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re: The last check your parents write should bounce
Posted on 4/27/14 at 11:31 am to YipSkiddlyDooo
Posted on 4/27/14 at 11:31 am to YipSkiddlyDooo
quote:
Because the government is going to take 50% of whatever they don't spend
That's incorrect. The estate deduction for your two parents combined is $10.68 million in 2014. Only the value of the estate in excess of that amount will be taxed.
3
Posted on 4/27/14 at 11:39 am to DoUrden
Everyone has their plan, but yours sucks Mine is to pass along the generational wealth that has already and will be passed down to me and make sure my kids will have a great jump on life.
Posted on 4/27/14 at 11:42 am to Beerinthepocket
quote:
That's incorrect. The estate deduction for your two parents combined is $10.68 million in 2014. Only the value of the estate in excess of that amount will be taxed.
Really? I thought it was lower than that. Is that for the 50% tax rate or when the estate tax hits?
My pop and I were discussing his estate the other day and I told him to spend as much as he could. He felt like he was in estate tax territory.
He educated three boys and set up college funds for 7 grand kids. I feel like he's done enough.
Posted on 4/27/14 at 11:51 am to LT
These higher exemption amount began in 2010 at $5M each and in 2012 it began to increase. It will increase each year until the exemption hits around $10M.
The tax rate is 40% of the value of the estate in excess of the exemption amount. So right now if a married couple leaves an estate of $11M only $320,000 of that will be taxed at 40%.
The tax rate is 40% of the value of the estate in excess of the exemption amount. So right now if a married couple leaves an estate of $11M only $320,000 of that will be taxed at 40%.
Posted on 4/27/14 at 12:00 pm to Triggerr
quote:
Mine is to pass along the generational wealth that has already and will be passed down to me and make sure my kids will have a great jump on life.
Well hopefully by the time you pass away your kids will no longer be kids anymore. IMO its better to invest in their education and get them set up to be an adult with a solid career. After that its enjoy the heck out of retirement, their monetary issues are their own doing from then on and anything left to them is gravy.
Posted on 4/27/14 at 12:02 pm to Beerinthepocket
quote:
That's incorrect. The estate deduction for your two parents combined is $10.68 million in 2014. Only the value of the estate in excess of that amount will be taxed.
Oh sorry for not being poor then. As I was saying....50% of it is going to people like Beerinthepocket
Posted on 4/27/14 at 12:05 pm to Beerinthepocket
quote:
That is one of the dumbest statements I've heard. I'm guessing your family is not into creating wealth that lasts generations?
frick that. My kids won't get shite.
Posted on 4/27/14 at 12:06 pm to YipSkiddlyDooo
quote:
YipSkiddlyDooo
Your post makes no sense.
Posted on 4/27/14 at 12:09 pm to Beerinthepocket
My pop took me aside and showed me where all his financials are filed. We went over the plans to provide for my mom if she can't on her own. It was a tough conversation, dealing with his mortality.
The plan is to spend as much as possible on them for long term care, if they need it. If so, I hope there's nothing left and I'm out of pocket giving them the best possible.
The plan is to spend as much as possible on them for long term care, if they need it. If so, I hope there's nothing left and I'm out of pocket giving them the best possible.
Posted on 4/27/14 at 5:58 pm to LT
quote:
The estate deduction for your two parents combined is $10.68 million
Not accurate, but close. I need to get busy, loosen up & have a little more fun lest we have tax to pay. Its been a great run. Life is a wonderful thing & I am so grateful for all the success & failures.
Posted on 4/27/14 at 6:41 pm to DoUrden
Ballers galore.
Posted on 4/27/14 at 6:56 pm to Bojangles
LT - impressive! Damn. You're a good man.
Posted on 4/27/14 at 7:02 pm to DoUrden
quote:
Stop relying on your family to set you up. My parents are successful but they raised their kids to do the same and we all have. I knew he silver spoon babies would come out with this post.
Ok.
What if they want to though?
Posted on 4/28/14 at 10:07 am to Beerinthepocket
quote:
That's incorrect. The estate deduction for your two parents combined is $10.68 million in 2014. Only the value of the estate in excess of that amount will be taxed.
Slight correction.....
If your parents are in Louisiana (or any other community property state), and the entirety of that estate is all community property, they'll only get 2 exemptions (each of which is $5,340,000) if certain pre-death moves are made (basically, a credit shelter trust).
Absent these moves, what happens in this (again, assuming you're in a community property state, and the entire estate is community property).
Spouse A dies. It all passes to Spouse B with no estate tax via the marital exemption. Then, spouse B dies, and he/she get an exemption on 5,340,000.
So, unless the first spouse to die leaves the property to their kids via a credit shelter trust, only one exemption ever gets realized.
The "typical" plan is known as an A/B plan, or a credit shelter/QTIP plan. Generally two trust are formed (one QTIP/one credit shelter, blah blah blah).
For a fee, I'd be happy to explain how to do this to anyone that's pre-ballin via the eminent death of their rich parents.
This post was edited on 4/28/14 at 10:08 am
Posted on 4/28/14 at 10:30 am to DoUrden
disagree and downvoted
Posted on 4/28/14 at 10:38 am to DoUrden
Encouraging them to spend inheritance. Bad idea
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