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Someone died and left me money
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hitest
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PostPosted: Tue Jul 12, 2016 6:30 pm    Post subject: Re: Someone died and left me money Reply with quote

Red Fau Veh wrote:
So I never met the guy but


This is all I need to know to make my ruling. Would you leave something to a relative you never even met? You need to meet this lawyer face to face in a neutral locale- like the lobby of your District Attorney's office.
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Fish
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PostPosted: Wed Jul 13, 2016 1:53 pm    Post subject: Re: Someone died and left me money Reply with quote

Red Fau Veh wrote:
Hahaha, it's real, the only question is, is it thousands, or thousands and thousands? I know it's at least thousands. I should buy a bus in honor of the deceased if it's enough. Pray


Why not invest it in some nice safe mutual funds? You know, for retirement?
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williamM
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PostPosted: Wed Jul 13, 2016 2:52 pm    Post subject: Re: Someone died and left me money Reply with quote

vwracerdave wrote:
You won't be getting a check in the mail until you prove who you are.

. If he asks for money to process the claim or pay his fees it's a scam.



BUT-- then you can have some fun-- send post cards to odd places with tracking numbers and tell him it's a check-- Waste as much time of his as you can. Pay him in Rupees- or other currency thats 100 to the dollar-- Visit "914 baiters"- an organization that picks on scammers. Rolling Eyes Rolling Eyes
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Red Fau Veh
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PostPosted: Wed Jul 13, 2016 2:57 pm    Post subject: Re: Someone died and left me money Reply with quote

Its not a scam, but I knew people would say that and this is a fun thread because I am laughing at the silly stuff. But, it's real and I am getting money. And I will post here when I do. Isn't a bus better than mutual funds btw?
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PostPosted: Wed Jul 13, 2016 3:04 pm    Post subject: Re: Someone died and left me money Reply with quote

cattle futures Question Question
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vwracerdave
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PostPosted: Wed Jul 13, 2016 4:26 pm    Post subject: Re: Someone died and left me money Reply with quote

Red Fau Veh wrote:
Its not a scam, but I knew people would say that and this is a fun thread because I am laughing at the silly stuff. But, it's real and I am getting money. And I will post here when I do. Isn't a bus better than mutual funds btw?


Don't hold your breath waiting. It can take 2-3 years to go thru the court systems to settle an estate before you see any money.
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PostPosted: Wed Jul 13, 2016 6:22 pm    Post subject: Re: Someone died and left me money Reply with quote

Fish wrote:
Red Fau Veh wrote:
Hahaha, it's real, the only question is, is it thousands, or thousands and thousands? I know it's at least thousands. I should buy a bus in honor of the deceased if it's enough. Pray


Why not invest it in some nice safe mutual funds? You know, for retirement?


A bus will be way more fun. You can't drive a 401k.
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Tram
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PostPosted: Wed Jul 13, 2016 6:41 pm    Post subject: Re: Someone died and left me money Reply with quote

enjoyther1de wrote:
Fish wrote:
Red Fau Veh wrote:
Hahaha, it's real, the only question is, is it thousands, or thousands and thousands? I know it's at least thousands. I should buy a bus in honor of the deceased if it's enough. Pray


Why not invest it in some nice safe mutual funds? You know, for retirement?


A bus will be way more fun. You can't drive a 401k.


I agree. It's a more solid investment as well. If you wreck it, it's insured. If the market takes a dive, when it comes back you still have the car and you're right back in the game. Having your mutual funds crash and burn before you can draw the money out means you no longer have anything. Loss in a vehicle's market value is a paper loss. A loss from mutuals or any other investment when it cuts into your principal is very real.
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PostPosted: Wed Jul 13, 2016 10:11 pm    Post subject: Re: Someone died and left me money Reply with quote

Red Fau Veh wrote:
Isn't a bus better than mutual funds btw?

Depends on the Bus, depends on the mutual fund. If you don't know anything about investing, you're probably better off with the Bus.

