morbid inheritance question

[bridie43]

I know this is morbid but my parents are 77 and 79. I read that if you get any inheritance 180 days from the date of discharge of a chap 7 you have to report it.

Here's the question, when do you legally get the inheritance? I mean what if, God forbid, they pass away on day 160 but the funds don't get distributed until day 200 or something? Does anyone know about this?

Hopefully they'll stay healthy but I can't stop thinking about it. lol

[keepmine]

Actually, it's within 180 days of the filing date-not discharge.
If they pass within 180 days of your filing and, you are an heir then, you need to let your attorney know. When the will is probated or, funds disbursed isn't the issue.

[music12]

morbidly speaking, the date of death is the important one because it's the date on which you become entitled to the inheritance, not the date you get the money.

your parents must promise not to die for at least 6 months!! there is a lot of good motivation for them - they don't want their inheritance to get wasted on your creditors!!

180 days from date of filing, not discharge:

(5) Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date—
(A) by bequest, devise, or inheritance;
(B) as a result of a property settlement agreement with the debtor’s spouse, or of an interlocutory or final divorce decree; or
(C) as a beneficiary of a life insurance policy or of a death benefit plan.

[2manybills]

I was wondering about that too. My MIL is 86. She has been ill lately. Her home so far has been listed for sale for 1-1/2 years, but no luck. Her assisted living is $4500 per month. Fortunately, 2 of my DH's brothers are paying her rent, but will be reimbursed after house is sold.

So it is 180 days from the date we filed, i.e., 7/3/09. It's sad to even think about that, although I think most of the $$ will be gone by the time the house sells anyway.

[AngelinaCatHub]

morbidly speaking,

your parents must promise not to die for at least 6 months!! there is a lot of good motivation for them - .

LOLOLOL A new thread I say, for the funniest posts. Reward to the winners, one prepaid funeral, but they must accept it immediately. 'Hub

[landofpoor]

heres another question in the no mode of filing as of yet maybe in a yr or 2 who knows maybe never even depending on if garnishments etc. say i inheritad coin today with no judgements as of now what would happen say i filed a year later?

[Over our heads]

Typically, when one parent passes, things are left to the surviving spouse until their death, at which time items and monies would be dispursed to the remaining 'heirs'. At least this in a nutshell is they way my family's/in-laws reads. While my fil is actually in extremely poor health, my mil is not so we pretty much have no worries. Barring of course any unforseen total tragedy.

If ones parents really have it in their minds that their time is up, insist that they toss a coin and the loser has to hang on for 181 days.

[keepmine]

heres another question in the no mode of filing as of yet maybe in a yr or 2 who knows maybe never even depending on if garnishments etc. say i inheritad coin today with no judgements as of now what would happen say i filed a year later?

These are now your assets and depends on what your state allows you to exempt.

[AngelinaCat]

Before we filed, 'Hub's brother had been told that he had six months to live. Bro outlived this six month prediction three times by the time we filed, so we answered 'No' to that particular question when it came up.

It is now going on the third? fourth? year that Bro had been told that. So truly no one knows except for our Maker.

Actually, Bro's two sons should inherit whatever there is, but they have been written out of the will. But that is another story....

[music12]

LOLOLOL A new thread I say, for the funniest posts. Reward to the winners, one prepaid funeral, but they must accept it immediately. 'Hub

!!!!!!

[music12]

Before we filed, 'Hub's brother had been told that he had six months to live. Bro outlived this six month prediction three times by the time we filed, so we answered 'No' to that particular question when it came up.

It is now going on the third? fourth? year that Bro had been told that. So truly no one knows except for our Maker.

Actually, Bro's two sons should inherit whatever there is, but they have been written out of the will. But that is another story....

wow. looks like he'll keep on going!

[justplaintired]

This was one of the questions our attorney asked us right before we went in for our 341. My parents are 71 and 74, rather well off, but healthy, knock wood! I don't even like to think of losing them, so I said no I am not going to inherit money for what I hope is a very long time. I know he had to ask, but eeewwwwwwwww!

[joh]

After discharge does the tt do a audit on people to find out if they came into any money?

[music12]

i don't think so.

but, if someone happens to know that you filed bk and knows that you inherited within 180 days, and is nasty enough to call up the trustee and give specific information, then you'd be in trouble. so it should be voluntarily reported.

[DeadManCrawling]

Also note:

Both of them would have to die for there to be any issue in most cases. Some of you know I just lost my mother in law. All of her assets go to her husband, not us. If they both died together, in a car accident, for instance, then you would have cause for concern.

Some people have wills that specify certain things aside from the spouses general inheritance, but that is uncommon. If it does occur, though, it is easy enough to ask mom or dad to make that will disappear for the time being, and no harm done.