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For those knowledgeable legal folks...there must be a legal way to transfer ownership or money into corporations/holdings (maybe during life) to avoid the money grabbers from taking and redistributing to whose wanting handouts?
Sure, and most wealthy people are savvy enough to have every mechanism in place to protect as much of their wealth as possible.
Again, so much time wasted by the "have nots," concerning themselves with the problems of the super rich. I just don't get it. "They" can take care of themselves, and have enough money to hire people who can take care of sheltering their assets from the tax man. Don't worry about the problems of the rich, cause they sure as hell don't worry about your problems.
Does the inheritor pay twice on the income, no. In fact depending upon the what is being inherited, life insurance for example, it may have never been taxed before.
Sure, and most wealthy people are savvy enough to have every mechanism in place to protect as much of their wealth as possible.
Again, so much time wasted by the "have nots," concerning themselves with the problems of the super rich. I just don't get it. "They" can take care of themselves, and have enough money to hire people who can take care of sheltering their assets from the tax man. Don't worry about the problems of the rich, cause they sure as hell don't worry about your problems.
The wealthy don't have all those tax breaks you're trying to give them credit for.
One example, and I'm sure there are many thousands...
The O'Malley family owned the LA Dodgers. For 50 years the O’Malley family owned and operated the Dodgers in the manner of a family business. Peter realized if he were to pass on, it would BK the family who inherited the club. The only tax break he could find was to sell the family business, so he bailed out.. He was forced to sell the family business that the family had build and nurtured for over 50 years because of the greedy government want to take something they weren't entitled to..
You leave an asset worth $500 million to someone, and tell them they better write a check to the government for $250 million, and we want it NOW...! Where is someone going to come up with that kind of money..? They can't, so the gov takes it all for non-payment...
New gains plain and simple. Those who are being left the "assets" are not the direct recipients of the income stream derived from that investment or string of assets. They are inheriting a cash flow/stream that is outside of their direct sphere of ownership. Hence, not double taxation, but a new gain.
So is it safe to assume that, should I inherit a family heirloom, you believe the government should attempt to get a piece of it?
Last edited by Mr. Joshua; 12-15-2010 at 04:44 PM..
For those knowledgeable legal folks...there must be a legal way to transfer ownership or money into corporations/holdings (maybe during life) to avoid the money grabbers from taking and redistributing to whose wanting handouts?
That depends..
To be legal, I can create a corporation, put assets in that corporation, and then transfer the stock ownership of the corporation to my children which would avoid the government knowing about the transfer. This would be illegal unless the transfer of stock ownership is done over numerous years and is below the federal limit on gifting. This doesnt say this cant be done..
One could also create a land trust to hold ownership of the assets, and then transfer the trustee over from yourself to your children, this transfers control of the assets to your children while allowing the ownership of the trust to remain hidden. You could transfer the ownership of the trust to your children, but this again, woudlnt be legal.
Either of these scenarios could easily happen and it would be completely hidden from the government..
Or you could do what the Gates are doing.. create a charitiable trust, donate all of your assets to the trust, and then allow your children a position on the board which will allow them to receive a paycheck forever, and avoid the inheritance tax completely.. While they would be taxed at a paycheck rate, this is far cheaper than the inheritance tax...
Interesting argument from Democrats.. YOUR DEAD.. Its not YOUR money..
Is this guy for real? He pull off such immature act in front of national TV. I meant, serious, we elected this jerk off to office? As a NYer for 20 years, I am ashamed of myself.
These morons are so out of touch. He talked about debt and debt and debt. It seem to them, the solution is more taxing is the solution. They can just continue their reckless spending because they can just keep on taxing. After all, to them, whatever they don't tax, it's a gift to the rest of you. It's NOT your money. It's theirs.
My answer is to transfer my estate while I am alive then spend everything left and die with my estate as deep in debt as I can manage. No tax problem at that point.
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