Congrats on the unexpected money, I'm curious to find out the amount (in general terms)
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OB Bus
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PostPosted: Thu Jul 14, 2016 7:10 am    Post subject: Re: Someone died and left me money Reply with quote

You do not pay tax on money or assets you inherit. If there is estate tax due the estate (deceased) pays that. The basis of the assets you receive is generally the fair market value of the assets on the date of death. If you earn money on the inherited assets that is taxable to you the recipient.

Simplified example:
Red Fau Veh inherits $20,000 cash. Red pays no tax on the receipt of the money.
Red buys a 62 Split for $20,000. Red's tax basis: $20,000.
Red later sells 62 Split for $25,000. Red's taxable gain: $5,000.
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OB Bus
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PostPosted: Thu Jul 14, 2016 7:12 am    Post subject: Re: Someone died and left me money Reply with quote

And it may not take years to get the money. If there was a will &/or trust there should be no probate. A simple estate can move fairly quickly.
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ach60 Premium Member
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PostPosted: Thu Jul 14, 2016 12:04 pm    Post subject: Re: Someone died and left me money Reply with quote

OB Bus wrote:
You do not pay tax on money or assets you inherit. If there is estate tax due the estate (deceased) pays that. The basis of the assets you receive is generally the fair market value of the assets on the date of death. If you earn money on the inherited assets that is taxable to you the recipient.

Simplified example:
Red Fau Veh inherits $20,000 cash. Red pays no tax on the receipt of the money.
Red buys a 62 Split for $20,000. Red's tax basis: $20,000.
Red later sells 62 Split for $25,000. Red's taxable gain: $5,000.


OB Bus wrote:
And it may not take years to get the money. If there was a will &/or trust there should be no probate. A simple estate can move fairly quickly.


I agree with all of this.
I was the executor of my Mom's estate, so I know all of this is true.
In cases with no will it gets a little more complicated because they spread the moneys equally to all remaining relatives.
Gets real complicated if someone jumps out of the woodpile and contests proceedings.
The longest wait in my Mother's estate was waiting for IRS,
estate pays taxes to IRS, than you WAIT for IRS to give release, so you can distribute shares estate to the heirs.
Total time on my Mother's estate was 18 months from Mom's death to close of estate, including IRS wait of 6 months.
Lesson to be learned is even a little estate planning, and a will, or trust is better than no planning.
No planning, Lawyers eat estate up in fees, IRS gets paid, heirs get screwed.
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OB Bus
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PostPosted: Thu Jul 14, 2016 1:44 pm    Post subject: Re: Someone died and left me money Reply with quote

hitest wrote:
Red Fau Veh wrote:
So I never met the guy but

This is all I need to know to make my ruling. Would you leave something to a relative you never even met?

Happens all the time. Example: Our church received a substantial bequest (well over $100K) from a couple who:
-were never members of the church
-the church records never mention either of them
-the oldest members of the church (now in their 80s) had no memories of them.

It was legit and we put the money to good use. A good part of it is still in our "rainy day fund".
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Fish
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PostPosted: Thu Jul 14, 2016 9:24 pm    Post subject: Re: Someone died and left me money Reply with quote

Tram wrote:
enjoyther1de wrote:
Fish wrote:
Red Fau Veh wrote:
Hahaha, it's real, the only question is, is it thousands, or thousands and thousands? I know it's at least thousands. I should buy a bus in honor of the deceased if it's enough. Pray


Why not invest it in some nice safe mutual funds? You know, for retirement?


A bus will be way more fun. You can't drive a 401k.


I agree. It's a more solid investment as well. If you wreck it, it's insured. If the market takes a dive, when it comes back you still have the car and you're right back in the game. Having your mutual funds crash and burn before you can draw the money out means you no longer have anything. Loss in a vehicle's market value is a paper loss. A loss from mutuals or any other investment when it cuts into your principal is very real.

How much does that insurance cost per year?
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enjoyther1de
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PostPosted: Thu Jul 14, 2016 9:44 pm    Post subject: Re: Someone died and left me money Reply with quote

Homeboy don't even have the check and it's been spent five over.
If you get enough to step into a bus do it. If not, enjoy your vw and invest in beer and miles.
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