Author Topic: Inheritance Drama: You Got Any? Stories Wanted.  (Read 836510 times)

Siebrie

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2050 on: March 06, 2020, 01:40:42 AM »
This family inheritance story has just come to my attention:
My Father has a Half-Sister, who was at one time married to a Scientist. This Scientist was very charming and famous, and even in a government advisory body of high standing. The couple had 3 children together and was very well off. They got divorced, because the Scientist was sleeping around (well, not really around, he took the ladies home to the marital bed). The children always blamed the divorce on their Mother, and even though they lived with her, their relationship never recovered. There was a Stepfather who helped raise them, and loved them, but they rejected him, harshly. When the Father (eta: the Scientist) died, all 3 children inherited a lovely amount.

My Father's Sister has always leaned towards that half-side of the family, mainly because that's where the money is. To her, somehow, 'wealth' equals 'better'.

It now turns out (eta: 50 years later) that that wealth was gathered through bribes! Large corporations at the time paid the Scientist large sums to influence the government advisory body! I wonder how that inheritance feels now....
« Last Edit: March 17, 2020, 01:42:22 AM by Siebrie »

Dicey

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2051 on: March 06, 2020, 06:19:17 PM »
This family inheritance story has just come to my attention:
My Father has a Half-Sister, who was at one time married to a Scientist. This Scientist was very charming and famous, and even in a government advisory body of high standing. The couple had 3 children together and was very well off. They got divorced, because the Scientist was sleeping around (well, not really around, he took the ladies home to the marital bed). The children always blamed the divorce on their Mother, and even though they lived with her, their relationship never recovered. There was a Stepfather who helped raise them, and loved them, but they rejected him, harshly. When the Father died, all 3 children inherited a lovely amount.

My Father's Sister has always leaned towards that half-side of the family, mainly because that's where the money is. To her, somehow, 'wealth' equals 'better'.

It now turns out that that wealth was gathered through bribes! Large corporations at the time paid the Scientist large sums to influence the government advisory body! I wonder how that inheritance feels now....
I'm confused. Who is the "Father" here? The Stepdad or the Scientist? Was this discovery about the Scientist made posthumously?

Ze Stash

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2052 on: March 07, 2020, 06:51:34 PM »
A Coworker told a story at lunch on Friday which made me think of this thread so here goes:

He is a lawyer and was approached by a neighbour how one would go about refusing an inheritance. Said neighbour has 2 sister. One of them was doing very well career-wise and financially (or so it seemed), but lost her job about 4 months ago when her company downsized. At the same time their mother required more care at home, as she fell seriously ill. The sister offered to move in with her to assist in taking care of her while figuring out her next career moves. The mother got gradually worse and in the final month was hospitalized and then died about 2 weeks ago. As the mother lived quite far away and it all happened quite fast, the neighbour and the 2nd sister only visited their mother when she was hospitalized, so did not actually witness their sister and mother living together.

When they saw their mothers house for the first time since sister 1 moved in, they realized why she hadn't asked them to come by sooner. It turned out that sister 1 had had a meltdown because of her jobloss and used their mothers credit cards / name to go on a shopping spree. The whole house was full of delivery boxes. Clothes, electronics, appliances, collectibles, anything that could be bought online. Most of the packages still unopened. And a new BMW in the driveway. All of it bought in the name of the mother. Luckily they were able to revoke the contracts on some of the big ticket items such as the car, but they weren't able to return most of the crap she had bought online as they couldn't prove that it was in fact not mom who had bought all this stuff. So now they're left with a bunch of stuff no one needs and huge credit card debt, all in a time which is already difficult enough.
« Last Edit: March 07, 2020, 06:54:25 PM by Ze Stash »

Sibley

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2053 on: March 08, 2020, 12:17:41 PM »
A Coworker told a story at lunch on Friday which made me think of this thread so here goes:

He is a lawyer and was approached by a neighbour how one would go about refusing an inheritance. Said neighbour has 2 sister. One of them was doing very well career-wise and financially (or so it seemed), but lost her job about 4 months ago when her company downsized. At the same time their mother required more care at home, as she fell seriously ill. The sister offered to move in with her to assist in taking care of her while figuring out her next career moves. The mother got gradually worse and in the final month was hospitalized and then died about 2 weeks ago. As the mother lived quite far away and it all happened quite fast, the neighbour and the 2nd sister only visited their mother when she was hospitalized, so did not actually witness their sister and mother living together.

