- 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 2:03 pm to ned nederlander
Posted on 9/30/23 at 2:03 pm to ned nederlander
all of this thinking is BS
estate taxes destroy family businesses every year.
The USA has some of the biggest estate taxes in the Western World.
There is nothing passive about building a farm or business, paying income taxes, property taxes, payroll taxes, excise taxes ect. while building it.
Thing is people like Peebles have as much say in how much the government should seize as the individual entrepreneur that builds a company.
If you want the government to seize the assets of these private family business why do you not advocate seizing 40% of the market value of Apple every 20 years?
estate taxes destroy family businesses every year.
The USA has some of the biggest estate taxes in the Western World.
There is nothing passive about building a farm or business, paying income taxes, property taxes, payroll taxes, excise taxes ect. while building it.
Thing is people like Peebles have as much say in how much the government should seize as the individual entrepreneur that builds a company.
If you want the government to seize the assets of these private family business why do you not advocate seizing 40% of the market value of Apple every 20 years?
0
Posted on 9/30/23 at 2:18 pm to ned nederlander
quote:
most civil law jurisdictions prohibited trusts in part to move away from a system of feudalism that preserved land and wealth for a few families indefinitely. Ownership should not be split between control rights and beneficiary rights. Don’t tax Billy Madison’s inheritance, but give it to him with full control and ownership.
Rule against perpetuities takes care of this in most jurisdictions. Trusts are used for a ton more than just creating dynasty trusts. The thoughts that kids just inherit cash is based in complete ignorance. In fact, wanting to limit how much a kid can access is a goal in most multi-generational trusts.
Posted on 9/30/23 at 2:51 pm to BBONDS25
quote:Yes, but the business of charitable trusts aggregating fortunes, then transferring untaxed money overseas, needs to be stopped.
Trusts are used for a ton more than just creating dynasty trusts.
The whole concept of "charitable deduction" holds that money spent on a Carnegie Hall is in the taxpaying public's interest. That is fine. But allowing the Gates Foundation to offshore hundreds of billions, untaxed, while here at home Farmer John's kids have to conduct a fire sale to liquidate for tax purposes seems to me to be BS.
If the Gates Foundation wants to donate to the US 1°/2° Educational System, or to US research, or the US social safety net, great! But every dollar offshore needs to be fully taxed before it leaves the country.
Posted on 9/30/23 at 3:06 pm to NC_Tigah
quote:
Yes, but the business of charitable trusts aggregating fortunes, then transferring untaxed money overseas, needs to be stopped.
I don’t necessarily disagree. However, private foundations are required to distribute at least 5% of the FMV of the total assets to charities annually. If the foundation assets grow the annual amount grows. And there are some pretty strict rules regarding self-dealing. All of the money will eventually go to charity.
Posted on 9/30/23 at 3:19 pm to BBONDS25
quote:Now, tell me how that gets tracked in Abuja, Nigeria, or Addis Ababa, Ethiopia, or Beijing, China, or Delhi, India, or Johannesburg, South Africa.
And there are some pretty strict rules regarding self-dealing. All of the money will eventually go to charity.
Posted on 9/30/23 at 3:31 pm to NC_Tigah
quote:
Now, tell me how that gets tracked in Abuja, Nigeria, or Addis Ababa, Ethiopia, or Beijing, China, or Delhi, India, or Johannesburg, South Africa.
That’s why I don’t necessarily disagree. But I do doubt that it is common for billionaires to commit tax evasion and lie on FBAR to avoid self dealing rules. That seems a pretty big risk when you’re already a billionaire.
Posted on 9/30/23 at 3:39 pm to Peebles
quote:
Minus 13 million bucks. You left that part out.
You do realize the point is that number is arbitrary, right? It’s legitimately scheduled to change to half that in a few years.
While we are in an inflationary period. Gee I wonder why The POTUS admin pretends like they don’t notice inflation and it’s not real? Tax code doesn’t necessarily keep up.
Posted on 9/30/23 at 3:43 pm to BBONDS25
quote:Right. I'm specifically addressing Gates. My trust of that weasel might be lower than it is for Soros. His Foundation structure looks like an offshore laundry-mat. He'll be dead and gone, so no risk to him. If there are enforceable safe-guards, I don't see them.
