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(TaxProf)   Map: where not to die in 2013   (taxprof.typepad.com) divider line 82
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11766 clicks; posted to Main » on 05 Feb 2013 at 10:29 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-05 11:47:17 AM

stonicus: To those against the death tax:
If a stranger gives you a farm, it is income.
If your father gives you a farm, it isn't income.
Explain why who gives it to you should matter one bit?



And to add to that:
When you buy a new car you pay taxes on it.
When you sell (or give away) the car, the buyer pays taxes once again on the same car.
Yet somehow paying taxes on "already taxed" estate property is evil.
 
2013-02-05 11:52:28 AM

Whole Wheat: Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.


why does my paycheck have to be taxed again? If you look at that way, everything is double and triple taxation

I get taxed on my paycheck, then use that money to invest which is taxed.

why? because the government taxes transaction.

The transaction of me getting money and the transaction of me earning on investments.

why should the person who inherits something not be taxed on their earnings if the rest of us are?
 
2013-02-05 11:55:47 AM

corn-bread: Whole Wheat: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?


So instead of giving a truly pricess gift and spending time with this alleged beloved family when alive, you prefer to "work so hard" and shower them with
mere money after you're gone.


So it should go to the public because I didn't spend enough time with them? That makes sense.
 
2013-02-05 11:55:52 AM

brobdiggy: People think about the inheritance/estate taxes too simply.  They just think it deals with fat cats with huge liquidity in bank accounts.  They forget about assets.

The biggest issue with estate taxes is farmland (a topic in which I'm sure all Farkers are knowledgeable experts).  Some prime farmland in Nebraska can be valued at $7,000 per acre.  There are 640 acres in a square mile.  That's $4.5 million dollars right there.  And many farmers have much more than 1 square mile of land.

Now, just because you have $4.5 million in land doesn't mean that you happen to be earning tens of millions per year as a farmer.  That's not how it works.

Your dad passes down 10 square miles of farm to you after his death.  If you have 10 square miles of land, (and a $5 million allowance before inheritance tax), that means 9 of your 10 square miles could be subject to a huge inheritance tax.  Suppose the land is taxed at 40%.  You now owe Uncle Sam $16.2 million in taxes.  Uncle Sam now owns 36% of your farm, unless you've got a gigantic pile of cash sitting around.

In addition, selling can be taxed heavily.  Often, this land has been passed down through generations.  It may have been in your family since the land was valued at $200,000 in the 1940's.  Now you sell it at current value.  You have to pay capital gains tax on a $4.3 million "profit".



And?

1) You have just described transactional based taxes.  Happens millions of times across this country every day.  That fact that you attached an emotional stimulus on it doesn't change the facts.

2) Why is one "entitled" to iherit large amounts of property and get a windfall like this for free?  No other part of our tax system is setup that way.

2) If the original party was sitting on that much in an estate and didn't seek out the services of a professional to do estate tax planning, THEN THEY farkING DESERVE WHAT THEY GET.
 
2013-02-05 11:59:16 AM

Whole Wheat: corn-bread: Whole Wheat: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?


So instead of giving a truly pricess gift and spending time with this alleged beloved family when alive, you prefer to "work so hard" and shower them with
mere money after you're gone.

So it should go to the public because I didn't spend enough time with them? That makes sense.


The fact that money is a replacement to you is your dilemma.

The fact that inheritance is nothing more than a "transaction" and thus is subject to tax is part of the tax code.  When you're preapred to argue that the buyer of a used Honda CIvic shouldn't have to pay taxes on the car merely because they acquired it, then you'll have a point.  Until then you're white knighting for those with large asset portfolios and trying to carve out a specific part of the tax code that will not affect the vast majority of people.
 
2013-02-05 12:03:51 PM

corn-bread: Whole Wheat: corn-bread: Whole Wheat: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?


So instead of giving a truly pricess gift and spending time with this alleged beloved family when alive, you prefer to "work so hard" and shower them with
mere money after you're gone.

So it should go to the public because I didn't spend enough time with them? That makes sense.

The fact that money is a replacement to you is your dilemma.

