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.
Yeah... check this out.
Baby Boomers, the largest retirement generation to date, will finish shifting up to $105 trillion to heirs by 2048... So, while 62% of the older generation(aged 45 and above) surveyed by LegalZoom expect to leave behind real estate to their loved ones... According to a recent LendingTree study, Generation X may carry the highest median non-mortgage debt among other generations (including credit card debt, student loans, etc.).
Boomers are not 45 year olds. The youngest Boomers are around 65 years old right now. That fits the end date of 2048, when 65 year olds will be 88 by then.
How many Boomers have children under the age of 45? The children of Boomers are Generation X (b. 1965-1980). These children would have finished college by 2005. The student debt crisis didn't begin until Obama nationalized the student loan industry in 2010.
Somebody's math is off here.
-PJ
I think this article was aimed to drum up consultation business. The premises are outlandish. Keep it or sell it. Pretty simple & pretty obvious.
In 2026 Estate tax doesn’t kick in for the first $15 million per person, or $30 million for married couples. That will index with inflation.
The only people hit with federal estate tax are people inheriting from an estate valued higher than those limits.
There are some state estate taxes.
For 2026, 12 states and the District of Columbia will impose a state-level estate tax, which is applied to the estate of a deceased person before assets are distributed to heirs. There are also states that levy an inheritance tax, which is paid by the beneficiary.
Estate Tax
Connecticut > 5.8 million
Hawaii, Maine, Massachusetts, Minnesota,Rhode Island, Vermon, Washington & Washingtn DC all levy estate tax
Illinois > $8 million
Maryland: Imposes both an estate tax and an inheritance tax, which is unique among states.
New York Levies a state estate tax, and the exemption amount is subject to a “cliff,” meaning the entire exemption can be lost if the estate exceeds the threshold by more than 5%.
Oregon: The exemption is $1 million, and it uses a progressive tax rate system.
Inheritance tax
Kentucky: Has an inheritance tax that ranges from 4% to 16%
Nebraska, Pennsylvania have an inheritance tax
New Jersey: Levies an inheritance tax on beneficiaries who are not immediate relatives
Far from dumb.
You would dearly love to keep the family home, but how do you justify paying the mid four to low five figures annually in property tax to keep it?
And selling is far from easy when buyers dobt want to assume the property tax burden.
Especially since it’s likely to only go up.
I’m seeing homes for sale that have recently had their assessments hiked by double digit percentages.
Coinkydink?
I think not.
And if they’re selling because they can’t or don’t want to pay the property tax, goid luck finding a buyer willing do to so in thus neck of the woods.