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2013 will be a bad year to die.

Death Tax

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#1 Happy Panther

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Posted 10 December 2012 - 04:05 PM

Unless there is a deal, the estate tax will revert to 55% over a $1M exemption of assets on Jan 1, 2012. That is a huge tax and it is not that difficult for an individual to accumulate $1M when you add in a paid off house, cars, and 401k.

I reject the whole idea of this tax anyway and would get rid of it.

#2 mmmbeans

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Posted 10 December 2012 - 04:07 PM

just get rid of your shiat before you die...

#3 MadHatter

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Posted 10 December 2012 - 04:08 PM

Unless there is a deal, the estate tax will revert to 55% over a $1M exemption of assets on Jan 1, 2012. That is a huge tax and it is not that difficult for an individual to accumulate $1M when you add in a paid off house, cars, and 401k.

I reject the whole idea of this tax anyway and would get rid of it.


Actually every year is a bad year to die.

It is more accurate to say.....next year will be a bad year for the family of someone who dies.

#4 Happy Panther

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Posted 10 December 2012 - 04:10 PM

just get rid of your shiat before you die...


How?

#5 MadHatter

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Posted 10 December 2012 - 04:10 PM

The Estate Tax is one of the worst and most ridiculous taxes on the books.

They tax you when you earn it....they tax you when you spend it....they tax your for keeping it....then they tax you on the same stuff when you die.

With the number of taxes that this country has, it is absolutely dumbfounding that people still don't realize that it is NOT a revenue issue......it is a SPENDING issue.

#6 mmmbeans

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Posted 10 December 2012 - 04:15 PM

How?


put things in other people's names prior to death... houses, property etc... put cash into precious metals... even better you can skip a generation and leave money to your grandchildren and have it be tax free.

or hell... simply take cash out and put it in a safe deposit box.


you really think the wealthy let this shiat exist without having a way around it?

#7 Happy Panther

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Posted 10 December 2012 - 04:17 PM

Exactly.

Proponents of the death tax say that it "helps" rich families not turn into a dynasty. And it keeps trust fund kids from being lazy.

Let's say a man accumlates $3M in assets and decides to retire at 55. If he exhausts all of his assets over the next 30 years he will live on $100k or so per year which is a nice standard of living if you aren't putting 4 kids through med school.

But if he gets hit by a bus at age 55.01 he owes the government $1M potentially next year for the right to spread his assets to his family. And if he owns a small business or farm his estate may have to dissolve the company business just to pay the tax bill.

If someone wants to fix the step up rule that would make more sense.

#8 Happy Panther

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Posted 10 December 2012 - 04:21 PM

put things in other people's names prior to death... houses, property etc... put cash into precious metals... even better you can skip a generation and leave money to your grandchildren and have it be tax free.

or hell... simply take cash out and put it in a safe deposit box.


you really think the wealthy let this shiat exist without having a way around it?


Well there is a gift tax which is used so people can't do that. If you put a house in someone elses name you are taxed.

I don't think grandchildren exempt an estate from estate tax.

And precious metals are assets too unless you are talking about pure tax fraud. But if a man has $3M of assets, a big portion of that will be things that you can't simply turn into cash. Houses, business, equities with large unrealized gains.

I think the smart way to do it is to do it through a public company somehow but i would need a really good accountant

#9 Bronn

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Posted 10 December 2012 - 04:32 PM

Even before, people inheriting assets that are sold post-mortem or are straight cash assets had to claim it as income on income taxes, and the .gov got a huge chunk of it even with estate tax laws... This isn't just a bad thing post-fiscal cliff... Death taxes have always been BS.

#10 stirs

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Posted 10 December 2012 - 04:33 PM

Nobody works harder than the Federal Government. You should donate it all to them, to hell with your kids.

#11 Bronn

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Posted 10 December 2012 - 04:37 PM

I'll never forget having to write a $16,000+ check to the IRS all because we lost my grandfather-in-law...

#12 stirs

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Posted 10 December 2012 - 04:47 PM

Some campaign doner in Sacremento is starving and needs this money, now sit down and write the checks you greedy capalists pigs.

#13 Gazi

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Posted 10 December 2012 - 04:52 PM

If you gift it before you die they don't have to pay anything. doh

#14 thefuzz

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Posted 10 December 2012 - 04:54 PM

I am nervous for my parents in this situation.

My grand parents have probably accumulated about $1M in total assets, with the majority of that being a home on the beach that they have owned since the 60's.

Both are in poor health, and it would not shock me to have to bury one of them this year. I can't believe that the US Government is going to tax them because they have lived a thrifty lifestyle, and invested well enough to have some cash when they are gone.

I guess we will see though.

#15 stirs

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Posted 10 December 2012 - 04:55 PM

I think there is a cap to gifting, no?


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