When they saw their mothers house for the first time since sister 1 moved in, they realized why she hadn't asked them to come by sooner. It turned out that sister 1 had had a meltdown because of her jobloss and used their mothers credit cards / name to go on a shopping spree. The whole house was full of delivery boxes. Clothes, electronics, appliances, collectibles, anything that could be bought online. Most of the packages still unopened. And a new BMW in the driveway. All of it bought in the name of the mother. Luckily they were able to revoke the contracts on some of the big ticket items such as the car, but they weren't able to return most of the crap she had bought online as they couldn't prove that it was in fact not mom who had bought all this stuff. So now they're left with a bunch of stuff no one needs and huge credit card debt, all in a time which is already difficult enough.

For the stuff that was bought online, does it matter who bought it? Have invoice/email/paperwork, initiate return, mail back. Tons of annoyance factor, but in theory you've got the sister who went off the deep end right there, put her to work. Just make sure to supervise her. Guessing it wouldn't work for everything, but even if half of it could be returned, that would help.

Just Joe

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2054 on: March 09, 2020, 12:58:04 PM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

merula

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2055 on: March 09, 2020, 02:26:59 PM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

They can go after the estate, but if there's no estate there's no recourse. However, that does not prevent shady debt collectors from calling next-of-kin and claiming they're responsible to pay the deceased's debts.

TheGrimSqueaker

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2056 on: March 09, 2020, 03:23:15 PM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

The estate owns the debt under most circumstances, but there are exceptions. Anyone else whose name is on the credit card is still on the hook. Same goes for debt where there's a co-signer, or for a lease where the parties are jointly and severally responsible for the rent payments.

In a community property state, the surviving spouse is often on the hook for debt run up during the marriage, even if the debt or credit card is in the deceased spouse's name.

SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2057 on: March 09, 2020, 03:36:20 PM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

The estate owns the debt under most circumstances, but there are exceptions. Anyone else whose name is on the credit card is still on the hook. Same goes for debt where there's a co-signer, or for a lease where the parties are jointly and severally responsible for the rent payments.

In a community property state, the surviving spouse is often on the hook for debt run up during the marriage, even if the debt or credit card is in the deceased spouse's name.

My aunt remarried later in life.  Apparently they didn't completely merge their finances.

When her new husband went into the hospital she called the various credit card companies that her husband had pre-existing accounts with.    They refused to talk to her because she wasn't on the accounts and had nothing to do with it.

After her husband passed away, they wanted to talk to her about her repaying the cards.
"Hey, you remember when you said I had nothing to do with those cards?  Well, I've got nothing to do with them."  Basically she just told them to pound sand.

Sugaree

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2058 on: March 10, 2020, 04:18:20 AM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

They can go after the estate, but if there's no estate there's no recourse. However, that does not prevent shady debt collectors from calling next-of-kin and claiming they're responsible to pay the deceased's debts.

Watching my dad go through this with my grandparents' estate when I was 17 is probably the biggest factor in my not even applying for a credit card until I was well into my twenties.  Not even for the free pizza/t-shirt/frisbee/whatever that was being offered for applications on my university campus.

Luckily, my dad knew what was up and told them to go after the (non-existent) estate.

jinga nation

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2059 on: March 10, 2020, 06:02:56 AM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

They can go after the estate, but if there's no estate there's no recourse. However, that does not prevent shady debt collectors from calling next-of-kin and claiming they're responsible to pay the deceased's debts.

Watching my dad go through this with my grandparents' estate when I was 17 is probably the biggest factor in my not even applying for a credit card until I was well into my twenties.  Not even for the free pizza/t-shirt/frisbee/whatever that was being offered for applications on my university campus.

Luckily, my dad knew what was up and told them to go after the (non-existent) estate.
My father and grandfather and my uncles always said that nothing's really free, there's always a catch.
When I went to college, I wouldn't sign up for CC offers with a "free" catch with a $X application fee. Then there was Discover, offering zero freebies, but also $0 application fee. My uncle told me to sign up for Discover to start building my credit. Then there was an Amex Blue student card which I opened, similar T&Cs. I still have those two cards open, 22 years later, I don't use them, but they are my oldest and help keep credit score in the 800s.

Sugaree

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2060 on: March 10, 2020, 06:24:29 AM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

They can go after the estate, but if there's no estate there's no recourse. However, that does not prevent shady debt collectors from calling next-of-kin and claiming they're responsible to pay the deceased's debts.

Watching my dad go through this with my grandparents' estate when I was 17 is probably the biggest factor in my not even applying for a credit card until I was well into my twenties.  Not even for the free pizza/t-shirt/frisbee/whatever that was being offered for applications on my university campus.

