Author |
Message |
hitest Samba Member
Joined: September 30, 2008 Posts: 10296 Location: Prime Meridian, ID
|
Posted: Tue Jul 12, 2016 6:30 pm Post subject: Re: Someone died and left me money |
|
|
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. _________________
EverettB wrote: |
I wonder what the nut looks like.
|
'62 L390 151, '62 L469 117, '63 L380 113, '64 L87 311, '65 L512 265, '65 L31 SO-42, '66 L360 251, '68 L30k 141, '71 L12 113, '74 ORG 181
FU#5 |
|
Back to top |
|
|
Fish Samba Member
Joined: December 05, 2000 Posts: 5538 Location: OB. It's beside the point.
|
Posted: Wed Jul 13, 2016 1:53 pm Post subject: Re: Someone died and left me money |
|
|
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. |
Why not invest it in some nice safe mutual funds? You know, for retirement? _________________ Prosit!
.·´¯`·.¸. , . .·´¯`·..><((((º>
.·´¯`·.¸. , . .·´¯`·..><((((º>
# 303 and #156
Stop dead photo links! Post your photos to The Samba Gallery! |
|
Back to top |
|
|
williamM Samba Member
Joined: August 07, 2008 Posts: 4333 Location: southwest Arizona
|
Posted: Wed Jul 13, 2016 2:52 pm Post subject: Re: Someone died and left me money |
|
|
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. _________________ some days I get up and just sit and think. Some days I just sit.
opinion untempered by fact is ignorance.
Don't step in any! |
|
Back to top |
|
|
Red Fau Veh Samba Member
Joined: September 07, 2012 Posts: 3037 Location: Prescott Az.
|
Posted: Wed Jul 13, 2016 2:57 pm Post subject: Re: Someone died and left me money |
|
|
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? _________________ 1971 Deluxe Sunroof Bay 1905 stroker, dual idf40's, 74mm Scat forged crank, engle 110 cam. CB 044 heads, AutoCraft rockers, chromoly push rods
1973 Orange transporter stock type 4 with dual 40 Dellortos and Empi single quiet pack
1969 Adventurewagen blue whale Gene Berg 1776 built by Dave Kawell dual 36 DRLA's, Vintage Speed exhaust, Bosch 019 screamer
1961 Swivel Seat camper, L345 grey
Touch Nicks Thing wrote: |
Swivel Seat panels are for people with no friends |
|
|
Back to top |
|
|
williamM Samba Member
Joined: August 07, 2008 Posts: 4333 Location: southwest Arizona
|
Posted: Wed Jul 13, 2016 3:04 pm Post subject: Re: Someone died and left me money |
|
|
cattle futures _________________ some days I get up and just sit and think. Some days I just sit.
opinion untempered by fact is ignorance.
Don't step in any! |
|
Back to top |
|
|
vwracerdave Samba Member
Joined: November 11, 2004 Posts: 15280 Location: Deep in the 405
|
Posted: Wed Jul 13, 2016 4:26 pm Post subject: Re: Someone died and left me money |
|
|
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. _________________ 2017 Street Comp Champion - Thunder Valley Raceway Park - Noble, OK
2010 Sportsman ET Champion - Mid-America Dragway - Arkansas City, KS
1997 Sportsman ET Champion - Thunder Valley Raceway Park - Noble ,OK
Featured in Dec. 2001 HOT VW's Magazine page 63
Watch my racing video's http://www.youtube.com/user/okvwracer/videos |
|
Back to top |
|
|
enjoyther1de Samba Member
Joined: December 19, 2010 Posts: 1279 Location: chino,ca
|
Posted: Wed Jul 13, 2016 6:22 pm Post subject: Re: Someone died and left me money |
|
|
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. |
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. _________________ HBB took me to BBV. |
|
Back to top |
|
|
Tram Samba Socialist
Joined: May 02, 2003 Posts: 22697 Location: Still Feelin' the Bern- Once you've felt it you can't un- feel it.
|
Posted: Wed Jul 13, 2016 6:41 pm Post subject: Re: Someone died and left me money |
|
|
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. |
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. _________________ Немає виправдання для війни! Я з Україною.
Bryan67 wrote: |
Just my hands. And a little lube. No tools. |
To best contact me, please use the EMAIL function in my profile |
|
Back to top |
|
|
Jennepher Administrator
Joined: September 10, 2002 Posts: 4766 Location: Arizona
|
Posted: Wed Jul 13, 2016 10:11 pm Post subject: Re: Someone died and left me money |
|
|
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) _________________ Donate to TheSamba.com
Stop dead photo links! Post your photos to The Samba Gallery!
If your post begins "I know this is against the rules but..." just stop typing. |
|
Back to top |
|
|
OB Bus Samba Member
Joined: February 09, 2003 Posts: 2531 Location: Ocean Beach in Beautiful BLUE California
|
Posted: Thu Jul 14, 2016 7:10 am Post subject: Re: Someone died and left me money |
|
|
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. _________________ Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper. |
|
Back to top |
|
|
OB Bus Samba Member
Joined: February 09, 2003 Posts: 2531 Location: Ocean Beach in Beautiful BLUE California
|
Posted: Thu Jul 14, 2016 7:12 am Post subject: Re: Someone died and left me money |
|
|
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. _________________ Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper. |
|
Back to top |
|
|
ach60 Samba Member
Joined: May 14, 2001 Posts: 4139 Location: Santa Maria
|
Posted: Thu Jul 14, 2016 12:04 pm Post subject: Re: Someone died and left me money |
|
|
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. _________________ Good Luck
Al |
|
Back to top |
|
|
OB Bus Samba Member
Joined: February 09, 2003 Posts: 2531 Location: Ocean Beach in Beautiful BLUE California
|
Posted: Thu Jul 14, 2016 1:44 pm Post subject: Re: Someone died and left me money |
|
|
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". _________________ Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper. |
|
Back to top |
|
|
Fish Samba Member
Joined: December 05, 2000 Posts: 5538 Location: OB. It's beside the point.
|
Posted: Thu Jul 14, 2016 9:24 pm Post subject: Re: Someone died and left me money |
|
|
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. |
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? _________________ Prosit!
.·´¯`·.¸. , . .·´¯`·..><((((º>
.·´¯`·.¸. , . .·´¯`·..><((((º>
# 303 and #156
Stop dead photo links! Post your photos to The Samba Gallery! |
|
Back to top |
|
|
enjoyther1de Samba Member
Joined: December 19, 2010 Posts: 1279 Location: chino,ca
|
Posted: Thu Jul 14, 2016 9:44 pm Post subject: Re: Someone died and left me money |
|
|
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. _________________ HBB took me to BBV. |
|
Back to top |
|
|
|