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Some debts can be inherited. It depends on the debt type and which state you live in. Medical bills. Each state has different rules on how medical debt is handled after you die. However, medical ...
“So if you inherit $100,000, you are, in theory, responsible for up to $100,000 of your parent’s debt. In fact, many creditors walk away without filing claims whatsoever.”
If you think your federal student loans may outlive you, make sure that your family and executor are aware of which company services your loans so they can easily apply for a death discharge.
No child can be forced to account for his or her advancement, but instead he will be excluded from a share in the intestate's estate. The usual judicial view was that any considerable sum of money paid to a child at that child's request is an advancement; thus payment of a son's debts of honour has been held to be an advancement.
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A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...
Ian Shapiro and Michael J. Graetz, Death By A Thousand Cuts: The Fight Over Taxing Inherited Wealth, Princeton University Press (February, 2005), hardcover, 372 pages, ISBN 0-691-12293-8; Gates, William H. Sr.; Collins, Chuck (2003). Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. Beacon Press. ISBN 978-0-8070-4719-4.
Assets you bought during marriage using separate property funds — such as a car purchased with money you earned before you married Gifts given to an individual spouse, since this is an unearned ...