The fact that inheritance is nothing more than a "transaction" and thus is subject to tax is part of the tax code.  When you're preapred to argue that the buyer of a used Honda CIvic shouldn't have to pay taxes on the car merely because they acquired it, then you'll have a point.  Until then you're white knighting for those with large asset portfolios and trying to carve out a specific part of the tax code that will not affect the vast majority of people.


Can we just carve out ALL the tax code and start over?  Based on the current state of our National debt, this one doesn't appear to be working...
 
2013-02-05 12:06:39 PM
The horse farm is a great anecdote.

But honestly, how much of the 32x appreciation in value is directly related to the hard work you and your family put into the place? Do you think a buyer or appraiser really cares how regularly or well the snow was plowed and the grass mowed in the 80s and 90s? I'm sure the upkeep and cultivating a profitable business have significant value. But I assume that there's a good chunk of the appreciation that's due to external factors that the state (or the public in general) actually can claim some credit for. Has the local economy improved, has the state been making investments in roads, schools, services in and around the area that have improved or maintained property values? There's a value to the dirt itself - if that's had significant appreciation in value, I don't see why your parents & family would be able to claim 'they built that'.

I don't begrudge them the prosperity that their wise investment and hard work have created. But the older I get, the more rotten my own kids become and I agree more & more with the idea of mechanisms that discourage dynasties. We really don't have that in this country now, though I suppose most others are probably worse.
 
2013-02-05 12:09:12 PM

OccamsWhiskers: how much of the 32x appreciation


media.giantbomb.com

No one appreciated the 32x.
 
2013-02-05 12:12:05 PM

ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.


They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.
 
2013-02-05 12:16:10 PM

Mitch Taylor's Bro: drongozone: Paul L. Caron has the worst beard ever

She's not that bad.


*shakes tiny fist*
 
2013-02-05 12:22:33 PM

corn-bread: Whole Wheat: corn-bread: Whole Wheat: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?


So instead of giving a truly pricess gift and spending time with this alleged beloved family when alive, you prefer to "work so hard" and shower them with
mere money after you're gone.

So it should go to the public because I didn't spend enough time with them? That makes sense.

The fact that money is a replacement to you is your dilemma.

The fact that inheritance is nothing more than a "transaction" and thus is subject to tax is part of the tax code.  When you're preapred to argue that the buyer of a used Honda CIvic shouldn't have to pay taxes on the car merely because they acquired it, then you'll have a point.  Until then you're white knighting for those with large asset portfolios and trying to carve out a specific part of the tax code that will not affect the vast majority of people.


As far as my "dilemma", you are being presumptuous that I am a bad dad. Especially when you know nothing about me. But then, I presume that since you argue so vehemently to unequally tax those who have done better than yourself financially, you're probably going to die a penniless beggar. So, fair's fair.
 
2013-02-05 12:41:50 PM

corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.


You sound poor.
 
2013-02-05 12:46:41 PM

Whole Wheat: corn-bread: Whole Wheat: corn-bread: Whole Wheat: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

Because what I worked so hard for my whole life shouldn't go to my family, but yours, right?


So instead of giving a truly pricess gift and spending time with this alleged beloved family when alive, you prefer to "work so hard" and shower them with
mere money after you're gone.

So it should go to the public because I didn't spend enough time with them? That makes sense.

The fact that money is a replacement to you is your dilemma.

The fact that inheritance is nothing more than a "transaction" and thus is subject to tax is part of the tax code.  When you're preapred to argue that the buyer of a used Honda CIvic shouldn't have to pay taxes on the car merely because they acquired it, then you'll have a point.  Until then you're white knighting for those with large asset portfolios and trying to carve out a specific part of the tax code that will not affect the vast majority of people.

As far as my "dilemma", you are being presumptuous that I am a bad dad. Especially when you know nothing about me. But then, I presume that since you argue so vehemently to unequally tax those who have done better than yourself financially, you're probably going to die a penniless beggar. So, fair's fair.



Hey, if the shoe fits chief.  Can't control what you yourself choose to put on the internet.

