Black Toenails and Killer Chicken

[oohpartiv 484]

Happy birthday all the same....

good luck with everything....I know nothing about insurance but i am sure someone on here will.

Thanks, J. How are things going with your hubby? Made anymore progress?

[SAT 9,609]

Lizzy I hope you guys are doing well.

Your questions are best answered by accountants. But from what I know about estates, if your father is the owner of the life insurance policy, then the payout value of the policy is a part of his estate. Currently, if his estate in not greater than 5 million dollars, then it is tax free- federally.

Then there is your state. Each state varies. Money left to a spouse is usually tax free. Money left to children of the deceased have a tax. Pennsylvania is a pretty low tax state, so don't worry much. You'll get a 10-99 with your check.

[JTB11 1,079]

Thanks, J. How are things going with your hubby? Made anymore progress?

yes he decided to not try at all and wait till I get a job since he feels that is the reason we are having issues.

[SAT 9,609]

Lizzy, PA inheritance tax for children is 4.5%

[oohpartiv 484]

Lizzy I hope you guys are doing well.

Your questions are best answered by accountants. But from what I know about estates, if your father is the owner of the life insurance policy, then the payout value of the policy is a part of his estate. Currently, if his estate in not greater than 5 million dollars, then it is tax free- federally.

Then there is your state. Each state varies. Money left to a spouse is usually tax free. Money left to children of the deceased have a tax. Pennsylvania is a pretty low tax state, so don't worry much. You'll get a 10-99 with your check.

Thanks for clearing that up! Will definitely look into an accountant, though, to get surer answers.

yes he decided to not try at all and wait till I get a job since he feels that is the reason we are having issues.

Well, that was super douchey of him. How are you not on a plane home at this point? Bless your patience! I'd've killed him by now.

Lizzy, PA inheritance tax for children is 4.5%

How'd you know I was gonna look that up? Thanks.

[JTB11 1,079]

Thanks for clearing that up! Will definitely look into an accountant, though, to get surer answers.

Well, that was super douchey of him. How are you not on a plane home at this point? Bless your patience! I'd've killed him by now.

How'd you know I was gonna look that up? Thanks.

I go all out on things and tend to not give up despite clear down the hill future Who knows maybe he will hit his head on a door and a lightbulb will light up and all will change

[SAT 9,609]

Liz when are the services? And how old was your dad? If you don't mind me asking.....

Oh I just googled Pennsylvania inheritance tax rates

[oohpartiv 484]

Liz when are the services? And how old was your dad? If you don't mind me asking.....

Oh I just googled Pennsylvania inheritance tax rates

He just turned 59 on Feb 26th, and since he was cremated we're just going to have a gathering of sorts with friends and family as opposed to a formal ceremony. He'd been very sick fot a long time, though, so I guess I could say I'm relieved he's not suffering anymore.

I now find myself having to buy and renovate his house with my inheritance, so it looks like I have a very busy summer ahead of me.

[N-o-l-a 7,168]

Her dad asked me if it was okay if the lady he was seeing for the last few months can take the kiddo to go training bra shopping. I said as long as my kid feels comfortable doing that, they can. Hurts to say yes, because I wish I could just pick her up and go, (we did go when she was visiting but ran out of time to try more stores) but I can't so I really can't say no either. I'll take her once she's here but she needs something in the meantime.

That has definitely got to be hard, but if it is that time, there is nothing you can do about it. I remember my teacher had to tell my clueless mother in 4th grade that I needed a bra.

Thanks for all the lovely comments and support, everybody. It may sound dumb, but even just the smallest bit of encouragement and love really goes a long way in times like these. So I really appreciate it, a lot.

Trying to sort out inheritance right now and it's giving me a monster headache. Does anyone know the probability of life insurance inheritance being taxable? I don't believe it is, but I'm getting conflicting answers from "reliable" sources and am not getting much help.

In other news, I turn 23 tomorrow. Happy birthday to me, eh?

What Steve said. My dad cashed out his big life insurance, but his 20k one was not taxable. Here in CT, his entire estate was also not taxed, saved for the probate court fees.

Well, happy birthday and I hope you can have a good day despite it. I think those who have passed would like us to be happy, if anything.

[N-o-l-a 7,168]

He just turned 59 on Feb 26th, and since he was cremated we're just going to have a gathering of sorts with friends and family as opposed to a formal ceremony. He'd been very sick fot a long time, though, so I guess I could say I'm relieved he's not suffering anymore.

I now find myself having to buy and renovate his house with my inheritance, so it looks like I have a very busy summer ahead of me.

Well, if you need a shoulder to cry on about inherited houses, I am here. I can't tell you what an unburdening it was to finally sell my dad's house.

[oohpartiv 484]

What Steve said. My dad cashed out his big life insurance, but his 20k one was not taxable. Here in CT, his entire estate was also not taxed, saved for the probate court fees.

Well, happy birthday and I hope you can have a good day despite it. I think those who have passed would like us to be happy, if anything.

Thanks. My dad has a billion debts, but luckily before he got sick he had a great government job, so his life insurance is well over 400k. But like Steve said, I'll have to meet with an accountant to figure all this out, because I'm way in over my head with all this.

I'll be happy if it doesn't rain all day tomorrow. A sunny day would go a long way.

[oohpartiv 484]

Well, if you need a shoulder to cry on about inherited houses, I am here. I can't tell you what an unburdening it was to finally sell my dad's house.

Ugh, I'm so overwhelmed. It's such a huge project, and needs copious amounts of work to even consider getting sold. Luckily I have a lot of people who are willing to help with the hands on side of it, so I'm hoping it won't be too painful a process.

[N-o-l-a 7,168]

Thanks. My dad has a billion debts, but luckily before he got sick he had a great government job, so his life insurance is well over 400k. But like Steve said, I'll have to meet with an accountant to figure all this out, because I'm way in over my head with all this.

I'll be happy if it doesn't rain all day tomorrow. A sunny day would go a long way.

And a probate lawyer because I don't know what your situation is with the will, but purchasing a house from the estate can be tricky, especially if you are executor and there are more debts than assets. There comes real estate assessments and probate court approval and a bunch of other things.

[SAT 9,609]

I'm sorry to learn that he was still young Liz.

His debts are deductible from the estate before it's taxed, so that'll further lessen your tax liability.

The stuff that he owns, he bought with money that is already taxed. And yet you will again have to pay tax on it is very unjust. But that's the law.

Trophie just went through this, so she can point you to the right direction, that's for sure.

An accountant won't charge you too much to file forms for you.mim guessing 1000-1500 dollars.

PM me if you need anything else.

[SAT 9,609]

Gotta go to dinner party now....

You guys want anything?