Sort of like on those game shows. I’d rather win $40,000 than win a $60,000 car (which I may not like) and then have to pay taxes and fees on it.
Although it’s better than flying home with the $1,000 consolation prize.
Wasn’t repealing the Capital Gains Tax in the Contract with America?
.
Just wondering. B3cause a mature adult should be able to handle a parents inheritance, be it keep the house or sell it. Its really a very morbid and misleading question and the participants dont have a grasp on the total concept of inheritance and what's involved??
40% of the people surveyed are afraid of home ownership because they may have to grow up and pay bills? They cant figure out how to contact a realtor??
People really are that dumb.
We have 4 kids, hopefully they will be in their 60s when we pass. I assume they will have their own homes and be close to paying it off. Why would they keep our house?
My assets are considerable. Upon the death of the last surviving spouse all monetary assets will be divided between her children and my children. This is a second marriage for both. Property is to be sold unless one heir wants to buy out the other heirs. The sale of these properties is to be divided between all equally. My spouse and I have a few personal items some of value but others not much to be given to an individual heir. Each heir has a copy of the will so there will be no bickering about what each expected.
I have seen insane lawsuits of one family member against another in contested wills. It destroys the family and is just plain damn ugly and in most cases wrong.
Get insurance to pay the taxes which can be pricey depending on the state.
Assets quickly become liabilities.
Never inherited anything myself. I own nothing. Have no savings, no stocks, bonds, nothing. My two sons will get to split a $50,000 life insurance policy, and be happy with that.
If I used the appropriate language to describe my feelings about residential property taxes, I’d get permanently banned from this site.
I would think the vast majority of people who are worried about not being able to afford property taxes and home maintenance costs of an inherited home aren’t going to be paying any inheritance taxes. Which I guess is neither here nor there, just saying they likely aren’t worried about inheritance taxes.
The democrat plan.
Maintaining a second home you don’t use is a black hole for money.
Why should I waste my inheritance paying for upkeep and taxes, for a place I don’t use, especially if it’s somewhere in FL when you live in NY for example.
It’s no reflection of the economy that people can’t afford an inherited home. Who needs the hassle and the risk of squatters, or renting it out?
The wife and me made the
decision to sell our home to
our son (who is a veteran) on
a VA loan with the promise
and understanding that the
wife and I would have a place
to live until such time we’re
both in the old folks home.
Then he may do with the house
as he wishes. Keep it, or
sell it. At this point it
won’t matter much to us.
No capital gains. No wills
necessary.
He has no problem having his
parents living in his house.
Imho baby boomers (of which I am one) have as a group enjoyed the optimal quality of life in all history through the present. They have has the incredible good luck of inheriting the financial blessings of thr greatest generation which did much economic heavy lifting. All generations after baby boomers have suffered from a federal government which seriously lost its way after November 1963. Some boomers played safe and as a result have considerable equity to will to their children. Some within the X, y, and z generations will benefit from such windfall inheritances— leaving the remainder (probably the majority) with little, or property which is difficult to manage or sell off.
Children inheritance squabbles are another matter. Some greates generation parents wanted to stay in their homes until the time came to carry them out boots first to use the popular colloquial vernacular. Boomer children did not always succeed equally in life, and inequalities along with obtuse will provisions could and sometimes did lead to contested wills in which everyone hires “family law” (aka divorce) lawyers. Any truly contested will could in theory lead to a legal deadlock and arbitration enforced by a court appointed administrator (who often would be another “family law” lawyer). Thus hard earned small fortunes can quickly be scattered to the winds. Worse resolutions can be contemplated hopefully from a safe distance away…
I have heard it stated that this dissolution of inheritances is the natural consequence brought about by Darwinian competition between siblings… it seems fatalistic to me but so far I have not been able to come up with a good counter argument…
I own 5 acres, two houses, and a large workshop in Hawaii, all free and clear.
My only daughter lives in a shithole in WA state due to the choice of her husband(I built them a house here).
I’m very sure they will sell my home when the wife and I expire. And they will possibly buy a house in the shithole
her husband refuses to leave.
I won’t care, I’m dead and on to another world.
My main motivation is they get to waste what I have earned and not the government.
My daughter will be 51 this month.
My 5 cousins inherited their parents home in Rancho Palos Verdes (near Long Beach with a view of Los Angeles) and they sold it for $1.55 million in 2015.
They sold because they said they could not pay the property taxes even though they and their spouses were working. In 10 years the price is up $2 million more... I bet they wish they did as they would have made much more money.
Aunt & uncle’s home sold on 9-17-2025 for $3.5 million 😲
On 4-29-2025 it was listed for $4.3 million.
Over 40 photos. Quite a lot of changes from a bedroom gone and moved to another part of the home to floors are level (use to steps at entrance and hallway) to new kitchen and windows. Not the same home as in 2015.
https://www.realtor.com/realestateandhomes-detail/2840-Palos-Verdes-Dr-N_Rolling-Hills_CA_90274_M20229-58993
Renovation completed in 2024.
Price history: https://www.trulia.com/home/2840-palos-verdes-dr-n-rolling-hills-ca-90274-21356063
sold 4-16-2015 for $1.55 million
sold 7-6-2016 for $1.8 million
listed temp for rent 9-12-2022 $6,750 a month
sold 9-17-2025 for $ 3.5 million
on 4-30-2025 it was listed for $4.3 million
tax $24,806 a year 😵
“For instance, property values have increased “almost 27% faster than inflation since 2020,” per the Tax Foundation. And with higher home valuations, heftier property tax bills typically follow.”
I was under the impression that property sales in my area were not keeping up with inflation, but that assessment value was a more reliable indicator of inflation.
I have a boomer friend whose house is under a reverse mortgage. Her estranged family isn’t getting much when she passes.
It sounds like lawyers or taxes are wiping out inheritance more than anything else. Not everyone has the skills or the resources to navigate the system, either before or after the event.
Just sell the house. I think the issue is inherited mortgages where they can’t sell the house for enough to pay off the mortgage. The reason: HELOC’s or reverse mortgages.
When our country legalized the legal fiction granting corporations personhood, that was the begging of the end of equity of American citizens
It gave those “ persons “ a leg up on human “ persons”.
People die
Corps don’t
People are death taxed out of their inherited equity.
Just one of many tax burden thefts that corps don’t suffer under.
Liabilities are another area where corps have unfair advantage over citizens.
This and the fed res go hand and hand to leverage these advantages over citizens and nickel and dime them out of their wealth.
They are wealth transfer weapons of economic warfare used to transfer, in the long run, from our citizens.
Jmho
.