Thomas Jefferson disagreed with your view, calling hereditary estates anti-free market.
The concept of a transaction based tax has been explained in detail (which you chose not to refute).
You're choosing instead to sit in the corner and yell "It's mine!" at the top of your lungs.  But don't worry.  My wills and estates clients evetually come to grips with the idea that someday they too will die and they cannot take it with them.  Hopefully you will too, because your opinions at the moment are rather juvenile and undeveloped from an estate planning prospective.
 
2013-02-05 12:49:48 PM

Whole Wheat: ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.

They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.


You were already compensated for your military service.  Your status as a veteran is totally irrelevant.
First thing, are you worth over $5,000,000?  If not, then you're exempt.
 
2013-02-05 12:52:10 PM
F**k this estate tax sh*t.  I'm taking it with me.
 
2013-02-05 01:00:14 PM

zippyZRX: corn-bread: Yes, because upon your death the most important issue you'll face is how much in taxes your descendants will have to pay.

I swear, this obsession with controlling your affairs and lording shiat over others from beyond the grave is disturbing.  You're dead bro, you don't need that stuff anymore.......the descendants will figure it out.  I promise.

You sound poor.



98 percent of all estates won't be affected by iheritance taxes of any kind.
Pro-tip cowboy: Most of us are "poor".
 
2013-02-05 01:28:41 PM

Chinchillazilla: My personal map of where not to die in 2013 is just a globe.


Mine is the universe. Because you never know.
 
2013-02-05 01:34:03 PM

Whole Wheat: ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.

They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.


If you die before your wife, she gets it tax free. It's called the marital deduction. When she dies? Well, assuming you have kids, I hope she gradually transitioned ownership of the business to the kids (again, tax free at $12,000 year) instead of hoarding her wealth. Otherwise, it's an income event for the kids. You don't get to play the birth lottery when it comes to income.
 
2013-02-05 01:37:20 PM

OccamsWhiskers: The horse farm is a great anecdote.

But honestly, how much of the 32x appreciation in value is directly related to the hard work you and your family put into the place? Do you think a buyer or appraiser really cares how regularly or well the snow was plowed and the grass mowed in the 80s and 90s? I'm sure the upkeep and cultivating a profitable business have significant value. But I assume that there's a good chunk of the appreciation that's due to external factors that the state (or the public in general) actually can claim some credit for. Has the local economy improved, has the state been making investments in roads, schools, services in and around the area that have improved or maintained property values? There's a value to the dirt itself - if that's had significant appreciation in value, I don't see why your parents & family would be able to claim 'they built that'.

I don't begrudge them the prosperity that their wise investment and hard work have created. But the older I get, the more rotten my own kids become and I agree more & more with the idea of mechanisms that discourage dynasties. We really don't have that in this country now, though I suppose most others are probably worse.


Speaking from experience, a horse farm in New Jersey is going to be appraised on the basis of some wealthy schmuck from New York City tearing down the farm and building a gaudy mansion. That explains 100% of their price appreciation from $250K to $8MM.
 
2013-02-05 01:45:26 PM
Paying your taxes is the Highest Form of Patriotism.

All good Party Democrats will be planning their deaths in those estate-tax-states.
 
2013-02-05 01:50:57 PM

stonicus: Whole Wheat: ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.

They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.

You were already compensated for your military service.  Your status as a veteran is totally irrelevant.
First thing, are you worth over $5,000,000?  If not, then you're exempt.


The number is $5M today. What will it be 30 years from now?

Again, what did the government contribute, besides my compensation? If my sacrifices are irrelevant since I was compensated and I have paid taxes on my income already, why should they be allowed to tax me over and over.

Also, when you give your kids $10, do you send $3-5 to the government each time.
 
2013-02-05 02:08:57 PM

Rude Turnip: Whole Wheat: ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.

They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.

If you die before your wife, she gets it tax free. It's called the marital deduction. When she dies? Well, assuming you have kids, I hope she gradually transitioned ownership of the business to the kids (again, tax free at $12,000 year) instead of hoarding her wealth. Otherwise, it's an income event for the kids. You don't get to play the birth lottery when it comes to income.


