- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Estate taxes
Posted on 9/30/23 at 2:08 am to victoire sécurisé
Posted on 9/30/23 at 2:08 am to victoire sécurisé
(no message)
This post was edited on 5/21/24 at 10:45 am
0
Posted on 9/30/23 at 4:44 am to ithad2bme
quote:
The 12 million number drops back to closer to 5-6 million in 2026, and at that point it is absolutely affecting families with small businesses.
When this sunsets, a lot of people will be affected. It may be worse if congress eliminates the step up basis. Nothing like getting hit with capital gains AND an inheritance tax at the same time.
Someone’s gotta pay for the 34 trillion dollar debt.
Posted on 9/30/23 at 5:00 am to rltiger
quote:
Someone’s gotta pay for the 34 trillion dollar debt.
They don't really care about the debt.
Posted on 9/30/23 at 5:04 am to rltiger
I don’t think most people realize how low this bar really is and what it means. We’ve had to deal with it twice in our family. Neither time did the estate go over the threshold, but was close enough that we had to ‘prove’ it to a fricking auditor.
Own you own home. Saved for retirement. Own your own business. Then add in an untimely death and you and your family can be facing an IRS audit at the threat of a gun not so soon after your loved one’s death.
Of all the forms of taxation, I’m not sure which I hate the most: estate taxes or property taxes.
Own you own home. Saved for retirement. Own your own business. Then add in an untimely death and you and your family can be facing an IRS audit at the threat of a gun not so soon after your loved one’s death.
Of all the forms of taxation, I’m not sure which I hate the most: estate taxes or property taxes.
Posted on 9/30/23 at 5:16 am to WillieD
quote:
$12 million
Per individual, with an unlimited spousal exemption. 2025 is when it sunsets back to a much smaller number.
IMO, this topic is fine for this board (though MB is best place for it). Democrats and Republicans have to pay.
Posted on 9/30/23 at 5:20 am to rltiger
quote:
Someone’s gotta pay for the 34 trillion dollar debt.
I know it will be painful, but the only way out of this debt is inflation. Make 100 dollars worth a dollar. Of course wages and prices for goods would have to increase with it. Could you imagine paying 350 dollars a gallon for gas or milk, or paying a million dollars for a beater car. And your paycheck being 500,000 instead of 5,000? Unfortunately, we will all be poor millionaires since every dollar we saved is now worth only 1 penny.
This post was edited on 9/30/23 at 5:43 am
Posted on 9/30/23 at 6:16 am to ithad2bme
They’re also considering removing the step up basis for assets upon death. That’s probably worse than the inheritance tax.
Posted on 9/30/23 at 6:39 am to Free888
Set up a Family Partnership. The partnership holds the property,
Posted on 9/30/23 at 7:13 am to WillieD
quote:
It kicks in at like $12 million. Also, politard board with this nonsense
You do realize non-politards also deal with estate taxes right?
Posted on 9/30/23 at 7:25 am to Chad504boy
Hardly anyone ever has to pay estate taxes. But some wealthy folks pay a shite ton of money to avoid it. Agreed that it should just be done away with.
Posted on 9/30/23 at 7:32 am to LSUCouyon
quote:
Set up a Family Partnership. The partnership holds the property,
All good but your interest in the FLP is part of your estate. Plus there are other complexities with FLPs beyond tax issues.
ETA: you can reduce the value of your FLP through discounts for marketability and lack of control, etc but an interest in a FLP is still part of your estate.
This post was edited on 9/30/23 at 7:34 am
Posted on 9/30/23 at 8:46 am to victoire sécurisé
quote:
3rd, 4th, 5th generation nepo babies whose only contribution to society is choosing where to invest their unearned wealth
No one earned it or ever taxed it?
Posted on 9/30/23 at 8:50 am to jrobic4
quote:
Per individual, with an unlimited spousal exemption
Another problem solved by incestual polygamy (on paper).
Posted on 9/30/23 at 8:52 am to WillieD
quote:Are there any exceptions for family farms? It doesn't take much land to hit $12 million in value.
It kicks in at like $12 million.
My in-laws have 400+ acres raising cattle and hay in Utah. Land across the highway from their place is all developed and 1/4 acre lots are selling for a half-mil each. My wife and her brother stand to inherit the farm.
Posted on 9/30/23 at 9:02 am to JumpingTheShark
uhhh exemption goes down to $5 million in 2025 which will cause family farms and businesses all over the country to sell out or close. Public companies are not subjected to such asset seizure.
Some democrats want to lower the exemption to $600000.
Some democrats want to lower the exemption to $600000.
This post was edited on 9/30/23 at 9:10 am
Posted on 9/30/23 at 9:03 am to ithad2bme
It's not easy to avoid and I predict you will not like any remedy.
This post was edited on 9/30/23 at 9:05 am
Posted on 9/30/23 at 9:04 am to WillieD
quote:
kicks in at like $12 million.
So what?
Posted on 9/30/23 at 9:09 am to victoire sécurisé
such a stupid take
what is the difference between holders of stock in a private company and a public one?
I guarantee you no one would ever support taking 40% of the assets of a public company every 20 years but many support taking it from private companies every time a generation dies
what is the difference between holders of stock in a private company and a public one?
I guarantee you no one would ever support taking 40% of the assets of a public company every 20 years but many support taking it from private companies every time a generation dies
This post was edited on 9/30/23 at 9:23 am
Posted on 9/30/23 at 9:13 am to LSUCouyon
that will not work
you basically have to give the assets to an irrevocable trust and lose all control BUT the exemption still comes into play. If you give a value more than the exemption to the trust you will be taxed at the gift tax rate.
you basically have to give the assets to an irrevocable trust and lose all control BUT the exemption still comes into play. If you give a value more than the exemption to the trust you will be taxed at the gift tax rate.
Posted on 9/30/23 at 9:17 am to Chad504boy
quote:
The government flexed their power that they are gonna take theirs when you pass down to your own flesh and blood on the nickels you earned and done did paid every tax their was on earned and spent. We live in a tyrany fake arse country. We accepted this as ok some time ago. frick that.
I don’t want this deemed political. This is just everyday real life governmental bull shite.
Who are you talking to? I don't even know anyone with a net worth exceeding 13 million. If your heirs inherit in excess of 13 million bucks and they can't pay the taxes on it somebody should have planned better.
Page 2 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News