Young And The Restless Discussion Group

Topic: Dang, how much was (is) Katherine worth??

Geez if it was me and I have someone 1/10th probably just be 10 bucks, LOL!!

I sure did like seeing everyone and how Katherine left all the money to all the different people and grandkids there!

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thanks I did not see that when I posted this! ~~Bonk

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Posted by: serialmom
Date posted: Fri Nov 21 12:22:51 2008
Message:
Those percentages were meaningless to me and should have been to most of the people present except maybe Jill. If that were RL everyone would have been in the hallway or walking to they're cars afterward chattering, ''How much do you think that is?''  If would have been hilarious if they had done it that way, at least with a few people.

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Really we want to know!! LOL

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Posted by: Ricky
Date posted: Fri Nov 21 10:13:17 2008
Message:

Her attorney, Mitchell Sherman, was prancing around announcing that she was worth a billion dollars.   But the federal tax on her estate will be 45%, which only leaves $550 million.   So everybody will get about half as much as they think they're getting. 

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Didn't Mitchell use the word ''trust'' for some of her heirs? If Katherine had established some kind of trust, would they still pay taxes? But poor Nikki !! She got the worst of it. THAT BOATLOAD OF JEWELRY! She'll now have to go out and get every garish piece in the collection appraised for tax purposes. This is one of those situations where a good attorney will tell you NOT to mention possessions in your will and just put your wishes for bequeathing ''things'' on a separate piece of paper. - SD

Hi, Shane ... You know, in the estates that I've helped administer, whenever there was tax due, the executor held onto all of the assets (including big hideous Talon Rings) until the estate could file a Form 706 (Estate & Gift Taxes) and attach a check for the entire balance due of the taxes owed. (The taxes are due exactly 9 months after decedent's death) ... So, in theory, the Estate of Kay Shepard Reynolds Chancellor Thurston Sterling will be writing a check to the U.S. Treasury in August 2009 for about $450 million. At that point, the remaining $550 million of assets would be distributed to the heirs named in the will, reduced by a pro rata amount of the estate taxes that were paid. Several of the trusts that were mentioned in the will are legally defined as Generation Skipping Trusts (GST's). I'm thinking specifically of the trusts established for Mackenzie, Billy, Cane, and Phillip IV. By established a trust for Mackenzie, Kay ''bypassed'' a generation (Brock) and passed assets down TWO generations (to Toad). These assets are taxed at an even higher rate than 45%, because the IRS wants to collect (right now) the estate tax that would be due upon Kay's death and also the tax that would be due upon Brock's death, had the assets been left to him instead of to his daughter. So Mackenzie will end up realizing next to nothing out of her trust. Ditto for the trusts established for the benefit of Cane and Billy; by setting up those trusts, Kay ''byapassed'' a whole generation (Jill) and passed the assets down TWO generations. So those trusts will be taxed at a higher rate, as the IRS will be looking to collect right now the amount that would've been upon Jill's death, had those particular assets first passed down to Jill, and then upon Jill's death to the two boys. I'm not so sure about Phillip IV's trust, though. It might not qualify as a GST, since his father and grandfather are both dead. His trust might be taxed at the regular 45% rate. I would have to research that one, lol, and I don't envy Mitchell Sherman the job of figgering that one out! .... As for Esther, she probably got the worst end of the deal. I think we calculated that she will receive about $1,000,000 from the gross estate, and also one-half ownership in the residence at Foothill Road. Assuming that the residence appraises for $1,500,000, Esther's share of the gross estate is now $1,750,000 ---- a million in cash and $750,000 worth of residence. Her pro rata share of the estate tax will be $787,500 (45% X $1,750,000). She is only scheduled to receive a million dollars in cash. That cash will be reduced by her pro rata share of the estate tax, leaving her with $212,500 in cash, plus half of the residence. A couple of years of heating and cooling bills, along with a paint job and a new roof on the house, and she will be flat-ass broke. Maybe she should think twice about giving up her job as a maid?! .... Nikki, of course, will have to reimburse the estate for the tax on those Talon Rings that she marched out the door with. Why were they given to her so quickly? Did Esther perform the appraisal on them for the Estate Tax Return? If Nikki weren't already a rich woman, she would have to sell 45% of the gaudy things in order to pay the tax on the rest of them! Ditto for Gloria. She marched out of there with a Ming Dynasty vase and a stock certificate. She'll have to reimburse the estate for the tax on those items, although she received no cash. Good thing she's been saving money by living in a pool house! I'm sure we ain't supposed to be thinking about things like this, lol ... Ricky

P.S. ... Regarding old Toad, in my opinion, she was REALLY short-changed in this will. The bulk of the estate went to Jill, who will (theoretically) croak in twenty or thirty years, and will pass her share of the estate down to Cane, Billy, and Phillip IV. So upon Jill's death, the three boys will become multi-millionaires. Jill will obviously not be making any provision for Toad in her will, as Toad is a mere niece whom she hates. So upon Jill's death, Toad will get ab-so-LUTE-ly nothing. You'd think Kay would've anticipated this, and would've given Toad about 10 times the amount she gave the boys. But mysteriously, she gave Toad the same percentage that she gave Billy, Cane, and Phillip. That didn't make any sense at all to me, and seemed like a terrible oversight on the part of Kay's attorney (and Y&R's writers) ... Ricky

As I recall, Toad has a backpack and some stylish bloomers. Besides a couple bottles of Suave, what more could she possibly want (or need)? .. SD

A toothbrush! ... Ricky

Here is ca. most of us do the *living family trust* so the assets are protected. ~~Bon

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Posted by: PinkPearls
Date posted: Fri Nov 21 5:31:21 2008
Message:
I wish they had put it in terms of dollars so we'd know exactly how rich people like Amber are now.  As it is, I have no idea how much they inherited and if I compare it to my ''estate'', they all inherited $ 2-3 bucks.

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I know, I guess Amber got enough to keep her comfy. course if she can sell that book she will get lots more! Bon

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Posted by: farmer brown
Date posted: Fri Nov 21 4:27:50 2008
Message:
I think everyone was taken aback by the billionaire pronouncement.

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they will have to get out their calculators! LOL~~Bon

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