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3/20/2017 5:03:23 PM
Posted: 5/21/2002 1:43:37 PM EDT
Opinions?
Link Posted: 5/21/2002 1:48:35 PM EDT
Death is not a transaction or other taxable event.
Link Posted: 5/21/2002 1:49:38 PM EDT
More socialist bs. "Quit bitching, you don't [red]need[/red] all that money".
Link Posted: 5/21/2002 1:52:44 PM EDT
Opinions?!?!?! Well for starters we just got hit with almost $500,000 in inheritance tax...so you want opinions............ [puke]
Link Posted: 5/21/2002 1:55:05 PM EDT
Another Robin Hood style redistribution of wealth scam.
Link Posted: 5/21/2002 1:57:40 PM EDT
IMHO look into setting up "A Living Trust" with a competant lawyer. If you have a living trust set up when you die your next of kin will receive all your money inheritance tax free. I'm gonna set one up in the near future. Like I say talk to a competant lawyer and get all the details. CAPITALIST
Link Posted: 5/21/2002 2:12:49 PM EDT
[Last Edit: 5/21/2002 2:18:14 PM EDT by QuikSilver]
Thats not exactly true, a living trust only allows the estate to not go through probate. As it stands, only the first million dollars is tax free and everything after that is taxed at roughly 38%. The tax percentage can be lowered depending on if it does directly into another living trust. I just went through this myself, and having a living trust does not guarantee not paying inheritance tax. This may differ state to state, that i'm not sure of..... It still sucks..... [puke] Edited: When you go through probate, the state basically takes an inventory of all items and puts a value on them and then assess a fee for doing this "service" and then tells you how much you owe them. By avoiding probate any personal assets are only recorded by what you claim. So say a relative had a huge collection of coins, if you had a living trust, theres no probate and unless you claim them as assets you could walk out with them and no one would know. The problem is that even without probate, hard assets, like property, stocks, etc are all on record and theres no way to get around paying the inheritance tax on them.
Link Posted: 5/21/2002 2:31:56 PM EDT
Originally Posted By QuikSilver: Thats not exactly true, a living trust only allows the estate to not go through probate. As it stands, only the first million dollars is tax free and everything after that is taxed at roughly 38%. The tax percentage can be lowered depending on if it does directly into another living trust.
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Thats true. My thinking was that the average person here wouldn't have over a million dollars to pass on to thier aires.I plan on having some fun with my money at retirement. I'm not one of those that saves and saves all thier life then dies and passes on all thier hard earned money. I'll pass on a good amount, but I'll enjoy the rest.
Link Posted: 5/21/2002 2:39:39 PM EDT
Originally Posted By CAPITALIST:
Originally Posted By QuikSilver: Thats not exactly true, a living trust only allows the estate to not go through probate. As it stands, only the first million dollars is tax free and everything after that is taxed at roughly 38%. The tax percentage can be lowered depending on if it does directly into another living trust.
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Thats true. My thinking was that the average person here wouldn't have over a million dollars to pass on to thier aires.I plan on having some fun with my money at retirement. I'm not one of those that saves and saves all thier life then dies and passes on all thier hard earned money. I'll pass on a good amount, but I'll enjoy the rest.
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What are "aires"?
Link Posted: 5/21/2002 3:58:32 PM EDT
He meant "heirs" instead of "aires" it was just a spelling error. heirs are the people that stand to inherit your estate.
Link Posted: 5/21/2002 4:11:01 PM EDT
"aires" are what you put on when you think other people are idiots because they can't spell.
Link Posted: 5/21/2002 4:22:05 PM EDT
Link Posted: 5/21/2002 4:43:06 PM EDT
[Last Edit: 5/21/2002 4:44:11 PM EDT by ARLady]
double jeopardy of sorts???? i mean all that money was EARNED by the deceased and was therefore taxed already. i don't think a simple change of ownership should count as earnings, but then i think the whole idea of income tax is ludicrous too. but you asked about inheritance tax, didn't you? let's see, another nail in the coffin of good people who spend their money wisely and save a nest egg to leave to their "aires" [;)] instead of relying on the government to bail them out in old age? a socialist redistribution of wealth spearheaded by ne'erdogooders in an attempt to make us a more egalitarian society while completely forgetting why, in American with a capitalist economy, there are people who do get rich and people who don't, and it ain't about sharing the wealth? a punishment for hard work and succes? a thorn in the side of every good american who takes responsibility for his/her own welfare? well, i think you get the point! [:D]
Link Posted: 5/21/2002 5:14:31 PM EDT
tax = goverment sponsored theft
Link Posted: 5/21/2002 10:04:35 PM EDT
The anecdotal example of this that I find to be particularly aggregious is that of a mid-sized family business which is normally hard-asset rich and cash poor. Quite often this results in the heirs having to sell the business to pay the taxes. And yes, it is absolutely double taxation. Income tax was paid upon aquiring this wealth and is then paid again in inheritance tax. I never could get over that part.
Link Posted: 5/22/2002 3:25:57 AM EDT
Originally Posted By DScott: "aires" are what you put on when you think other people are idiots because they can't spell.
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...I 2nd dat motion!
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