Comment on Grandma is on her own

SonOfAntenora@lemmy.world ⁨6⁩ ⁨days⁩ ago

• Duamerthrax@lemmy.world ⁨6⁩ ⁨days⁩ ago

  Surprise surprise, you only inherit a bunch of debt because that generation loved by “you can’t take it with you”.

  source

  • deranger@sh.itjust.works ⁨6⁩ ⁨days⁩ ago

    As someone who’s dealing with the estate process right now, I don’t think anyone inherits debt.

    source

    • lightnsfw@reddthat.com ⁨5⁩ ⁨days⁩ ago

      but if theres enough debt the other assets go towards that rather than the inheritors.

      source

      • deranger@sh.itjust.works ⁨5⁩ ⁨days⁩ ago

        That’s literally what I just said. Debts are paid out of the estate.

        source

        • -> View More Comments
      • doingthestuff@lemy.lol ⁨4⁩ ⁨days⁩ ago

        Smart and rich people get around inheritance taxes by systematically giving wealth to their families over time while they are still living.

        source
    • Pacattack57@lemmy.world ⁨5⁩ ⁨days⁩ ago

      That is arguing semantics. When people inherit things it is their understanding that it is theirs. If my grandma left me the house but owed 1 million in unpaid debt, you effectively inherit the debt. Regardless of the fact that you could opt out of inheriting it.

      People often go into personal debt to retain inheritance.

      On a separate note inheritance/estate tax is robbery by the federal government.

      source

      • deranger@sh.itjust.works ⁨5⁩ ⁨days⁩ ago

        That is incorrect. If your grandmother left you the house, as in she put your name on the deed as transfer on death, it is not part of the estate and you would get it outright. It would not be affected by the debt. It is not part of the estate.

        source
      • Bgugi@lemmy.world ⁨5⁩ ⁨days⁩ ago

        All taxation is theft.

        Inheritance/estate tax is one of the more ethical ones, though.

        source
    • Duamerthrax@lemmy.world ⁨6⁩ ⁨days⁩ ago

      Not really, but there’s not much being left for the children of boomers to inherit.

      source

      • deranger@sh.itjust.works ⁨6⁩ ⁨days⁩ ago

        Coincidentally I hear the opposite, boomer kids stand to inherit quite a bit. Anecdotally this seems true; granted I am an only child.

        My father is likely to leave me with a few hundred thousand of his retirement account (he doesn’t know what to spend it on, his union pension is more than enough for his needs) and I’ll inherit both his house as well as my grandmothers house, which is now my uncle’s house. My mom’s house will be sold and split between my half brother and my cousin who my mother raised.

        source

        • -> View More Comments
      • Taleya@aussie.zone ⁨5⁩ ⁨days⁩ ago

        Child of a boomer here and honestly, the socioeconomic strata i grew up in? I never expected anything

        source
    • SonOfAntenora@lemmy.world ⁨6⁩ ⁨days⁩ ago

      It’s actually expensive, and the property is taxed as usual. If you don’t monetise the area you’re going to lose. It depends.

      source

      • deranger@sh.itjust.works ⁨6⁩ ⁨days⁩ ago

        What are you talking about?

        source
    • NikkiDimes@lemmy.world ⁨6⁩ ⁨days⁩ ago

      I was under the impression that was not the case. If the estate has no money to pay out, the collectors are gonna come knocking, no?

      source

      • deranger@sh.itjust.works ⁨6⁩ ⁨days⁩ ago

        I don’t believe so. I was explicitly told by my lawyer not to pay any estate debts with my own money.

        source
      • Raiderkev@lemmy.world ⁨6⁩ ⁨days⁩ ago

        They can come knocking all they want, but you are not legally required as an heir to pay that debt. Surely there are a few exceptions like mortgage payments (if u wanna keep the house), but personal debts like credit cards? Not your problem.

        source