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Started By
Message
re: Estate Tax Insurance
Posted on 10/16/18 at 8:45 pm to Ambassador
Posted on 10/16/18 at 8:45 pm to Ambassador
quote:
An estate planner really scared my in-laws today. He told them his estimated value of their estate and told them the tax bill upon inheritance would be over $200,000, Their assets are in a trust and valued much less than what I understand is the federal exemption limit of $5.49 million. He wanted to sell them estate tax insurance of around $850 to $1333 a month, depending on how much they want to insure.
Let's see, he scared his clients, pushed a previously unknown service on them, and offered them a monthly insurance (?) that would pay for the calculated estate tax of 200,000 in a little over 12 years.
Sounds legit.
0
Posted on 10/16/18 at 8:45 pm to Ambassador
Sounds like sales pitch and misinformation if estate is below $5.6M today. Even if law sunsets a husband and wife should have at least $11.2M of combined estate tax exemption assuming no taxable gifts during lifetime.
Posted on 10/16/18 at 8:51 pm to Ambassador
Get with a CPA or estate attorney ASAP
Posted on 10/16/18 at 8:52 pm to Ambassador
quote:
Good idea, can an admin move this post to the Money Board?
yep...just use the "request Admin" button on your original post and request it be moved. I would leave it here for a little while though, as the responses come a lot faster here.
Posted on 10/16/18 at 8:52 pm to Jim Rockford
And life insurance companies were the biggest lobby against repeal of the inheritance tax. One particular insurance company with Farm as their first name was front and center, so much for looking out for their members.
Posted on 10/16/18 at 8:57 pm to Jim Rockford
quote:
Everybody bitches about inheritance taxes but due to the generous exemption, almost no one is subject to them. The only "regular"people who need concern themselves are those with a sizable business or family farm
“Generous exemption”? How generous of the government to not tax all of your wealth for triggering a taxable event by dying.
Absurd. Posted on 10/16/18 at 8:57 pm to Ambassador
From my experience, a trust is a huge pile of BS.
Just need a will and set up the assets with the receipents ready on them. That is if, they are honest enough.
A trust is legal pain in the rear end and old school crap
Just need a will and set up the assets with the receipents ready on them. That is if, they are honest enough.
A trust is legal pain in the rear end and old school crap
Posted on 10/16/18 at 8:58 pm to KemoSabe65
quote:
And life insurance companies were the biggest lobby against repeal of the inheritance tax. One particular insurance company with Farm as their first name was front and center, so much for looking out for their members.
That's info I did not know.
The in-laws have a decent amount of land with rental trailers. The value is not over the exemption limit for sure.
My wife told them to get the second opinion.
Posted on 10/16/18 at 8:59 pm to Fat and Happy
quote:
From my experience, a trust is a huge pile of BS. Just need a will and set up the assets with the receipents ready on them. That is if, they are honest enough. A trust is legal pain in the rear end and old school cr
Yikes. DO NOT take your advice from this board. If your in laws have a sizeable estate they need an attorney.
Btw. Well done marrying into a family that may have an estate tax problem.
This post was edited on 10/16/18 at 9:02 pm
Posted on 10/16/18 at 9:02 pm to Fat and Happy
quote:
A trust is legal pain in the rear end and old school crap
Really? What if you have multiple children, grandchildren, businesses, various partnerships etc...
A trust is as hard or as easy as you make it. We have one set up for our children for the above reasons and it wasn’t hard to set up nor was it expensive. OP in laws need a good estate attorney.
Posted on 10/16/18 at 9:03 pm to Fat and Happy
quote:
From my experience, a trust is a huge pile of BS.
Just need a will and set up the assets with the receipents ready on them. That is if, they are honest enough.
A trust is legal pain in the rear end and old school crap
My FIL wanted to make sure no one would mortgage and lose his land after he dies. His thought it will allow each sibling to hold the other one accountable and keeps us son in laws from losing his land.
Posted on 10/16/18 at 9:07 pm to Ambassador
quote:
My FIL wanted to make sure no one would mortgage and lose his land after he dies. His thought it will allow each sibling to hold the other one accountable and keeps us son in laws from losing his land.
Who is the trustee? Do they have the power to sell/ encumber the assets? There is a lot to consider. He needs an attorney. Not to beat a dead horse?
Posted on 10/16/18 at 9:07 pm to Ambassador
quote:
My FIL wanted to make sure no one would mortgage and lose his land after he dies. His thought it will allow each sibling to hold the other one accountable and keeps us son in laws from losing his land.
Well no matter what is set up there will always be one sociopathic child that thinks it all belongs to them and they will scheme to make it happen. Every family has one. I’ve starred in that movie.
Posted on 10/16/18 at 9:08 pm to Martini
quote:
I’ve starred in that movie.
you the sociopath? Ambassador should listen to you, though. You are 100 percent right. Family bonds go out the door when money is involved. Sad but true.
Posted on 10/16/18 at 9:11 pm to Ambassador
quote:
Their assets are in a trust and valued much less than what I understand is the federal exemption limit of $5.49 million
It's $10M now with the tax reforms passed last year.
The tax bill, passed by the House and Senate yesterday, temporarily doubles the exemption amount for estate, gift and generation-skipping taxes from the $5 million base, set in 2011, to a new $10 million base, good for tax years 2018 through 2025. The exemption is indexed for inflation, so it looks like an individual can shelter $11.2 million in assets from these taxes. Another federal estate law provision called portability lets couples who do proper planning double that exemption. So, a couple could exclude $22.4 million for 2018
This post was edited on 10/16/18 at 9:28 pm
Posted on 10/16/18 at 9:15 pm to BBONDS25
quote:
you the sociopath?
Far from it but I’ve had to fend them off. Every family has a deadbeat.
Posted on 10/16/18 at 9:24 pm to KemoSabe65
quote:
And life insurance companies were the biggest lobby against repeal of the inheritance tax. One particular insurance company with Farm as their first name was front and center, so much for looking out for their members.
Interesting piece of info here that I did not know. Certainly makes sense, though.
Posted on 10/16/18 at 9:25 pm to Martini
Many folks think any attorney can draw up a will/trust, my dad and me did. The attorney I found for him was a friend that didn’t specialize in wills or trust. That costs me and my siblings close to $200,000 the past 2.5 years spent on attorneys fees and settlement with his third wife. If you have assets, spend the money on an estate and tax attorney.
Posted on 10/16/18 at 9:31 pm to Martini
quote:
Far from it but I’ve had to fend them off. Every family has a deadbeat.
Yep. Hence the value of a well drafted trust.
Posted on 10/16/18 at 9:31 pm to KemoSabe65
And there’s the deadbeat sociopath I’ve mentioned.
Sorry to hear that Kemo but “third wife” should have been a big arse red flag.
My wife will have that scenario to deal with-ex stepmothers. Hopefully we have battened those hatches down for when that storm comes a brewing. And it will.
Sorry to hear that Kemo but “third wife” should have been a big arse red flag.
My wife will have that scenario to deal with-ex stepmothers. Hopefully we have battened those hatches down for when that storm comes a brewing. And it will.
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