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Youre the arbiter of qualifications now? Many multigenerartional businesses ride upon the accomoplishments of successors. What is your metric of parental lottery children?
It only exempts 5 million
That's not that much.
You sure as aren't going to fix the worlds problems by confiscating what little savings people can ac ulate AFTER THEY HAVE ALREADY PAID THEIR TAXES ON IT.
Youre the arbiter of qualifications now? Many multigenerartional businesses ride upon the accomoplishments of successors. What is your metric of parental lottery children?
Even if the parents won that money in a lottery, tax has ALREADY BEEN PAID on that money. I don't think money passed on should be taxed - it's been earned and taxed ALREADY. The only resort is to slowly give $14000 to each child per year. Unfortunately, many businesses, farms, etc. can't be divvied up like that.
I don't really have a problem as classifying it as capital gains, which it sorta is, and tax it accordingly.
^ Same.
Assets are stepped up and (depreciation also) generally not taxed when passed on. For example, a rental house which has been depreciated is not taxed on the depreciation or any capital gains when passed on. The heir's tax basis becomes the current value of house.
Last edited by rmt; 03-25-2016 at 01:47 PM.
What does that mean? What percentage? How does taxing them heavily stop the "permanent aristocracy" you're so concerned about
Does a parent have a right to provide for his/her children after death?
Does a business owner have a right to provide for how he'd like to handle the succession of leadership in his business?
Do your answers change based on the value of the estate and/or business?
And if so, do you think that due process rights should be disparately applied to different groups of people based on ad hoc and arbitrary classifications?
I have a billion dollar estate. I decide to leave it all to the SPLC, Planned Parenthood, and NOW. Should those organizations be, to use your words, taxed heavily on what I leave them?
More to the point, what are the limits on what I can do with my money in the way I see fit without running the risk of your heavy taxation?
, I mean, why stop at the estate tax? You could heavily tax the rich on what they buy their kids while they're still alive, or on other things like private school tuition, college, any loans made to start a business, etc... Why stop at death to tax the lotto, right?
I'll drink to this post.
I don't understand the haters that advocate the death tax. You work hard, play by the rules and pay all your taxes. You know you need savings for retirement. How much? Who knows? We never know how long we will live. Personally my goal is to go into retirement with at least 3 million liquid but still worry that that might not be enough. The flip side is that I could be an unlucky SOB and the wife and I die early before we spend all the money...what ing right does the government have to confiscate the money I worked so hard to save and ac ulate? Why shouldn't I be able to leave it to my kids and grand kids?
You can. It'll be less than $5M. Stop ing. Estate Tax doesn't apply to you.
You obviously haven't been following this thread. There are advocates for taxing it all.
Even 3 million at 4% ($120,000) won't cover nursing home expenses for you and your wife. And with life expectancy increasing, who knows how long we'll live.
what?
seriously, is that a question to cc?
are you talking about others and comparing them to cc?
pretty simple math. She is preserving principal.
you know, that 3 million is liquid, right?
thats not all the assets he'll have.
of course.
Annual nursing home cost: $91250 per person (private), $80300 per person (semi-private).
https://www.genworth.com/corporate/a...t-of-care.html
That's like 16 years in the nursing home without earning a penny of interest on the $3M. How long do you think people live in a nursing home?
I realize that as a loser living with your parents you don't really grasp how much money is required to continue a nice lifestyle like rmt and I are accustomed to in retirement. Obviously our goal is not to sit around in a nursing home.
Her statement was ridiculous. Stop tryng to make internet allies.
The $120,000 is 4% interest/dividends on the $3 million. You do realize that taxes have to be paid too. I'd want to travel and do lots of things before winding down in my old age. Dh's grandmother lived until she was 103, his mom is 87 and still active. And if you have something like Alzheimer's (a mental, not physical problem) - that could be a long time in a facility.
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