Gay Marriage Is going to Supreme Court! - Page 21
 
 

       The Horse Forum > Life Beyond Horses > General Off Topic Discussion

Gay Marriage Is going to Supreme Court!

This is a discussion on Gay Marriage Is going to Supreme Court! within the General Off Topic Discussion forums, part of the Life Beyond Horses category

    Like Tree127Likes

     
    LinkBack Thread Tools
        04-07-2013, 04:36 PM
      #201
    Started
    Quote:
    Originally Posted by natisha    
    If both names had been on the estate she would have gotten it all without taxes... No marriage is need for those things.
    Not true everywhere. In my state only property owned jointly by husband and wife is exempt from inheritance taxes. The same is true for jointly owned cars, bank accounts, etc. The joint owners must be married to avoid the tax.

    Whether a couple is married for purposes of the federal estate-tax marital deduction can hinge on whether the couple is considered "married" under the law of the state in which the partner dies. And DOMA hasn't helped either.
         
    Sponsored Links
    Advertisement
     
        04-07-2013, 05:47 PM
      #202
    Green Broke
    Quote:
    Originally Posted by natisha    
    If both names had been on the estate she would have gotten it all without taxes. Also each should will their half to the other so family can't step in. No marriage is need for those things.

    Yeah, she can will the estate to her, but the government will still make you pay taxes on it. Unless you are legally spouses you can't just will an asset, like a car or house. For example a family friend of mine, on paper, "gave" me a car for $0. I STILL have to pay tax on the book value of the car even though it was given to me. If the eyes of the government they were just friends, not married and not family, therefore she does not get her inheritance.
    Posted via Mobile Device
    RedHorseRidge likes this.
         
        04-07-2013, 06:54 PM
      #203
    Banned
    Quote:
    Originally Posted by SlideStop    
    Yeah, she can will the estate to her, but the government will still make you pay taxes on it. Unless you are legally spouses you can't just will an asset, like a car or house. For example a family friend of mine, on paper, "gave" me a car for $0. I STILL have to pay tax on the book value of the car even though it was given to me. If the eyes of the government they were just friends, not married and not family, therefore she does not get her inheritance.
    Posted via Mobile Device
    Yes and no. The tax consequences is actually no different whether leaving an asset to a spouse than it is to a total stranger. What comes into play is a spouse's claim on whatever the asset may be, and that varies from state to state...some states are community property states, some are not, and some incorporate some variation of community property.

    Quite honestly, if a person left enough to incur taxes that high, considering the exempt amount, they should have been of sufficient means to go to a CPA or tax attorney and make arrangements, either through a trust or life insurance vehicle to avoid or compensate for that much tax to be incurred without an offset. I mean no disrespect for or to anyone, but this sounds like a serious lack of financial planning to me by someone to whom professional financial and estate planning was easily within their means...
         
        04-07-2013, 08:17 PM
      #204
    Yearling
    No matter what the Bible says, it is important to remember that not everyone believes in God - and yes, I'm a Christian saying this. I say let people live their own lives. When they go to heaven, they will have to face their sins. It's not our burden to carry; it's theirs.

    And people tend to overlook the fact that the Bible tells people not to judge others...HMM...

    Basically, it's none of my business how a person wants to live their life unless it's endangering themselves or others. I don't think gay marriage or even homosexuality is dangerous compared to drugs, alcohol, murder...the list goes on...
    Allison Finch likes this.
         
        04-07-2013, 09:02 PM
      #205
    Weanling
    No, people just pick and chose what parts of the Bible they wish to follow and enforce upon others.

    You polyester-wearing heathens.
         
        04-07-2013, 09:39 PM
      #206
    Started
    In pondering what same sex marriage could mean for inheritance taxes, Jeremy Irons commented that fathers and sons could be "gay married" to avoid paying those taxes... good grief. I wonder why no one has pointed out to him that daughters aren't trying to marry their fathers now to avoid it...
         
        04-07-2013, 10:34 PM
      #207
    Green Broke
    Quote:
    Originally Posted by RedHorseRidge    
    In pondering what same sex marriage could mean for inheritance taxes, Jeremy Irons commented that fathers and sons could be "gay married" to avoid paying those taxes... good grief. I wonder why no one has pointed out to him that daughters aren't trying to marry their fathers now to avoid it...
    Nothing gets under my skin more then arguments like this....
    Posted via Mobile Device
         
        04-07-2013, 10:59 PM
      #208
    Green Broke
    And honestly, this case already made it through to supreme court. I think the legal professionals would have figured it out long ago if this was a case of "ops, forgot to put my name on the estate". I don't believe any of us, and correct me if I'm wrong, know the law like the people who work with it everyday.

    If this was her husband she would (as far as I know) automatically squire the estate, tax free. She was engaged, and living with her, then eventually married for 45 years... They clearly aren't "just friends" , they might as well be strangers in the eyes of the federal government.
    Posted via Mobile Device
         
        04-07-2013, 11:05 PM
      #209
    Green Broke
    Quote:
    Originally Posted by Faceman    
    Yes and no. The tax consequences is actually no different whether leaving an asset to a spouse than it is to a total stranger. What comes into play is a spouse's claim on whatever the asset may be, and that varies from state to state...some states are community property states, some are not, and some incorporate some variation of community property.

    Quite honestly, if a person left enough to incur taxes that high, considering the exempt amount, they should have been of sufficient means to go to a CPA or tax attorney and make arrangements, either through a trust or life insurance vehicle to avoid or compensate for that much tax to be incurred without an offset. I mean no disrespect for or to anyone, but this sounds like a serious lack of financial planning to me by someone to whom professional financial and estate planning was easily within their means...
    Or maybe this was a strategic move in hopes to be able to fight DOMA... Which I believe it is. Idk the financial status of these women, but they certainly comfortable financial and well educated, if not very intelligent. You don't acquire taxes that high on an estate when you live pay check to pay check. I bet this was a well thought out plan because you are right, financial planning is WELL within their reach. Plus she is 80 fricking 3, really, what does she have to lose.
    Posted via Mobile Device
         
        04-08-2013, 03:37 AM
      #210
    Green Broke
    I don't see inheritance tax being an issue, faceman nailed it. If you are having a problem with inheritance tax you screwed up. Go find an accountant or a tax lawyer. Also term life is dirt cheap if you get it while young Take out a bit extra to cover the taxes.
    Id rather buy a bit of life insurance to cover an inheritance tax, than pay a divorce lawyer.
         

    Thread Tools

    Similar Threads
    Thread Thread Starter Forum Replies Last Post
    Supreme Court upholds health care law kitten_Val General Off Topic Discussion 151 07-04-2012 07:40 PM
    Marriage described through a horse race - Warning, vulgar language!! mliponoga Jokes and Funnies 10 12-21-2010 09:49 PM
    Pre arranged marriage? LOL Heybird Horse Pictures 7 12-21-2009 06:56 PM
    Court Venue rider4life422 Horse Law 5 06-22-2009 06:16 PM



    All times are GMT -4. The time now is 12:03 PM.


    Powered by vBulletin® Version 3.8.5
    Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
    Search Engine Friendly URLs by vBSEO 3.6.0