Archived

This topic is now archived and is closed to further replies.

2013 will be a bad year to die.


121 posts in this topic

Posted

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

Share this post


Link to post
Share on other sites

Posted

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.

1 person likes this

Share this post


Link to post
Share on other sites

Posted

I think there is a cap to gifting, no?

Share this post


Link to post
Share on other sites

Posted

Yes, there is. Over that amount....and there is a tax...surprise.

1 person likes this

Share this post


Link to post
Share on other sites

Posted

Gift used to be capped at 200k a year. If you plan far enough in advance you can move a lot tax free, but really death taxes are just evil

Share this post


Link to post
Share on other sites

Posted

Believe it's $12k per year now...which is why people create trusts.

Share this post


Link to post
Share on other sites

Posted

what's wrong with the estate tax? it's not like you're going to be doing anything with your poo when you're dead and i mean, i don't want some stupid parasites inheriting their parents' stuff rather than actually working for a living am i right fellow republicans?

Share this post


Link to post
Share on other sites

Posted

what's wrong with the estate tax? it's not like you're going to be doing anything with your poo when you're dead and i mean, i don't want some stupid parasites inheriting their parents' stuff rather than actually working for a living am i right fellow republicans?

You are either stoned, drunk, or stupid. Personally I am betting that it is all of the above.

Share this post


Link to post
Share on other sites

Posted

i don't touch the stuff but since we're going that route rather than actually discussing the merits of the estate tax, you're fat iirc

e: confirmed

Share this post


Link to post
Share on other sites

Posted

what's wrong with the estate tax? it's not like you're going to be doing anything with your poo when you're dead and i mean, i don't want some stupid parasites inheriting their parents' stuff rather than actually working for a living am i right fellow republicans?

In my life I don't think that I have ever talked to a person that was born in the US and was more of a communist than you seem to be.

Share this post


Link to post
Share on other sites

Posted

I am currently meeting with my peeps to avoid this at all costs.

Setting up trusts for assets and life insurance policies is a logical first step.

Share this post


Link to post
Share on other sites

Posted

Ya gotta have trusts. Make sure your benes on stuff goes one half to the trust and the other to your kids.

Gifts are capped around 12k but to direct family members. If you have large amounts I would hope you have good financia people around to smartly give the money to good charties etc as well as investing in tax advantageous vehicles.

1 person likes this

Share this post


Link to post
Share on other sites