Luckily, my dad knew what was up and told them to go after the (non-existent) estate.
My father and grandfather and my uncles always said that nothing's really free, there's always a catch.
When I went to college, I wouldn't sign up for CC offers with a "free" catch with a $X application fee. Then there was Discover, offering zero freebies, but also $0 application fee. My uncle told me to sign up for Discover to start building my credit. Then there was an Amex Blue student card which I opened, similar T&Cs. I still have those two cards open, 22 years later, I don't use them, but they are my oldest and help keep credit score in the 800s.

I don't recall any of these cards having an application fee, but then again I didn't listen to their spiel either.  They would set booths up right outside the campus bookstore on move-in day and try to get people to sign up.  I'm not sure if they had some way of getting an immediate approval so that you could take your brand new card into the bookstore and buy books with it or not.  I knew plenty of people who fell for it and racked up thousands in debt (and another who managed to put nearly 4 years of college tuition and books on CCs before filing bankruptcy three weeks after graduation). 

DadJokes

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2061 on: March 10, 2020, 07:38:53 AM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

They can go after the estate, but if there's no estate there's no recourse. However, that does not prevent shady debt collectors from calling next-of-kin and claiming they're responsible to pay the deceased's debts.

Watching my dad go through this with my grandparents' estate when I was 17 is probably the biggest factor in my not even applying for a credit card until I was well into my twenties.  Not even for the free pizza/t-shirt/frisbee/whatever that was being offered for applications on my university campus.

Luckily, my dad knew what was up and told them to go after the (non-existent) estate.
My father and grandfather and my uncles always said that nothing's really free, there's always a catch.
When I went to college, I wouldn't sign up for CC offers with a "free" catch with a $X application fee. Then there was Discover, offering zero freebies, but also $0 application fee. My uncle told me to sign up for Discover to start building my credit. Then there was an Amex Blue student card which I opened, similar T&Cs. I still have those two cards open, 22 years later, I don't use them, but they are my oldest and help keep credit score in the 800s.

I opened two credit cards with no fees in college. I really wish I had kept them, but I drank the Dave Ramsey kool-aid five or so years ago and cancelled both of them.

Now my credit history is only a couple years old. However, I haven't had any issues with my 760 credit score.

Capsu78

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2062 on: March 10, 2020, 10:21:40 AM »
"They would set booths up right outside the campus bookstore on move-in day and try to get people to sign up."

Yes, that was a big difference from college up until the early '80's...  I can't recall seeing any CC companies during my days at good old State.  My only CC was my fathers Exxon card so I could get home and hope dear old Dad had a little money for soney in his wallet!  I hated being a poor college student, but as I drove off to the real world after graduation my father told me "...At least $0 gets posted in black ink on the ledger, everything below $0 is written in red."

iris lily

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2063 on: March 10, 2020, 10:40:17 AM »
"They would set booths up right outside the campus bookstore on move-in day and try to get people to sign up."

Yes, that was a big difference from college up until the early '80's...  I can't recall seeing any CC companies during my days at good old State.  My only CC was my fathers Exxon card so I could get home and hope dear old Dad had a little money for soney in his wallet!  I hated being a poor college student, but as I drove off to the real world after graduation my father told me "...At least $0 gets posted in black ink on the ledger, everything below $0 is written in red."

I remember having a very hard time getting a general credit card in the mid 80s. I was a working person and I saved $500 a month which at the time was a lot of money. The only reason I wanted a credit card was because I wanted to build up my credit rating so that I could get a mortgage.

As it turns out I got a mortgage anyways so it didnít really matter, and somewhere around that same time I did get my first general credit card. I had had a storeCredit card for JC Penney company for some years.

SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2064 on: March 10, 2020, 10:53:11 AM »
"They would set booths up right outside the campus bookstore on move-in day and try to get people to sign up."

Yes, that was a big difference from college up until the early '80's...  I can't recall seeing any CC companies during my days at good old State.  My only CC was my fathers Exxon card so I could get home and hope dear old Dad had a little money for soney in his wallet!  I hated being a poor college student, but as I drove off to the real world after graduation my father told me "...At least $0 gets posted in black ink on the ledger, everything below $0 is written in red."

I remember having a very hard time getting a general credit card in the mid 80s. I was a working person and I saved $500 a month which at the time was a lot of money. The only reason I wanted a credit card was because I wanted to build up my credit rating so that I could get a mortgage.

As it turns out I got a mortgage anyways so it didnít really matter, and somewhere around that same time I did get my first general credit card. I had had a storeCredit card for JC Penney company for some years.