Or, you do away with the IRS and CPAs and fund our government through sales tax. The fact that you so easily accept this system is frightening. What business is it of the gov't how I transfer my wealth to my family, and in what increments? None.

And, I am helping my kids become successful, and they will be ready when their time comes. But, they have to prove themselves responsible with money and assets, or I am only spoiling them. People that make mistakes with small amounts of money don't get smarter when they are handed a pile.
 
2013-02-05 02:18:26 PM

Whole Wheat: stonicus: Whole Wheat: ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.

They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.

You were already compensated for your military service.  Your status as a veteran is totally irrelevant.
First thing, are you worth over $5,000,000?  If not, then you're exempt.

The number is $5M today. What will it be 30 years from now?

Again, what did the government contribute, besides my compensation? If my sacrifices are irrelevant since I was compensated and I have paid taxes on my income already, why should they be allowed to tax me over and over.

Also, when you give your kids $10, do you send $3-5 to the government each time.


What did the government contribute?  National defense, roads, schools, police, fire protection... all the things that help society function, which in turn, allows people a safe environment in which to conduct business.
Also, they aren't going to be taxing you on your income again.  When you die and leave it to your kids, it is now THEIR income and they are taxed on it.

There are rules on gift taxes and minimum income required before income tax is paid.  So no, you don't give the government $3-5 every time you give your kid $10, but I'll give you the benefit of the doubt you were just being deliberately obtuse and not really that dumb.
 
2013-02-05 02:19:50 PM

hutchkc: Oh thank you subby I was worried that my poor loved ones would have to pay taxes on anything I had over $5,000,000.  I know that's something that keeps me up at night.


If you own your own business or say a family farm or ranch you may easily have over $5 milliion in assets but be "cash poor" putting the family in the position of having to sell part of it off to raise the money to pay the taxes.

I have never understood the idea that somehow the state is entitled to a part of a dead guy's stuff. Particularly if he was already paying taxes on it while he was alive.

Is it an additonal penalty for dying?
 
2013-02-05 02:31:49 PM

hasty ambush: Is it an additonal penalty for dying?


No.  You can have all your stuff set on fire and destroyed after you are dead, and there would be no tax on that.  Dying is tax free.  Giving and/or bequeathing assets is not tax free.
 
2013-02-05 02:34:31 PM

stonicus: Whole Wheat: stonicus: Whole Wheat: ramblinwreck: Whole Wheat: Spanky_McFarksalot: No one is taxed for dying. whoever gets it is taxed because it is income for them.

The same as if my employer gives me a paycheck.

Why do they need to tax it again? It's been taxed on. What has the state done to deserve or lay claim to a third or half of your family wealth? I have to side with angry tea baggers on this one.

Other than provide military and law enforcement (to name a few services) to defend your land, I guess nothing? The state owns the land, you're just leasing it from them.

They only defend the wealthy? Why doesn't everyone pay an estate tax?

Don't get me wrong here, I am not against regulation to curb human appetite for destruction. I just think everyone should pay equally (I.e. sales tax), and contribute (I.e. the TVA). People sitting at home getting a check is BS. They need to something for their pay, within reason.

I am not wealthy by any stretch, but my wife and I have built a pretty nice business of real estate in our 18 years together. The seed money came from combat pay when I was in the Army. I remodeled three houses by myself while working full time and completing a second bachelor's degree.

Please explain to me again why you think that the government should lay claim to the property that I risked a bullet or a landmine and worked my whole life for.

You were already compensated for your military service.  Your status as a veteran is totally irrelevant.
First thing, are you worth over $5,000,000?  If not, then you're exempt.

The number is $5M today. What will it be 30 years from now?

Again, what did the government contribute, besides my compensation? If my sacrifices are irrelevant since I was compensated and I have paid taxes on my income already, why should they be allowed to tax me over and over.

Also, when you give your kids $10, do you send $3-5 to the government each time.

