VoyForums
[ Show ]
Support VoyForums
[ Shrink ]
VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, 7, [8], 9, 10 ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 18:35:21 06/09/06 Fri
Author: Varmit
Subject: And I forgot to add to the above post of one of the family members, he went from working cattle on the family ranch to day working for other ranchers after they lost it.
In reply to: Varmit 's message, "Well I disagree with you on the myth deal.... I know for a fact of a family that lost it all because none of the kids names were on the deed when they passed away... and I know the man who bought the ranch... he owns miles and miles of ranch country in Florida." on 16:10:53 06/09/06 Fri


[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

  • OK, here's the deal. When you die they do not have to settle the estate. The estate can live on but is still owned by the estate. The estate still has to pay income tax and if any of the money goes to the heirs then it is taxed again. W. T. Waggoner estate in Texas is BIG and the guy has been dead 75 years. They don't settle the estate because they have miles and miles of land and it all sits on an ocean of oil. They would have to pay more people if they split it up than if the just leave it like it is and the heirs get a gift every year and the estate pays a gift tax on it. It is cheaper for them than settling. I just settled my mother's estate. It was under a million and didn't pay a dime in death tax. I managed her estate for the last 5 years and had everything in order. Didn't pay a lawyer nor an accountant a dime. Mrs ZD and I have a revocable trust. When we die the trust can live on or the kids can liquidate the trust. It's up to them if they want to pay the tax. (NT) -- ZD Ranch, 20:23:47 06/09/06 Fri
  • Well its okay if everything is in order.... but some people don't like to have their kids names on a ranch when the kids are only 30 years old.... so when they die suddenly, that when things become a mess. Money can sometimes bring out the worst in siblings and I can see why people keep the names off. I am an only child, so it wasn't a problem. And my daughter is an only child, so thats not a problem either. But start mixing up 4 or 5 kids, some get greedy. And I have known people who have put their kids on a deed and when they started getting sickly they started selling everything off. (NT) -- Varmit, 20:33:41 06/09/06 Fri
    [ Contact Forum Admin ]

    Forum timezone: GMT-8
    VF Version: 3.00b, ConfDB:
    Before posting please read our privacy policy.
    VoyForums(tm) is a Free Service from Voyager Info-Systems.
    Copyright © 1998-2019 Voyager Info-Systems. All Rights Reserved.