Originally Posted by moosenose

So people without life insurance shouldn't be buried?



Actually, it's more of your father having a right to do what he wants with what is left. If he doesn't want you to have it, fine. He can give it to the government or to charity or whatever.



So he didn't pay income tax, et cetera on the money he made in his lifetime? how many times does he have to be taxed on the same money?



How do you figure? If the heirs spend it, will taxes not be paid upon it?



Nobody says that the inheritance has to be left to the kids. The person who made the money can do whatever they want with it, because it's THEIR MONEY. Well, at least until they die, and then it's the GOVERNMENT's money. Why should dying be a taxable event?



Wait, I thought you said that rich people never put the money back into the system? If he blew the money, he most certainly DID spend it. As the saying goes: "A fool and his money are soon partying."

He spent the money the way he wanted to. It most certainly DID go back into the system. It just didn't go directly into the government coffers. And the people who owned hte golf range, or produced the alcohol, they didn't benefit from his busiiness?



One man's hands do not belong in another man's pocket. Even if YOU think it's a "worthy cause".



So government loans (with interest), et cetera, are not required to be paid by the estate before the remainder is disbursed to the heirs? Where did you get your CPA from again?



And the government will most certainly get their pound of flesh out of you BEFORE YOU DIE. Let me put it to you this way. Suppose you work hard and save a hundred million dollars. With me so far? Suppose you know you are going to die, and arrange to get that 100 million dollars in $100 bills to use as fuel for your funeral pyre. The pyre is ignited, your body is destroyed, the 100 million bucks is gone "POOF" in a puff of greasy smoke. What's your tax liability? ZERO, since you're not passing it on. Now suppose, just suppose, that you give it to your kids so they can buy booze, play golf, or do whatever. Why should your estate have to pay a bunch of it to the government when if you had wasted it for no good reason you wouldn't? Are you TRYING to encourage conspicuous consumption? If you can't leave it to your kids, why save it at all?



My, my, my. That sounds almost like a religious philosophy. What happened to the separation of church and state?

If you die with outstanding student loans, your estate MUST pay them back WITH INTEREST before a dime is disbursed to the heirs. Same deal with bankruptcy. Most student loans are not dischargable under bankruptcy law. Why? Because the government WILL get it's money back, even if it means seizing your tax return checks. People pay into the government coffers throughout their lives. If they earn income, they are taxed. If they have a capital gain, they are taxed. If they buy something, they are taxed. So by what possible rationale is DEATH a taxable event?