That seems a pretty big risk when you’re already a billionaire.
E.g., Money from the Johannesburg GF HQ gets poured into a Nairobi Foundation, which then passes it on to a Sudanese flow-thru, which in turn funds moneyraising Galas, luxury yacht outings, and private jet excursions all attended by folks whose last name is Gates or Buffett.
Am I wrong?
This post was edited on 9/30/23 at 4:16 pm
Posted on 9/30/23 at 4:12 pm to NC_Tigah
I’m not familiar with the bill and Melinda gates foundation (at least that is what it used to be called), but it wouldn’t surprise me.
Posted on 9/30/23 at 4:21 pm to Chad504boy
Irrevocable Trust. Manage the money and taxes before death.
Posted on 9/30/23 at 4:30 pm to auisssa
quote:Yeah. I was determined to make an IRT work for us. In the end, it was simply too restrictive for MsNC and me, though.
Irrevocable Trust. Manage the money and taxes before death.
Posted on 9/30/23 at 5:14 pm to auisssa
quote:
Irrevocable Trust. Manage the money and taxes before death.
You can do lifetime and annual gifting into an irrevocable trust. After that any gift you make to the trust will trigger a 40% gift tax. You also cannot have any incidence of ownership over assets in the irrevocable trust. Not a great plan if the grantor needs or wants access to those assets.
You could also do GRATS, FLPs, and CRUTs among a couple dozen other strategies. Every single one requires giving up either power over the asset or access to the asset or income from the asset. Unless you want to leave the entirety of your assets to charity upon death, if your estate is big enough you cannot always plan around the tax.
Just deciding irrevocable trust and/or flp is not a good plan.
Posted on 9/30/23 at 7:48 pm to WillieD
quote:
It kicks in at like $12 million. Also, politard board with this nonsense
$12-million is the new $350; it ain't squat.
Posted on 9/30/23 at 8:08 pm to WillieD
quote:
t kicks in at like $12 million. Also, politard board with this nonsense
Communist
Posted on 9/30/23 at 11:14 pm to Chad504boy
Set up a trust or do like my parents and donate everything to me that way after so many years the government can’t come in and do anything
We had our lawyer draw up the paperwork and file it.
We had our lawyer draw up the paperwork and file it.
Posted on 10/1/23 at 4:53 am to bulldog95
quote:
Set up a trust or do like my parents and donate everything to me that way after so many years the government can’t come in and do anything
Unless your parents were good giving up 26MM to you that isnt how it works.
Posted on 10/1/23 at 6:08 am to Chad504boy
This tax creates the slow elimination of small, family owned businesses and gives advantage to behemoth publicly traded businesses.
Posted on 10/1/23 at 7:35 am to Out da box
quote:
This tax creates the slow elimination of small, family owned businesses and gives advantage to behemoth publicly traded businesses.
Then we should rename it The Covid Tax. Same outcome, by design.
Posted on 10/1/23 at 9:11 am to Out da box
quote:
This tax creates the slow elimination of small, family owned businesses and gives advantage to behemoth publicly traded businesses.
This exactly. Which is why I’m baffled that liberals love it.
Not really baffled. Those idiots just love taxes. They don’t think things through.
This post was edited on 10/1/23 at 9:19 am
Posted on 10/1/23 at 9:33 am to BBONDS25
Stepped up basis at death is the one I dont get. How is it just to charge capital gains tax on the individual who earned the $ then put it at risk by investing. Yet, heirs dont pay a dime when realizing capital gains at death. No one seems to want to address this yet dems have been pushing idea of taxing unrealized gains (starting w the billionaires of course but we know how that will play out.)
I'd like to see the zero LTCG rate bracket expanded but eliminate or reduce stepped up basis at death. It would cost my heirs but only seems right to tax capital gains when sold no matter who originally bought them. They can always hold like I did and delay taxation themselves.
I'd like to see the zero LTCG rate bracket expanded but eliminate or reduce stepped up basis at death. It would cost my heirs but only seems right to tax capital gains when sold no matter who originally bought them. They can always hold like I did and delay taxation themselves.
Page 4 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News