We were dirt poor in the 80s.  I had a gas credit card for awhile from when I was in college.  Rarely used it because we only had one car and didn't drive much and couldn't take on debt, the finances were too shaky.  It lapsed and we didn't renew it.    Needed a credit card for business use though (we had our own company and had to travel overnight on occasion) but we couldn't get one.  Our income was too low.   A local bank let us set up a $300 credit card with a $300 deposit we couldn't access for a year.   But that was enough to handle a few nights out of town on business, for which we knew we would be paid.  That's what it took for us to establish credit again with an income that was about 1/3rd median family income.

saguaro

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2065 on: March 11, 2020, 08:26:16 AM »
"They would set booths up right outside the campus bookstore on move-in day and try to get people to sign up."

Yes, that was a big difference from college up until the early '80's...  I can't recall seeing any CC companies during my days at good old State.  My only CC was my fathers Exxon card so I could get home and hope dear old Dad had a little money for soney in his wallet!  I hated being a poor college student, but as I drove off to the real world after graduation my father told me "...At least $0 gets posted in black ink on the ledger, everything below $0 is written in red."

I remember having a very hard time getting a general credit card in the mid 80s. I was a working person and I saved $500 a month which at the time was a lot of money. The only reason I wanted a credit card was because I wanted to build up my credit rating so that I could get a mortgage.

As it turns out I got a mortgage anyways so it didnít really matter, and somewhere around that same time I did get my first general credit card. I had had a storeCredit card for JC Penney company for some years.

We were dirt poor in the 80s.  I had a gas credit card for awhile from when I was in college.  Rarely used it because we only had one car and didn't drive much and couldn't take on debt, the finances were too shaky.  It lapsed and we didn't renew it.    Needed a credit card for business use though (we had our own company and had to travel overnight on occasion) but we couldn't get one.  Our income was too low.   A local bank let us set up a $300 credit card with a $300 deposit we couldn't access for a year.   But that was enough to handle a few nights out of town on business, for which we knew we would be paid.  That's what it took for us to establish credit again with an income that was about 1/3rd median family income.

While in college I opened a charge account at a local department store.   During the year after graduation and then working full time, I got a couple of charge cards but it would be 3 years before I finally got my first general credit card.  I remember going on our honeymoon and we had to have the cash / travelers checks to pay for hotels, etc. for the entire trip because we didn't have credit cards, not to mention that ATM networks were smaller and more local.   


talltexan

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2066 on: March 13, 2020, 06:48:39 AM »
I was a sophomore in college and got traveler's cheques for a road trip to Dallas (about five hours north of where I was living at the time). My friends all told me I was weird. I don't think I've gotten any since then.

geekette

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2067 on: March 13, 2020, 08:04:21 AM »
Before that (late 50's), credit cards weren't widely available and ATMs weren't around at all.  My newlywed parents took US Savings Bonds with them on their honeymoon, driving from the NE to Florida, stopping at banks to cash them as needed. 

</foam>

saguaro

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2068 on: March 13, 2020, 10:01:55 AM »
I was a sophomore in college and got traveler's cheques for a road trip to Dallas (about five hours north of where I was living at the time). My friends all told me I was weird. I don't think I've gotten any since then.

We used traveler's cheques for long trips until about mid-2000s.   Even though we had credit cards we often used them as a way to get cash in absence of expanded ATM networks (remote areas) where we were traveling.  The last time we got them the bank teller had to get instructions on how to issue them, and some cashiers didn't know how to handle them.   

When our smaller regional bank was acquired by a larger one with locations pretty much nationwide, one upside was expanded ATM access w/o fees while traveling. 

fredbear

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2069 on: March 13, 2020, 01:48:06 PM »
I have traveled with a letter of credit, which I presented at banks in the foreign country.  They would issue the money, perform the currency conversion, and annotate the letter with a deduction and running tally of how much I had left.  I don't know how they obtained their share from the escrow account represented by the letter.  It felt stately and impressive, as if for those moments I was a tiny but suddenly mature nexus in a world-spanning spiderweb of financieros, rather than a barely-post-hippie clattering around eating a lot of cheap delicious fish and fruit. 

SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2070 on: March 13, 2020, 01:54:15 PM »
I have traveled with a letter of credit, which I presented at banks in the foreign country.  They would issue the money, perform the currency conversion, and annotate the letter with a deduction and running tally of how much I had left.  I don't know how they obtained their share from the escrow account represented by the letter.  It felt stately and impressive, as if for those moments I was a tiny but suddenly mature nexus in a world-spanning spiderweb of financieros, rather than a barely-post-hippie clattering around eating a lot of cheap delicious fish and fruit.

