Berkeley CSUA MOTD:Entry 39508
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2024/12/25 [General] UID:1000 Activity:popular
12/25   

2005/9/5-6 [Politics/Foreign/Asia/China, Politics/Domestic/Immigration] UID:39508 Activity:low
9/5     Say you're really old and you're going to die in 10 years. You don't
        care about your credit rating. Isn't it possible that you borrow a
        big sum from the bank and then declare bankrupcy later on? Or
        don't even bother with it since you're going to die?
        \_ If you die any debts are paid out of your estate, so anyone
           who lent money to you would get it back providing you didn't
           just waste it.  And I doubt they would lend to the elderly who
           didn't have money to really cover the loan. -mrauser
           \- a think a better scenario is if you have a terminal disease
              or are contemplating leaving the country ... in the leave
              the country case, after liquidating assets, i wonder if you
              can avoid your last tax bill. that could be like a million
              dollars on cap gains.
              \_ Owing the gubmint a million bucks would make it difficult
                 and dangerous to visit the States afterwards.  Obviously this
                 would not be a concern for the terminally ill.  I do know
                 people with large amounts of untaxed and unknown to the US
                 foreign investments.  They can only spend the money outside the
                 country and actually live somewhat shabbily (relative to
                 their total available means) in the US.
                 \_ It worked for Marc Rich.  -John
                 \- well i mean a scenario like an immigrant from china or
                    india sells their million dollar real estate and stock
                    portfolio and moves back home and happily settles there.
                    \_ I assumed that those Chinese or Indian immigrants who
                       might escape with the tax-free millions might still want
                       to visit the US later or to send their kids to college
                       here.  The US is quite a pleasant place to live or just
                       to visit, and it will take a bit of money to compensate
                       for the permanent inability to enter the US.
                  \_ The person would need to avoid investing with US based
                     financial institutions or those who share banking treaties
                     with the US. Frozen assets suck.
2024/12/25 [General] UID:1000 Activity:popular
12/25   

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