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Author: telegraph Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 92818  
Subject: Re: "Death Tax" About to Die Date: 12/22/2009 11:24 AM
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"It's you, tele, who has wealth envy, demanding inheritance from your parents like the rich & famous get. One might almost say you have an entitlement mentality ;-)"

Hee hee...

My dad died one year after I moved to TX.....he was 72.....and the last five years of his life, he was in so-so condition. Physically OK...but the heart medicines messed him up...and he died 3 weeks after a botched heart bypass operation. Fortunately he 'retired' early at age 60 on a disability pension from Ma Bell....so he had some good years to live before ailments took over.

My mom then lived by herself for another 10 years or so....she spent six months a year living with me in TX....and 3 months up at the old summer place at Lake George....and 3 months in FL in Briny Breezes FL in a manufactured home. She had SS and part of my dad's pension (survivor benefit), and not a whole lot more - a few CDs and stocks.....but she did OK.....she managed her money carefully - she had grown up during the depression. She got out of high school in 1934, not the best time to graduate, right?

Then she lived through WW2 rationing.....

She clipped coupons furiously, and spent a half hour in the store figuring out what was the best deal......

She died in 1999 thereabouts.....and 2/3rds of the assets were in real estate. My sister wanted to keep the summer house in NY state.....all of 1700 sq feet - 3 bedrooms, no basement.....holding tank for sewerage and water from the lake - no city services there.....no city....nearest town 8 miles away.....

Uncle Sam took a healthy bite out of her small estate.....

She could have lived to 90 or 100....so you need to have something to live on, right? Remember, you SS is based upon what you earned..after you are retired for 20 years......that SS gets to look worse and worse, especially after you went through the 1980s with 15% annual inflation,and SS lagging way behind.

Maybe you should have tried to live on like $9,000 a year in SS?

At the end, taxes and insurance ate up about 30% of her income...between having to have flood and hurricane insurance in FL......on a $40,000 25 year old mobile home...that ran into the thousands a year...and real estate taxes on the small 3 bedroom house that ran $6000/yr.......

Wait until you are 80 years old, and inflation has caught up with you....but your income hasn't...

and then Uncle Sam sock it to you.....with your few hundred thousands in CDs and stocks, that give you enough to live on after you pay your taxes and insurance and medicare part A and B and D......and any medigap insurance...and the deductibles......

Ya gotta be kidding.......

then Uncle Sam thinks it's entitled to a big chunk of the estate? Why?

If she waited to die another 10 years, Uncle sam would not have gotten a dime.

Lib dem left wingers always 'see money' and 'want to tax money'....to redistribute to those who didn't earn it and think they are 'entitled' to it.....

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