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  1. #1
    Join Date
    Jan 2004
    Location
    Boise, ID
    Posts
    2,449

    Estate Distributions = NIGHTMARE (Yes, this is a rant).....

    Why is it that the US Government not only has to have there fingers in everything, but has to take all the sweet time in the world?

    It's bad enough when they drag things out long enough that one of the heirs passes away, but when it continues to drag out to the point of other heirs possibly passing away it is getting kind of stupid.

    Yes, I'm ranting. We are waiting on estate taxes that have taken well over a year now even though the "supposed" average time is 3 to 6 months. They should have been back before my mom passed away, but instead my sister and I are now having to deal with it.

    It's holding up the entire estate, including land sales, personal property distribution, and more.

    It also doesn't help that the government has made estate work so complicated that your average Business Man can't simply take it over and do the work.

    A person in charge of a Large Travel Trailer Manufacturing company was putin charge of my mom's estate, but they have the thing so complicated he is having a hard time with it.

    Overall, I think the whole estate system in the US needs a full revamp.

  2. #2
    Join Date
    Jul 2005
    Posts
    138
    FWIW, every estate I've watched has taken 12-18 months to clear probate.

    My objection is not so much the process, but rather, the idea that the government is "correct" in taxing the estate. I wish the Democrats would accept its removal from the tax code, in exchange for which the Republicans offer significant minimum wage increases.

  3. #3
    Join Date
    Jan 2004
    Location
    Boise, ID
    Posts
    2,449
    Quote Originally Posted by garp74
    FWIW, every estate I've watched has taken 12-18 months to clear probate.

    My objection is not so much the process, but rather, the idea that the government is "correct" in taxing the estate. I wish the Democrats would accept its removal from the tax code, in exchange for which the Republicans offer significant minimum wage increases.
    Well, my Grandmother's estate is Borderline on the tax curve for the year she passed away, 2004.

    My mother's estate won't be taxed, but still requires hundereds of government loops to get the process moving.

    It's more complicated though because it includes land and a house.

    I'm not as worried about Estate Taxes being removed as I am about the tax bracket dropping in 2010 (I think that is the year) back to $100,000.

  4. #4
    Join Date
    Apr 2004
    Posts
    1,834
    You need the advice of a financial planner, who is not "A person in charge of a Large Travel Trailer Manufacturing company".

    It is very common for estates have their assets placed into an LLC or an LP, or even a corporation, then the assets escape inheritance taxes and are readially accessable by the "members" as set forth by the "board" or "directors".

    The probate route is time consuming and you will get your rear end taxed off at the end of the day.
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  5. #5
    Join Date
    Jan 2004
    Location
    Boise, ID
    Posts
    2,449
    Quote Originally Posted by PSFServers
    You need the advice of a financial planner, who is not "A person in charge of a Large Travel Trailer Manufacturing company".

    It is very common for estates have their assets placed into an LLC or an LP, or even a corporation, then the assets escape inheritance taxes and are readially accessable by the "members" as set forth by the "board" or "directors".

    The probate route is time consuming and you will get your rear end taxed off at the end of the day.
    Oh, we finally have him willing to leave. We are just working on the second one listed in the will then it will be turned over to a local company that specializations in handling estates.

    And there won't be any inheritance taxes on my mom's estate (it's not over 3 mill or so that the taxes are at now). But it is also a mess of trusts and other things that will be interesting to see how they are handled.

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