Billionaire Dies 0$ Estate Tax due

skydivr

skydivr

Jumps from perfectly good Airplanes
Donating Member
NYT: Billionaire's legacy ? death, but no taxes - Personal finance- msnbc.com

I love it. This guy worked his entire life to accumulate some wealth, paying boucoup income taxes the ENTIRE time. Tell me why he should have to then pay taxes AGAIN on money he rightfully earned in order to pass it to his heirs. The Estate tax is a scourge, and I'm glad to see this 'loophole' actually happen for someone.

Being able to pass along what you have been fortunate enough to save/earn/keep AFTER paying every penny of income tax should be an American RIGHT. What else could I want for my daughter, other than to leave her with a better lot than I and give her a better chance at a good life and/or pass that along to her children? Oh, that's right, take it all away in Estate tax, then have her be on the government dole?

It's especially wrong for small businesses. A business, upon the owner's death, is valued, and taxed. The heirs have to pay the Tax RIGHT THEN, and frequently have to sell (or borrow and subsequently fail) said business just to pay the Tax....what common sense is that?

For people to even THINK that the goverment has any dibs on a penny of that money is pitiful....
 
It's gonna get even worse as states are trying to find ways to raise money to cover their budget problems.
 
I heard in passing on the news about states losing money on the gas tax due to fuel efficient cars. So to fix that they would tax miles driven...LOL what a hoot.

Oh and for years my electric co-op has said our bill was high cuz of going over peak demand in the summer months. Every year they push down our throats to conserve electricity...,use the new bulbs, buy the thermo heat furnace, set the thermostat to 65..blah blah blah...SO my base rate and KWH is going up this month. Wanna guess why?







People/businesses arent using enough electricity to cover the costs of generation due to the down turned economy. WTF? So can we go back to warmer winter nights and running my air conditioning all day now?

The whole world is a scam...Every thing we touch is being manipulated towards someone elses advantage. No sour grapes here..it just still simply amazes me after all my years.
 
I am with you. We should take a step back and ask is this really leagal. Isn't this taxing income that may have already been taxed just because some one died?
 
Acehole said:
I heard in passing on the news about states losing money on the gas tax due to fuel efficient cars. So to fix that they would tax miles driven...LOL what a hoot.
Click to expand...

That is already here. Ask any trucker who needs to drive through Oregon. They need to keep track of miles driven so they can pay a tax for road usage. At least I think that is the term Oregon uses. FYI don't speed through Oregon they have stiff fines, and they have a state wide speed limit of 55MPH. Just food for thought.
 
Yes that is very sad. If you leave them real estate instead of actual cash or equities I don't think they have to pay said tax though right ?
Either way let them try to tax all the guns I'm gonna leave Adam.
If he's like daddy they can have the bullets first !
:laugh:
 
If I accumulated that much wealth, I knew things were going down hill. I would gift my money and property to my children. That way the government can't touch any of it.
 
Phrogg said:
If I accumulated that much wealth, I knew things were going down hill. I would gift my money and property to my children. That way the government can't touch any of it.
Click to expand...

there are limits on the amounts you can gift/year...there is no way a person with that much wealth can disperse it all before they die with as low as the limits are set
 
Phrogg said:
If I accumulated that much wealth, I knew things were going down hill. I would gift my money and property to my children. That way the government can't touch any of it.
Click to expand...

WRONG! :poke:

You are limited to the amount of money you can gift a child annually without paying taxes during the year the money is gifted. I believe it's $10K? So it would take ten years to gift your kid $100K. There is no way around the death tax.

I'm with Skydivr 100%, I don't think the government has any right to anything that was left over after I've paid the taxes at the time I earned it. Now one red cent. Small business and farms are a prime example. Kids end up selling the family business or farm in order to satisfy the tax burden. It's thievery I tell you, THIEVERY! :moon:
 
I don't think death taxes take effect unless the persons wealth is in excess of 3.5m I will let you guys know in about 8mos though :thumbsup:
 
Blanca Busa said:
Yes that is very sad. If you leave them real estate instead of actual cash or equities I don't think they have to pay said tax though right ?
Either way let them try to tax all the guns I'm gonna leave Adam.
If he's like daddy they can have the bullets first !
:laugh:
Click to expand...

In VA if you're left real estate, you pay the tax then (about 40%!!!:banghead: BS!!!), or Uncle Sam sells your property and gives you what's left, if anything.
And you're not gonna leave your son any guns, you sold them all:laugh: The day the Gov shows up to take my guns they will all have been previously sold:laugh: I don't know what Florida does, but here you can privately sell your guns to anyone, no questions asked, no paper trail.
 
Wayneovich, you are partially right, due to the lifetime exclusion before the estate tax kicks in....

And gift limitations before tax kicks in is about 12K per parent for a total of 24K a year (mom can give, and dad can give out of their joint marital assets).

Still, after paying in full income taxes all your life, what right is it of the government to take 50% of it again?

Look at the family farm. A man works his whole life to have this farm. The land has increased in property value during the farmer's lifetime (although it may be priceless to his heirs); when he dies, the estate tax due on that property frequently forces the heirs to have to sell the property to pay the tax on it. What sheer stupidty. This is one of the items that I hope a Conservative-controlled legislature can fix.
 
skydivr said:
Wayneovich, you are partially right, due to the lifetime exclusion before the estate tax kicks in....

And gift limitations before tax kicks in is about 12K per parent for a total of 24K a year (mom can give, and dad can give out of their joint marital assets).

Still, after paying in full income taxes all your life, what right is it of the government to take 50% of it again?

Look at the family farm. A man works his whole life to have this farm. The land has increased in property value during the farmer's lifetime (although it may be priceless to his heirs); when he dies, the estate tax due on that property frequently forces the heirs to have to sell the property to pay the tax on it. What sheer stupidty. This is one of the items that I hope a Conservative-controlled legislature can fix.
Click to expand...

Lets hope. Of course none of us know when it's our time. My folks are putting there house in my name soon. They're thankfully in good health, but can't stand the idea of me being taxed like that on there assets when they're gone.
This won't work in all situations, but I hope more families can pass assets along in life to prevent this goverment scam, cuz that's all it is.
 
Sixpack, you had better talk to a tax attorney. Putting house in your name not going to get you past estate tax issue....
 
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