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dogwoodcat t1_iu5py3m wrote

I wonder if he had dementia at the end, there have been a few cases where people lived frugally because they had no understanding of, or simply forgot that they had money.

13

Use_this_1 t1_iu5q3ti wrote

He must have grown up in one fucked up home, he had 6 siblings and NONE of them had children. After the taxes are taken out the 119 distant relatives will still get a nice little sum of money that they weren't expecting.

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tauntonlake t1_iu5qy8f wrote

Damn. That money could have helped some needy charities, at the very least, if you didn't want to specifically leave it to family...

I wonder what his story was.

−20

peon2 t1_iu601tw wrote

Replying to [deleted] (#293,641)

Man I'd cry tears of joy if I got a $60,000 check in the mail.

Well actually I'd probably assume it's a scam and throw it out, but ya know.

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peon2 t1_iu6063v wrote

Do they have to stay a night in a haunted mansion? It's a pretty standard clause.

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JackMitcham t1_iu607oa wrote

Replying to RoboticKittenMeow (#295,267)

I mean, the government has more of a claim to this money than random people who had never heard of him that happened to share ancestors.

I mean if we go back far enough, we're all related to him. We all share a common ancestor.

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BandwagonFanAccount t1_iu61evi wrote

Government getting anything from estates is one of the biggest piles of bullshit in a country heaped full of it.

−26

taez555 t1_iu61qs7 wrote

Replying to peon2 (#295,680)

"Hey my main man, you get big money, some of 60.000,00$$!!! You just wire us 3.000 thousand us america dollar to pay taxes and we send you big money some."

/s

But seriously, don't do that.

4

ChairmanLaParka t1_iu62tbe wrote

Replying to peon2 (#295,680)

Never hurts to check on the validity of money sent to you.

Back in the pre-internet days, I had a check for $250,000 sent to me. I almost threw it away. But decided to take it to a local lawyer to verify authenticity. He did some research, found it to be legit, and told me it was safe to deposit.

Turns out a company I worked briefly for (I mean, literally maybe 6 weeks), went out of business and was paying out their remaining cash to recent employees as long as they'd been employed within the last year. I didn't recognize the sender on the envelope because it was the corporation's name, not that businesses'. What makes it even better is that I wasn't fired. I'd quit. Because I asked for time off when I was hired for 6 weeks out for a concert I wanted to go to (Metallica), and they initially approved it, but denied it when the day came. I came in to work, told them I was leaving at 6 so they needed to get someone there. No one came. So I locked it up, took the key to the shop next door (friend of the owner), and quit on the spot.

Best quarter mil I've ever earned in one day. Also the only. But the best!

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BandwagonFanAccount t1_iu637wd wrote

Replying to Commotion (#296,173)

The owner (that died) paid taxes on all that shit to begin with, Gvt needs to have the decency to let what that man earned get passed down instead of taking another fat slice and being a bunch of self interested greedy fucks. Little doubt they will just squander it away on some dumb shit gvt bailouts or something anyways.

−12

Commotion t1_iu63mh5 wrote

Replying to BandwagonFanAccount (#296,273)

Nah, inherited generational wealth shouldn’t be immune from taxes. Just like unearned investment income shouldn’t be taxed at lower rates than earned income.

It sounds like you just hate the government.

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BandwagonFanAccount t1_iu64hy4 wrote

Replying to Commotion (#296,346)

It sounds to me, like I think paying taxes on the money you earn and the things you buy, then also continuing to pay for the continued ownership of those things is plenty. You shouldn't have to pay taxes on shit you left behind and have already spent your entire life paying taxes on.

Investment income is completely different from what I was arguing and should be taxed the same because it is still income, I'm not sure where that even entered your mind.

−6

Ionopsis t1_iu6863m wrote

Being adopted I am always scared that I'm going to be hunted down and forced to pay for my parents debts even though they live in Korea and I'm in the US.

9

the_eluder t1_iu69ts6 wrote

Replying to neverdoneneverready (#297,139)

It's over 12 million, so I don't know what taxes are being referred to in this article. I think the biggest expense the heirs have to worry about is how much the law firm in charge of distribution is going to milk them for.

5

Scrubatl t1_iu69uyq wrote

My name is errich Bachman . I can show you ID. That’s my face. I was a fat, but now, I’m a not fat.