What did the government contribute?  National defense, roads, schools, police, fire protection... all the things that help society function, which in turn, allows people a safe environment in which to conduct business.
Also, they aren't going to be taxing you on your income again.  When you die and leave it to your kids, it is now THEIR income and they are taxed on it.

There are rules on gift taxes and minimum income required before income tax is paid.  So no, you don't give the government $3-5 every time you give your kid $10, but I'll give you the benefit of the doubt you were just being deliberately obtuse and not really that dumb.


And they also take a lot more to pay people to do nothing, which is my gripe with taxation.

And as far as the $3-5 analogy, as long as you slide under the bar, it's the right height, right?

Sales tax, it's the answer.
 
2013-02-05 02:43:22 PM
(This comment has been removed)
 
2013-02-05 03:19:30 PM

hasty ambush: hutchkc: Oh thank you subby I was worried that my poor loved ones would have to pay taxes on anything I had over $5,000,000.  I know that's something that keeps me up at night.

If you own your own business or say a family farm or ranch you may easily have over $5 milliion in assets but be "cash poor" putting the family in the position of having to sell part of it off to raise the money to pay the taxes.

I have never understood the idea that somehow the state is entitled to a part of a dead guy's stuff. Particularly if he was already paying taxes on it while he was alive.

Is it an additonal penalty for dying?


I'm not a businessman but having 5 mil in assets for a company and being sole proprietor seems like a very poor business decision for many reasons.  I am assuming it has to be such as that would be the only way the assets would be inherited by family members.  If said business incorporated they should be easily pass the 'assets' from one generation to the next as the subsequent generation would become the CEO/president without having to deal with the estate taxes at all.
 
2013-02-05 03:20:50 PM

ramblinwreck: How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.



The first time I heard this saying was just 20 minutes before you posted this.....it was in a different thread by a diff person...


http://www.fark.com/comments/7574932/82329705#c8 2329705">Deep Contact: Seems like she knows she was born on 3rd base and didn't hit a triple.


Mining Fark for snarky comments to use on your friends, are we?
 
2013-02-05 03:43:10 PM

2KanZam: ramblinwreck: How many people are even taxed this way? The original intent of estate taxes was to prevent wealthy families from creating a dynasty. You know, where children are born on third base and think they hit a triple.


The first time I heard this saying was just 20 minutes before you posted this.....it was in a different thread by a diff person...


http://www.fark.com/comments/7574932/82329705#c8 2329705">Deep Contact: Seems like she knows she was born on 3rd base and didn't hit a triple.


Mining Fark for snarky comments to use on your friends, are we?


That saying is quite old and quite popular...
 
2013-02-05 07:00:44 PM
All this working hard justification is a load of bull crap.. as in your hard work is somehow more 'relevant and important' than everyone else's equally over inflated bullcrap 'hard work.' I swear it' like the frekin prison where everyone is innocent and every guddum American is a guddum hardest working muthafrkker who has ever lived!!!

Heck even politicians nowadays have to prequalify an American by rebranding it  'hard working Americans' because just being a guddam American just ain't good enough anymore.
 
2013-02-05 07:03:50 PM

hutchkc: hasty ambush: hutchkc:
I'm not a businessman but having 5 mil in assets for a company and being sole proprietor seems like a very poor business decision for many reasons.  I am assuming it has to be such as that would be the only way the assets would be inherited by family members.  If said business incorporated they should be easily pass the 'assets' from one generation to the next as the subsequent generation would become the CEO/president without having to deal with the estate taxes at all.



You are absolutely correct!  And if one were simply concerned with generational preservation of property, we're done here.
But often times, this isn't enough.  The "problem" with your solution is that for many of these type-A accumulating assholes, this method does not give them enough control over *their* property.  Once the new generation has taken over the management positions, that's that........they're running the show.  This is unacceptable to said type-A dicks.  Instead they want to be able to preserve the property while simultaneously retaining some control from beyond the grave.

This is why many of that mindset like trusts.  The assets can be kept together.  And if 27 years later one of the three kids isn't living their life the way you would have wanted when you were alive, the trust can exercise "your" wishes and cut them off and fark you that's why.
 
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