"Discover Cooking, Discuss Life."

Go Back   Discuss Cooking - Cooking Forums > The Back Porch > Off Topic Discussions
Reply
 
Thread Tools Display Modes
 
Old 06-20-2008, 02:07 PM   #11
Certified Pretend Chef
 
Andy M.'s Avatar
 
Join Date: Sep 2004
Location: Massachusetts
Posts: 41,375
Estate taxes are based on the monetary value of the estate's assets.

If your estate has a value of $10 million, the state and federal governments will take a share of that for taxes. Who gets what's left of the $10 million is determined by the will.
__________________

__________________
"If you want to make an apple pie from scratch, you must first create the universe." -Carl Sagan
Andy M. is online now   Reply With Quote
Old 06-20-2008, 02:16 PM   #12
Chef Extraordinaire
 
Uncle Bob's Avatar
 
Join Date: Nov 2006
Location: Small Town Mississippi
Posts: 17,392
I would strongly advise that no one depart without leaving a Will. It can be as simple or as complex as you deem necessary, but don’t leave home without it! Dieing without a Will can be a can of worms, expensive, a possibly drawn out longer than needed! It is much easier, less complicated, and less expensive for the family if you have a Will.

You should appoint/nominate someone as the Executor of your estate…Wife, husband, son, or daughter, nearest living relative or anyone else of your choosing…You should also name a backup/secondary Executor if the first person is unwilling or unable to serve. You should waive all bond, inventory, and accounting to the Executor….They should be directed to pay all probated claims (bills), funeral expenses and any taxes due from the estate (Mostly real estate) after your death…Then you should leave all of your real and personal property to whomever you wish. Normally to your spouse, or to your children share and share alike…You can also insert here that if you have a child who has predeceased you, then their share of your estate will go to his heirs (spouse, children etc)
You should request that your executor honor any memoranda (Codicil) that you leave written in your own handwriting, signed, and dated on or after the date of the will. This will allow you at a future date to add a bequeath (give to) to someone…Example...I want my granddaughter Susie to have my hand quilted pink and blue blanket.. I want my niece Mary to have my Crystal punch bowl...etc. etc. etc. Write it in your own hand writing. Sign, and date it…Keep this and any other memoranda with your will.

Mostly just have a will…go to an attorney in your State/jurisdiction and tell them what you want. They can best advise you, and put everything in the proper legal form
__________________

__________________
There is only one Quality worse than Hardness of Heart, and that is Softness of Head.

Kool-Aid...Think Before You Drink
Uncle Bob is offline   Reply With Quote
Old 06-20-2008, 02:30 PM   #13
Master Chef
 
jennyema's Avatar
 
Join Date: Mar 2002
Location: Boston
Posts: 9,265
Excellent advice!
__________________
Less is not more. More is more and more is fabulous.
jennyema is online now   Reply With Quote
Old 06-20-2008, 02:35 PM   #14
Executive Chef
 
bethzaring's Avatar
 
Join Date: Apr 2005
Location: Northern New Mexico
Posts: 4,599
dh and i have wills and living wills. He keeps me updated on the financial stuff, you would not believe the database he created for this, what a computer nerd!

Daddy was cremated 20 years ago, mom will be also. This is heavy on our minds because she can go any minute. There will be no service when mom dies, per her demand. Us kids will have our own service by the Rio Grande in New Mexico. Daddy always had a special feeling for Taos, where my sister lives, so their ashes will be laid there.
__________________
Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has. Margaret Mead
bethzaring is offline   Reply With Quote
Old 06-20-2008, 02:39 PM   #15
Head Chef
 
Adillo303's Avatar
 
Join Date: Mar 2008
Location: Haledon, New Jersey
Posts: 1,072
Send a message via AIM to Adillo303
Yeah, what Uncle Bob said!

I found out a few years ago that although I did not know it, my upbringing came with a price tag. My dad dies when I was 23 (I'm a bunch beyond that now). My mom has contracted Alzheimer's and cannot make decisions for herself. Prior to this she did not give health care proxies to anyone. This is another point that thould be addressed. Since I am an only child, it is somewhat easier. It still feel svery funny. She went to the hospital the other night for bleeding (She's OK, just something minor) and they called me at 9:30 at night to ask if I wanted a DNR (Do Not Recessitate). It blew me away. There's lots to go with all this, since mom had remarried (He is deceased) and my step brother decided to do an identity theft on her, but that does not cover wills. Just making the point that health care proxies are also important.

