Gay Marriage Is going to Supreme Court! - Page 21 - The Horse Forum
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post #201 of 226 Old 04-07-2013, 04:36 PM
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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.

Everyone is entitled to their own opinions, but not their own facts.

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post #202 of 226 Old 04-07-2013, 05:47 PM Thread Starter
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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.
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post #203 of 226 Old 04-07-2013, 06:54 PM
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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.
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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...
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post #204 of 226 Old 04-07-2013, 08:17 PM
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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...
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post #205 of 226 Old 04-07-2013, 09:02 PM
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No, people just pick and chose what parts of the Bible they wish to follow and enforce upon others.

You polyester-wearing heathens.
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post #206 of 226 Old 04-07-2013, 09:39 PM
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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...

Everyone is entitled to their own opinions, but not their own facts.
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post #207 of 226 Old 04-07-2013, 10:34 PM Thread Starter
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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....
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post #208 of 226 Old 04-07-2013, 10:59 PM Thread Starter
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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.
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post #209 of 226 Old 04-07-2013, 11:05 PM Thread Starter
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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.
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post #210 of 226 Old 04-08-2013, 03:37 AM
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I dont 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.
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