Question about an issue (loophole?) with estate taxes/death taxes?
If a person goes missing for a long enough period of time that they are declared dead (Hypothetically, let's say they go boating one day and never come back), and after declaration of death their estate is split up and taxed appropriately, what happens if the person is discovered to be alive? Is the estate tax returned to them by the government, or have they in essence been taxed for no reason? Also, are the recipients of their estate legally obligated to return said items or monetary compensation to the no longer missing person?
Public Comments
- I think the death tax and income tax violate the 5th amendments clause about self incrimination. People need to truly think about the constitutionality of our tax code and consider it on april 15th when they sign the forms.. Citizen's Against Government Waste http://www.cagw.org Restore Original Intent: http://www.cafepress.com/originalintent/ Eliminate the IRS and implement a fair Tax http://www.fairtax.org Vote Libertarian http://www.lp.org
- Interesting question. I'll look into it. Just wanted to note that there would be no estate taxes unless the missing/dead person was worth over $2,000,000.
- Looks complicated. I think, in some circumstances, you could recover the assets from your heirs and recover the estate tax from the government. Likewise, a insurance company that paid off on your death could sue the recipient of the policy to get the money back. You would most likely still be married to the spouse you had before you "died"--the second marriage that your spouse entered into would be void, but your spouse would not be guilty of bigamy. Statutes of limitations might affect your ability to collect, and your heirs might spend your money, so your chances would be best if you reappear shortly after you were declared dead.