Wills didtribute your property. I agree that estate taxes are not changes by wills, but, I have heard, no tverified, that if you do not have a will, then the state you lived in may cut themselves in for a share of any cash left.

Please take all the advixe in this thread and get a will / living will/ and a health care proxy.

Don't let your kids end up where I am. - AC
__________________
Adillo303 is offline   Reply With Quote
Old 06-20-2008, 02:48 PM   #16
Master Chef
 
jennyema's Avatar
 
Join Date: Mar 2002
Location: Boston
Posts: 9,265
Quote:
Originally Posted by Adillo303 View Post
Please take all the advixe in this thread and get a will / living will/ and a health care proxy.

Don't let your kids end up where I am. - AC
You're right. Living Wills, Health Care Proxies and Powers of Attorney are all simple documents to execute and are IMO very important to have.

Quote:
Originally Posted by Adillo303 View Post

Wills didtribute your property. I agree that estate taxes are not changes by wills, but, I have heard, no tverified, that if you do not have a will, then the state you lived in may cut themselves in for a share of any cash left.
If you die without a will, the state designates an administrator for the estate. The administrator is paid from the proceeds of the estate. This is often the case with a will, though too (the executor often gets paid). The state can't just take your money.
__________________
Less is not more. More is more and more is fabulous.
jennyema is online now   Reply With Quote
Old 06-20-2008, 03:01 PM   #17
Chef Extraordinaire
 
Uncle Bob's Avatar
 
Join Date: Nov 2006
Location: Small Town Mississippi
Posts: 17,392
This first paragraph here should calm any fears about Federal Estate taxes...Well for most of us anyway!


Estate Taxes - Resource Center



Quote:
Originally Posted by Jennyemma
This is often the case with a will, though too (the executor often gets paid).
You may state in your will a specified amount (most people do not) or you can allow the Executor to charge your estate any reasonable fees that he or she may sustain while carring out the duties as executor. Most family members "charge' nothing...unless it is a substantial amount.
__________________
There is only one Quality worse than Hardness of Heart, and that is Softness of Head.

Kool-Aid...Think Before You Drink
Uncle Bob is offline   Reply With Quote
Old 06-20-2008, 03:02 PM   #18
Master Chef
 
Join Date: Feb 2008
Location: E. Pa.
Posts: 8,281
Do you think do it yourself wills are any good ? I mean for people who don't have much to bequeath .
__________________
LadyCook61 is offline   Reply With Quote
Old 06-20-2008, 03:14 PM   #19
Chef Extraordinaire
 
Uncle Bob's Avatar
 
Join Date: Nov 2006
Location: Small Town Mississippi
Posts: 17,392
My thinking is you need a Will regardless of the size of your estate. It can be very, very simple...Name an executor, and give all of your real and personal property to someone(s) Not sure what you mean by "do it yourself" but an attorney will do a simple Will very reasonably...It's worth the expense for it to be "right"
__________________
There is only one Quality worse than Hardness of Heart, and that is Softness of Head.

Kool-Aid...Think Before You Drink
Uncle Bob is offline   Reply With Quote
Old 06-20-2008, 03:19 PM   #20
Master Chef
 
expatgirl's Avatar
 
Join Date: Mar 2006
Location: Texas girl living in Kazakhstan
Posts: 5,575
Quote:
Originally Posted by LadyCook61 View Post
Do you think do it yourself wills are any good ? I mean for people who don't have much to bequeath .
nope......you may think that you don't have much but the state is going to say differently....get a lawyer.....

Uncle Bob, my hat is off to you.......thanks for the great adivice........please, y'all get a legal will in place.......it's the kindest most loving gesture that you can pass on to your spouse or significant other (if there is one) and your family members....... My family today is torn up by my greedy gritch sister......never would have thought in a million years,,,,,,,,,,but there you go...........had my father had a will it would have turned out so differently....
__________________

__________________
The only difference between a "cook" and a "Chef" is who cleans up the kitchen.
expatgirl is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



» Discuss Cooking on Facebook

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 01:01 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.