Just like they did in the old days, as described in "The Count of Monte Cristo".

wbranch

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2071 on: March 13, 2020, 04:56:20 PM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

They can go after the estate, but if there's no estate there's no recourse. However, that does not prevent shady debt collectors from calling next-of-kin and claiming they're responsible to pay the deceased's debts.

Watching my dad go through this with my grandparents' estate when I was 17 is probably the biggest factor in my not even applying for a credit card until I was well into my twenties.  Not even for the free pizza/t-shirt/frisbee/whatever that was being offered for applications on my university campus.

Luckily, my dad knew what was up and told them to go after the (non-existent) estate.
My father and grandfather and my uncles always said that nothing's really free, there's always a catch.
When I went to college, I wouldn't sign up for CC offers with a "free" catch with a $X application fee. Then there was Discover, offering zero freebies, but also $0 application fee. My uncle told me to sign up for Discover to start building my credit. Then there was an Amex Blue student card which I opened, similar T&Cs. I still have those two cards open, 22 years later, I don't use them, but they are my oldest and help keep credit score in the 800s.

I don't recall any of these cards having an application fee, but then again I didn't listen to their spiel either.  They would set booths up right outside the campus bookstore on move-in day and try to get people to sign up.  I'm not sure if they had some way of getting an immediate approval so that you could take your brand new card into the bookstore and buy books with it or not.  I knew plenty of people who fell for it and racked up thousands in debt (and another who managed to put nearly 4 years of college tuition and books on CCs before filing bankruptcy three weeks after graduation).

I applied for the same Citi credit card several times at those booths to get a free pizza. I was approved the first time but they would let me apply again and get a free pizza every time. Pretty sure I got 5-6 free pizzas freshman and sophomore year. Finances were tight in college and I did end up needing to float some tuition and other stuff on the credit card. Would have been tough without the credit card. Paid a little bit of interest, which ended up being a learning experience.

Rural

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2072 on: March 13, 2020, 08:12:54 PM »
I have traveled with a letter of credit, which I presented at banks in the foreign country.  They would issue the money, perform the currency conversion, and annotate the letter with a deduction and running tally of how much I had left.  I don't know how they obtained their share from the escrow account represented by the letter.  It felt stately and impressive, as if for those moments I was a tiny but suddenly mature nexus in a world-spanning spiderweb of financieros, rather than a barely-post-hippie clattering around eating a lot of cheap delicious fish and fruit.


I once bought a backhoe with a letter of credit, but that just doesn't have the same panache.

talltexan

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2073 on: March 17, 2020, 12:06:45 PM »
I have traveled with a letter of credit, which I presented at banks in the foreign country.  They would issue the money, perform the currency conversion, and annotate the letter with a deduction and running tally of how much I had left.  I don't know how they obtained their share from the escrow account represented by the letter.  It felt stately and impressive, as if for those moments I was a tiny but suddenly mature nexus in a world-spanning spiderweb of financieros, rather than a barely-post-hippie clattering around eating a lot of cheap delicious fish and fruit.

@fredbear , this just sounds so completely badass. I suppose it's what the wealthy did back when being wealthy meant you basically lived in a different world from everyone else.

fredbear

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2074 on: March 17, 2020, 01:46:26 PM »

@fredbear , this just sounds so completely badass. I suppose it's what the wealthy did back when being wealthy meant you basically lived in a different world from everyone else.

So far as I know and believe, the letter-of-credit system I used as a hairy kid in Mexico eating fish just pulled from the sea was envisioned and set up by wealthy Jewish merchants and bankers in the Middle Ages.  It's hard to imagine how you set up a system of trust when voyages by land and by sea took months, you might not ever meet your correspondent in a city where they spoke a language you would never hear, and your whole enterprise could vanish tracelessly in a shipwreck or a bandit attack months away from your place of business.   Perhaps if you could import one of them down the corridors of time to now, they would be amazed that we trust hundreds of thousands of dollars to a click of a key. 

SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2075 on: March 17, 2020, 03:06:04 PM »
I guess this thread will have an uptick of Inheritance Drama stories starting in about 3 to 6 months.

I'm trying to practice "see the bright side in everything" and gallows humor.  Might as well be efficient.

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2076 on: March 17, 2020, 04:32:55 PM »
I guess this thread will have an uptick of Inheritance Drama stories starting in about 3 to 6 months.

I'm trying to practice "see the bright side in everything" and gallows humor.  Might as well be efficient.


I've been thinking the same thing.  There'll be a lot of greedy unemployed heirs & all kinds of resulting stories.  ;) 

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2077 on: March 18, 2020, 06:46:58 AM »
I guess this thread will have an uptick of Inheritance Drama stories starting in about 3 to 6 months.