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Boozeled t1_iu6gma4 wrote

Replying to [deleted] (#295,848)

I'm so disappointed that I can't remember the name but there is a very interesting podcast episode that walks through the process of someone dying without next of kin or a will. It can be such a lengthy process. I've joked about having a secret rich relative but it's interesting to learn that it actually does happen.

9

alixnaveh t1_iu6jdpx wrote

Replying to Use_this_1 (#293,803)

The kids might have had some genetic disorder or childhood exposure to some chemical that made them infertile. It's very strange that not one of the 6 had offspring.

36

TSL4me t1_iu6no4j wrote

Replying to Boozeled (#298,550)

Weird shit happens in retirement home relationships too. Its not unheard of for an old couple to run off and get married and die soon after, some times it's poly and LGBT relationships too. It really throws the family and estate people an unexpected curveball. Good on the old peeps for having fun though.

5

bbhilt t1_iu6no85 wrote

Can someone explain? I see people mentioning taxes but this is below the exemption amount for estate taxes.

3

Boozeled t1_iu6pqhb wrote

Replying to [deleted] (#299,924)

What a blessing for your family! I'm still trying to find the episode because it's something people don't often contemplate- how tedious that work must be.

3

procrasstinating t1_iu6tiou wrote

Replying to BandwagonFanAccount (#296,502)

But if you gain wealth by increases in the value of investments or real estate that you hold that isn’t taxes during your lifetime if it’s not sold. And upon death the cost basis is increased to the value at death, so your heirs will inherited it and can sell it tax free. Inheritance tax would capture those gains if the value of the estate was over $12m USD for an individual or $24m for a couple.

5

weedful_things t1_iu6tseo wrote

Replying to peon2 (#295,680)

I discovered I had an unclaimed rebate check a few months ago. While searching, I noticed someone with the last name as I had several accounts totaling several hundred dollars. I found this person on Facebook and sent a message to them. I never got a reply and I am sure they thought it was some kind of scam. I tried though.

3

procrasstinating t1_iu76pc3 wrote

Replying to BandwagonFanAccount (#301,005)

And my take is that many of those people have not paid taxes on those gains. So Peter Theil valued his private company at $2000 and put the shares in an IRA. 20 years later the stock is worth $5billion and sheltered from taxes. He would never pay tax on any of that gain, except for under an estate tax.

6

random-idiom t1_iu7d3om wrote

Replying to fleurgirl123 (#300,932)

That's only if you leave a will and follow the rules - if you die and don't have a will a very large chunk of your estate goes poof, and then there are fees for whoever is appointed by the court to track down 'heirs' - which can include PI fees searching for people.

You do avoid the worst if you die and have a spouse - as they get everything by assumption if they are alive - but kids don't without a will the court has to do it's thing.

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DrKrFfXx t1_iu86d4l wrote

Hey, it's me, Chicago man.

1

ayershubble t1_iu879l2 wrote

Howard Hughes died without a will or obvious heirs… pretty sure he was worth more than this guy.

2

fuddykrueger t1_iu8j8lk wrote

Replying to random-idiom (#304,398)

In some states dying intestate (without a will) causes your estate to be split 50/50 with 50% going to spouse and the other 50% going to the kids (split evenly). There are different rules in each state.

For instance in Illinois, spouse gets half and kids get half (copied and pasted):

Illinois

If you have a spouse but no children, the spouse inherits everything. If you have children but no spouse, the children inherit everything. If you have a spouse and children, the spouse and the children receive half of your property each. If you have parents but no spouse, children, or siblings, your parents inherit everything. If you have siblings but no spouse, children, or parents, the siblings inherit everything. If you have parents and siblings, but no spouse or children, your property is evenly divided among each parent and each sibling. (However, if you have only one parent alive, that parent receives a double share.)

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FSUalumni t1_iu8k7up wrote

You can see if you have unclaimed funds in many states online. In Florida, the website is https://fltreasurehunt.gov. I hope some of you find some money owed to you!

1

DieterVawnCunth t1_iu91y1s wrote

Replying to BandwagonFanAccount (#295,942)

well, no taxes were owed on the first 5-6 million.

and of all the inheritance tax cases to get upset about you choose this one? a man who didn't even bother to make a will, and 120 distant relatives who never even heard of him?

look, in a capitalist system where the richest increasingly get richer and richer, there needs to be redistribution somehow or we're going to live in an insane cyberpunk dystopia.

you like having roads? you like having public schools? you like healthcare for the elderly? you like having your American imperial military ensuring the free flow of goods from exploited laborers?

the public coffers need to be filled.

0