What would you do if you inherited £25 million ($30 million)? A user on Mumsnet has expressed their confusion over a colleague at work who has inherited the huge sum after the death of their mother, but still decided to continue working at a salary of $180,000.
In the post, user Nojudgementiguess explained that one of the directors in their company has inherited a life-changing amount of money, but not quit their job. They wrote: "We know this because an article was once written about her mother who was a property developer. aibu [am I being unreasonable] to wonder if there are tax loopholes for someone who inherits but continues to work?! Inheritance tax I mean? Obviously office gossip spreads fast and we are all baffled at why she wouldn't just sail off into the sunset."
In response to a later comment they reply, "...only child, dad already gone. She's already moved into her mums main home which is unreal according to someone at work. No plans to leave and has just taken on a massive project expected to last 2 years plus. Good for her but it's blown my tiny mind."
Inheritance Tax
Inheritance tax is a confusing thing, that we often have to try and understand when we are also going through a loss. It is the tax you pay on the estate, which includes the property, money and possessions of someone who has died. In the U.K., the tax threshold is £325,000, meaning there is no tax to pay if the total value of a person's estate is below £325,000. If you give your home away to your children, including adopted, foster, or stepchildren, or grandchildren, your threshold can increase to £500,000.
The standard inheritance tax rate is 40 percent, charged on any part of the estate over either of the two thresholds. The example on the U.K. government website explains:
"Your estate is worth £500,000 and your tax-free threshold is £325,000. The Inheritance Tax charged will be 40% of £175,000 (£500,000 minus £325,000)."
In contrast, things are a little more complicated in the U.S. Inheritance tax and estate tax are two distinct forms of taxation in the U.S. "Both levies are based on the fair market value of a deceased person's property, usually as of the date of death. But an estate tax is levied on the value of the decedent's estate, and the estate pays it. In contrast, an inheritance tax is levied on the value of an inheritance received by the beneficiary, and it is the beneficiary who pays it."
As said on Investopedia, federal inheritance tax only affects residents of six states: Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. Spouses are always exempt, and children and immediately family members almost always are.
Federal estate tax however, applies to estates larger than $12.06 million as of 2022.
Job Satisfaction
While many of us would probably be sunning ourselves in the Caribbean, many people on Mumsnet suggested the colleague may just enjoy her job. "Maybe she didn't inherit outright? Or maybe she loves her job!" argued one user, while another agreed: "Presumably she likes her job."
Some users criticized the Mumsnet user for posting about her colleague's personal life, "Get your head out of her life and focus on yours" wrote one user, while another wrote: "Are you the main office gossip, if any are worse than you it must be awful! Don't know why she's doing it? Mind your own business?"
"gossip" - Google News
August 10, 2022 at 05:03PM
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Office Worker Dragged Over Inheritance 'Gossip' About Millionaire Colleague - Newsweek
"gossip" - Google News
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