I'm trying to practice "see the bright side in everything" and gallows humor.  Might as well be efficient.


I've been thinking the same thing.  There'll be a lot of greedy unemployed heirs & all kinds of resulting stories.  ;)

Ah, another gallows humor chap methinks, only to notice it's the OG SwordGuy.
<1% of these inheriters will FIRE, 75% of them will blow the monies in 12-18% per my very scientific-handwaving data.
I demand every MMMer here report with facts (and spicy fiction too). We likes it hot.

Dicey

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2078 on: March 18, 2020, 06:51:56 AM »
I guess this thread will have an uptick of Inheritance Drama stories starting in about 3 to 6 months.

I'm trying to practice "see the bright side in everything" and gallows humor.  Might as well be efficient.
And to think that I was hesitant to go there...thanks for opening the back door to the dark side of humor. We need all we can get these days, @SwordGuy!

SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2079 on: March 18, 2020, 09:59:03 AM »
I guess if it's my time to go, being buried in compliments isn't the worst option.

talltexan

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2080 on: March 18, 2020, 12:02:11 PM »
I actually wonder if a bunch of people aren't losing fortunes right now, meaning that the spike in deaths will include a bunch of families who thought grandpa was rich, but didn't realize he had it all in bank stocks and energy partnerships.

SwordGuy

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2081 on: March 18, 2020, 12:05:04 PM »
I actually wonder if a bunch of people aren't losing fortunes right now, meaning that the spike in deaths will include a bunch of families who thought grandpa was rich, but didn't realize he had it all in bank stocks and energy partnerships.

All the more reason to make FIRE plans from one's own efforts instead of waiting to inherit it.

Villanelle

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2082 on: March 18, 2020, 12:16:05 PM »
My dad cheerily informed me that I've lost about 1/3 of my inheritance in the last few weeks.

I jokingly told him to take it out of my sister's half since I'm the favorite. 

I'm so glad we can openly discuss these things.  And that do it knowing that I'm not worried about my parents because their finances are fine, and they aren't worried about me because my finances are fine, and no one is worried about anyone being upset about anything regarding the finances or the inheritance. 

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2083 on: March 18, 2020, 02:22:43 PM »
I actually wonder if a bunch of people aren't losing fortunes right now, meaning that the spike in deaths will include a bunch of families who thought grandpa was rich, but didn't realize he had it all in bank stocks and energy partnerships.


I'm pretty sure my BIL was planning on making a request for another installment of the advance on his inheritance during his last minute trip down here last week.  He picked a bad week to do it. 

zolotiyeruki

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2084 on: March 18, 2020, 02:24:11 PM »
Well, if you're in the older vulnerable demographic and want to maximize your gifting potential, this is a great time--$15,000 can buy a lot more stock than it could a month ago!

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2085 on: March 18, 2020, 02:26:06 PM »
I guess if it's my time to go, being buried in compliments isn't the worst option.

I have always admired your attitude, SwordGuy.

trashtalk

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2086 on: March 18, 2020, 10:12:51 PM »
I actually wonder if a bunch of people aren't losing fortunes right now, meaning that the spike in deaths will include a bunch of families who thought grandpa was rich, but didn't realize he had it all in bank stocks and energy partnerships.


I'm pretty sure my BIL was planning on making a request for another installment of the advance on his inheritance during his last minute trip down here last week.  He picked a bad week to do it.
Do we have the same BIL? Is yours overleveraged after a real-estate buying spree and will need cash to cover mortgage payments if all his tenants are out of work for the duration?

Sugaree

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2087 on: March 19, 2020, 06:05:25 AM »
I actually wonder if a bunch of people aren't losing fortunes right now, meaning that the spike in deaths will include a bunch of families who thought grandpa was rich, but didn't realize he had it all in bank stocks and energy partnerships.


I'm pretty sure my BIL was planning on making a request for another installment of the advance on his inheritance during his last minute trip down here last week.  He picked a bad week to do it.
Do we have the same BIL? Is yours overleveraged after a real-estate buying spree and will need cash to cover mortgage payments if all his tenants are out of work for the duration?

Nah.  Over educated, under employed, works at a fancy prep school where tuition costs more than he makes in a year.  Will probably not be paid if this place shuts down the rest of the school year.  But mommy and daddy have been paying his rent for years anyway. 

ice813

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2088 on: March 22, 2020, 06:20:22 PM »
What happens to credit card debt when a person dies? I understand that a car, boat or house would be repo'd but what about $25K of consumer debt spent on TVs, clothes, and outings?

