access to the money they need up front. Planning for how your executor will pay to settle the estate should be part of basic estate planning.

And THAT is why I am a limited legal corporation in NEVADA. The process named a sequence of sucession from the board of trustees, all that needs to be done is getting physical access to the current checkbook/credit card/ passwords to use those resources online. State of Nevada concurs here as does the county public administrator.

Closing or modifiyng account terms occurs after a death certificate is presented giving authority to the sucessor. The only issue would be a legal challenge to the corporate structure, but by then the corporation would be dissolved or penniless.

Like I said: neighbor had the same LLC, the estate finance process was seamless. Getting rid of 50 years of accumulation, not so much

[redpoint5]

I'm always trying to help my folks get rid of what accumulates when you see potential value in everything AND have unlimited space to store it AND age slows down how much can be accomplished in a day.

My dad just spent a day patching the roof of the 130 year old abandoned house with new shingles, and it disabled him for 2 days afterwards. The reason to patch the roof; to keep the crap he doesn't need inside, dry.

I told him he needs to be filling the garbage can to capacity every garbage day for the next year.

I just need to carve out 1 day per month to get them moving in the right direction. There's probably sentimental reasons that tearing down the old house isn't a priority, because that's where the best years were spent; first 18 of mine.

[freebeard]

I keep dropping hints to my son to do the same thing, but he's really busy making money right now.

[JSH]

Originally Posted by redpoint5

I'm always trying to help my folks get rid of what accumulates when you see potential value in everything AND have unlimited space to store it AND age slows down how much can be accomplished in a day.

My dad just spent a day patching the roof of the 130 year old abandoned house with new shingles, and it disabled him for 2 days afterwards. The reason to patch the roof; to keep the crap he doesn't need inside, dry.

I told him he needs to be filling the garbage can to capacity every garbage day for the next year.

I just need to carve out 1 day per month to get them moving in the right direction. There's probably sentimental reasons that tearing down the old house isn't a priority, because that's where the best years were spent; first 18 of mine.

I've lucked out. When my grandmother died and nobody wanted any of her stuff something clicked in my parent's heads. Shortly after her death they asked my brother and I if there was anything in their house we wanted and we both said no. My shortly after my mom started sorting and taking stuff to Goodwill. Their basement has 10% of the crap it used to

Now my in-laws ..... that is a different story.

[redpoint5]

Even worse is my last surviving grandparent is now in a care home. Her house (connected to my parent's property) needs to be gone through in addition to my parents house(s), barns, sheds, 5th wheel...

It's a 2 bed, 2 bath house from the 70s in bad shape, needing to be completely gutted, probably including flooring underlayment and drywall. It could be rented out, but not before major restoration.

Instead of working on those sorts of projects, my dad plants corn to feed 200 families. We eat a couple ears and plow 95% of it back into the dirt. This despite the fact you can buy corn 50 cents an ear.

[Xist]

Mom often pays more than a buck an ear.

I will be discussing the rest of this with her.

[Piotrsko]

Good luck on THAT discussion. Depression era survivors won't willingly part with stuff thay has even a small chance of being useful. I have 2 rooms full of grandma's "expensive" furniture that is mostly worthless, but I do dig the really ancient stuff from the 1800's even if it has no value. Got a chest that has a label saying it was delivered a month before the sanfran 1906 earthquake from sanfran, and a canvas steamer trunk that was labeled in Chicago exactly 100 years before on the day my daughter was born in '86.

[redpoint5]

My parents are Boomers, so they were raised around relative abundance. None of their junk has any value. Most valuable thing is probably a VHS collection of Disney movies. Could probably get $20 for the 20 tapes, most of which have no value, but a few apparently do if they have a certain type of marking on the box.

The kind of junk accumulating are old hot water heaters, old washers/dryers, various lawn mowers, various tractors, sections of metal fencing...