Is Inheritance money worth it?

Posted: September 4, 2013 in General

This question is not a big concern for me, I live in Texas and I am on Social Security Disability Insurance or SSDI  so as far as my benefits goes they will not be effected same would apply if I was on regular retirement social security, it does not matter how much money you have your benefits are paid regardless. Texas is a no state tax state so I’m good on that end, most Inheritance money is tax free so I may be good on that end too, but keeping my fingers crossed just in case there is small print some where. People who receive social security insurance or SSI or who may along with the SSI receive Medicaid they would not be so lucky at all, those people would lose the benefits they was receiving so I count my blessings I am not a charity case.

My sister on the other hand is more than likely going to pay out the yen yang for her share of the cash inheritance, as a non resident of Texas she will have to pay a non resident tax to Texas along with all the taxes that are for her own state as well as pay to the IRS since she is still working but the same may apply to her state about inheritance tax so she may get a small break if her part is also tax free, I don’t know what her state tax issues are like but I kind of understand that Missouri taxes every thing you own.

I still need to seek out an accountant to make sure my finances stay on the up and up but I still think I will come out smelling like a rose far better than my sister will, I am so glad I keep my life and money simple, it’s going to pay off in the long run.

Open-mouthed smile

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Comments
  1. motd says:

    That’s interesting that Texas charges inheritance tax to out of state beneficiaries. Kind of sucks for your sister. I’m glad I have enough to live on, not sure I’ll live long enough to receive an inheritance and don’t look forward to dealing with my parents estate. They have so much crap and who knows what kind of surprises will be in their will.

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