Credit card debt is unsecured debt and does not have to be repayed by the estate when the debtor passes. We ran into this when my grandfather passed last year. The customer service guy told us multiple times the estate did not have to pay the debt. We did anyways because Pops would roll over in his grave if we welched on a debt just because we legally could.

dandarc

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2089 on: March 22, 2020, 06:28:38 PM »
@ice813

I don't think that is true. The estate would be obligated to pay any creditors before other distributions are made.

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2090 on: March 22, 2020, 07:59:14 PM »
The estate is absolutely liable for cerdit card debt, in the sense that the companies can come for what they are owed before any inheritance is paid out.  If someone told you differently, they were misinformed.

But heirs are not responsible for the debt.  If someone owes $40,000 and the estate is only worth $30,000, the companies eat that extra $10,000.  They can't force someone to pay for debt taken out by someone else, unless that someone legally agreed to be responsible (co-signing, for example).

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2091 on: March 22, 2020, 09:53:10 PM »
The estate is absolutely liable for cerdit card debt, in the sense that the companies can come for what they are owed before any inheritance is paid out.  If someone told you differently, they were misinformed.

But heirs are not responsible for the debt.  If someone owes $40,000 and the estate is only worth $30,000, the companies eat that extra $10,000.  They can't force someone to pay for debt taken out by someone else, unless that someone legally agreed to be responsible (co-signing, for example).

This is correct.

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2092 on: March 23, 2020, 09:10:04 AM »
Thank you for the clarification. Yes, Pops did not have any assets.

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2093 on: April 01, 2020, 02:46:26 AM »
We were visiting a relative a couple weeks ago (before lockdowns and social distancing were a thing) and they mentioned that they were looking to buy a place. This person works a minimum wage job and definitely cannot afford a $300K condo, which is what condos in our HCOL city go for. You basically canít find anything cheaper than that within the city limits in a decent area of town.

I asked how they were able to afford the downpayment. Turns out they had been asked to be an executor of an estate of their recently deceased ex-MIL. Basically, relative divorced spouse a long time ago, but ex-spouseís mother had kept relative on her will as the executor. Relative was expecting to get some money as payment for her role as the executor and also expecting to get some inheritance from the estate.

Okaaaay.

So she wanted to buy a place before prices went up even further in a hot real estate market.

Okaaaay.

Has she seen a penny of the money yet?  No.

Does she know how much she will be getting?  No.

Has the estate received the tax clearance certificate from the government yet, which usually takes years to get, and which is required before a prudent executor will disburse the inheritance to the heirs?  No.

Okaaay.

So basically, she wants to buy a condo with an unknown amount of money that she does not have and that she does not know when or if she will even get.

My mind just cannot compute the logic in this one. Maybe she doesnít have anything better to occupy her time?

Dicey

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2094 on: April 01, 2020, 02:53:28 AM »
^^Looks like it's popcorn time! This is gonna be good.^^

saguaro

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2095 on: April 01, 2020, 09:48:39 AM »
^^Looks like it's popcorn time! This is gonna be good.^^

Indeed.  In handling my parents' estate, let's just say a lot of "assumptions" that my sister made as executor didn't pan out and was a costly lesson. 

Dicey

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2096 on: April 01, 2020, 11:07:42 AM »
^^Looks like it's popcorn time! This is gonna be good.^^

Indeed.  In handling my parents' estate, let's just say a lot of "assumptions" that my sister made as executor didn't pan out and was a costly lesson.
My sister was not the executor, but she was a pain in the ass during the process and blew through her share and then some. I bet she wishes she had it now. I called my brother, the co-exec, and asked him what he thought about me paying her rent this month. He asked if I had lost my mind, which brought me back to my senses. I sent a few checks to others in need instead.

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2097 on: April 01, 2020, 12:05:20 PM »
My wife and I are pretty mindful about how we can be generous, but she's concerned about her employer laying her off, so I'm not able to get her to buy in with a lot of the generosity I want to show right now.

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2098 on: April 01, 2020, 02:26:18 PM »
This story-in progress is not so much a drama as a long slog...
A friend's MIL passed away about 4 years ago, leaving behind her only son, who was 71 at the time.

She owned a condo, but had been moved to the hospital, then 2 months of LTC (government subsidized) before passing.  She had bank accounts, at least one of which was joint with her son.

My friend and her husband have always kept most of their finances separate, and she was working full time her whole life and never really looked beyond her own finances, and even then rarely.  A "set it and forget it' sort of person.

Well, her husband has onset of alzheimers and last year she discovered that he had not done their taxes for three years.  He would start, need or forget something, and then was too embarassed to tell her or proceed.  Okay then.   She hired an accountant and paid the penalties and is now back to current.

One outstanding item is the MIL's condo that her husband inherited.  They had been paying the HOA, taxes , utilties and other fees each month, and had their two grown daughters living there full time.  Now that one daughter is gone to a job elsewhere, and one is moving in the next year, they want to have funds to maintain their own home and set aside long term care money for her husband. 

The apartment's annual costs were too much to comfortably handle on their income, as my friend is retired now.  They need a large sum of money in the next few years.   The condo is in her husband's control and he has quickly declining health.   I suggested that she get it ready and sell it, splitting proceeds with the kids if she wants, but that selling it before her husband passes would be a lot less stressful (and faster at a difficult time).

Guess what?   It turns out that her husband never executed the MIL's will.  That means that it needs to still go to probate, to assign an executor and allow transfer of title of the condo to him to inherit so they can sell it.  But she needs to somehow find the information to submit for probate and only has MIL's SSN, and maybe a death certificate.  She looked and looked and finally found a handwritten will that was properly witnessed, so the paralegal says it looks acceptable.  MIL moved from Germany at retirement and only collected a foreign pension, so there is limited information on her, almost all her documents are in German, my friend does not speak German.   She needs to find more identity type documents and try to locate accounts, etc.

She also needs to file a final tax return for MIL, because DH wasn't filing anyone's taxes.   

I think this partly explains why DH just kept paying all the bills for the condo as they came in, did not want to discuss the condo, etc. -->he knew he needed to do a lot of legal and paperwork, but did not know how to get started, was embarassed and did not tell my friend.  DH is also a bit of a hoarder and reluctant to go through anything to donate / pare down of MIL's. 

Such a mess.  Hopefully my friend can get assigned as executor in her husband's place, and the courts don't assign someone independent.. and that she finds some of the missing records, and finds someone who reads German to help her... during Covid.

scottish

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Re: Inheritance Drama: You Got Any? Stories Wanted.
« Reply #2099 on: April 01, 2020, 02:45:54 PM »
This story-in progress is not so much a drama as a long slog...
A friend's MIL passed away about 4 years ago, leaving behind her only son, who was 71 at the time.

She owned a condo, but had been moved to the hospital, then 2 months of LTC (government subsidized) before passing.  She had bank accounts, at least one of which was joint with her son.

My friend and her husband have always kept most of their finances separate, and she was working full time her whole life and never really looked beyond her own finances, and even then rarely.  A "set it and forget it' sort of person.

Well, her husband has onset of alzheimers and last year she discovered that he had not done their taxes for three years.  He would start, need or forget something, and then was too embarassed to tell her or proceed.  Okay then.   She hired an accountant and paid the penalties and is now back to current.

One outstanding item is the MIL's condo that her husband inherited.  They had been paying the HOA, taxes , utilties and other fees each month, and had their two grown daughters living there full time.  Now that one daughter is gone to a job elsewhere, and one is moving in the next year, they want to have funds to maintain their own home and set aside long term care money for her husband. 

The apartment's annual costs were too much to comfortably handle on their income, as my friend is retired now.  They need a large sum of money in the next few years.   The condo is in her husband's control and he has quickly declining health.   I suggested that she get it ready and sell it, splitting proceeds with the kids if she wants, but that selling it before her husband passes would be a lot less stressful (and faster at a difficult time).

Guess what?   It turns out that her husband never executed the MIL's will.  That means that it needs to still go to probate, to assign an executor and allow transfer of title of the condo to him to inherit so they can sell it.  But she needs to somehow find the information to submit for probate and only has MIL's SSN, and maybe a death certificate.  She looked and looked and finally found a handwritten will that was properly witnessed, so the paralegal says it looks acceptable.  MIL moved from Germany at retirement and only collected a foreign pension, so there is limited information on her, almost all her documents are in German, my friend does not speak German.   She needs to find more identity type documents and try to locate accounts, etc.

She also needs to file a final tax return for MIL, because DH wasn't filing anyone's taxes.   

I think this partly explains why DH just kept paying all the bills for the condo as they came in, did not want to discuss the condo, etc. -->he knew he needed to do a lot of legal and paperwork, but did not know how to get started, was embarassed and did not tell my friend.  DH is also a bit of a hoarder and reluctant to go through anything to donate / pare down of MIL's. 

Such a mess.  Hopefully my friend can get assigned as executor in her husband's place, and the courts don't assign someone independent.. and that she finds some of the missing records, and finds someone who reads German to help her... during Covid.

Oh boy.   I'm executor of my parents'  estates and I can't even get to the point where I'm on hold to talk to the broker, all I can get is a fast busy.     I can't imagine trying settle an estate right now.