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Old 06-03-2014, 02:13 PM
 
Location: Baltimore, MD
3,746 posts, read 4,225,531 times
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Quote:
Originally Posted by Chaffeetrekker View Post
<snip>There's talk in DC that if the dems get re-elected to the WH in 2016 all the personal 401's, IRA's, et al will be folded into Social Security <snip>
Well, no, there is no such talk in DC.

Allow me to rephrase this in Baltimorese. "There's talk in EastBumF*** that if the dems get re-elected to the WH in 2016 all of our 401ks, IRAs, etc., will be folded into Social Security. Those folks said the same thing back in 2012. They sure are bats*** crazy! "
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Old 06-03-2014, 02:23 PM
 
29,562 posts, read 15,499,766 times
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As someone who will be an heir in the next 15 years or less, I hope my parents enjoy every dime they have earned. I'd hope that they'd essentially end up with nothing on the day of their death. I hope they fit in as many "good times" as possible before the end.

They actually just came back from a short vacation, and a friend flew them on his private jet as a gift to my father who is having a cancer issue. I'd much rather see them enjoy such luxuries than leave me a dime.
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Old 06-03-2014, 02:25 PM
 
29,562 posts, read 15,499,766 times
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Quote:
Originally Posted by lenora View Post
Well, no, there is no such talk in DC.

Allow me to rephrase this in Baltimorese. "There's talk in EastBumF*** that if the dems get re-elected to the WH in 2016 all of our 401ks, IRAs, etc., will be folded into Social Security. Those folks said the same thing back in 2012. They sure are bats*** crazy! "
I bet that sometime in the next 20 years they begin to look overall wealth to decide taxes and/or benefits.
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Old 06-03-2014, 02:51 PM
 
Location: Baltimore, MD
3,746 posts, read 4,225,531 times
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Quote:
Originally Posted by PedroMartinez View Post
I bet that sometime in the next 20 years they begin to look overall wealth to decide taxes and/or benefits.
Wealthy people tend to have high income. Historically, it is income that is easily recorded, taxed, and subject to means testing. OTOH, maybe in twenty years technology will enable a leaner government to identify and tax overall wealth regardless of income.

Last edited by lenora; 06-03-2014 at 03:05 PM..
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Old 06-03-2014, 03:02 PM
 
Location: Aiken, South Carolina, US of A
1,769 posts, read 3,872,191 times
Reputation: 3584
Look into buying a whole life insurance policy on yourself
and naming your children, or grandchildren the beneficiuaries.
I know I spelled that wrong.
That way, you pay the monthly premium, and spend whatever
money you NEED and want for your retirement.
When you die, your children will get the policy money,
tax free, and that's all there is.
Just make sure you always pay that policy, that's all.
Not term, Wholelife.
Research online and see what Estate advisors say about life
insurance.
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Old 06-03-2014, 03:09 PM
 
29,562 posts, read 15,499,766 times
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Quote:
Originally Posted by lenora View Post
Wealthy people tend to have high income. Historically speaking, it is income that is recorded, taxed, and subject to means testing.
I understand this, but it's my contention there will be a shift from income to worth in the taxing scheme.

I'm one of those people that do not believe you can have a never ending national debt escalation. Based upon that belief, I think a day of reckoning will come when taxing will receive an incredible increase. I believe the government will forced to go after the middle class, and it will be much easier to say, "We are only increasing taxes on millionaires" while adding up the value of a 58-year-old's house, 401k and IRA to get to that million dollar mark.
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Old 06-03-2014, 03:21 PM
 
Location: Charlotte, NC dreaming of other places
983 posts, read 2,180,114 times
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I just want to see how them Republicans will solve this problem if they take over in 2016. They will be handing money to the poor as they always do ;-)
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Old 06-03-2014, 03:40 PM
 
Location: Baltimore, MD
3,746 posts, read 4,225,531 times
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Quote:
Originally Posted by PedroMartinez View Post
I understand this, but it's my contention there will be a shift from income to worth in the taxing scheme.

I'm one of those people that do not believe you can have a never ending national debt escalation. Based upon that belief, I think a day of reckoning will come when taxing will receive an incredible increase. I believe the government will forced to go after the middle class, and it will be much easier to say, "We are only increasing taxes on millionaires" while adding up the value of a 58-year-old's house, 401k and IRA to get to that million dollar mark.
Ahh, I wasn't thinking of the house as an asset. I agree that something has to give but I'm not willing to bet that the middle class (what will be left of it) will be unduly punished.

I am 62 years old. I have far less than a million dollars in assets. Shocker, I know. Anyway, I have three children, all in their thirties and gainfully employed. In terms of inheritance, I plan on living frugally throughout the remainder of my years with the goal of leaving them as large an inheritance as I can muster. Why? Whether it is the "never ending national debt escalation" or the "need" to pay extra in FICA contributions to cover the cost of the Boomers' Social Security and Medicare benefits, my children and their peers will undoubtedly be in for a world of hurting. I can't do much for their peers, but I can at least try to help my kids have some degree of financial security for THEIR old age. Hopefully, their father (my ex) will do the same.

It is time for the younger generations, especially the Millenials because they are one huge generation, to step up and make their voices heard. I am confident this will happen but dang, I hope it happens while I'm still alive to see it. <sigh>
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Old 06-03-2014, 04:11 PM
 
29,824 posts, read 34,912,438 times
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As France and others have learned wealth is mobile and can leave others behind.
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Old 06-03-2014, 04:27 PM
 
29,824 posts, read 34,912,438 times
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Some points of reality regarding taxing wealth, the transfer of wealth in death and political reality: Good old Liberal, solid Blue Maryland home of some of City Data's finest.
Maryland Estate Tax Exemption Set To Rise - Tax - United States
On May 15, 2014, Governor O'Malley signed into law new legislation that will gradually increase the Maryland estate tax exemption from the current $1 million to match the indexed federal exemption in 2019. This means that Maryland's estate tax exemption will now be increasing annually. These changes will warrant review of the tax planning in wills and revocable trusts for large Maryland estates. Sophisticated drafting techniques will be required to take advantage of these increases should death occur during the phase-in period.

The Maryland estate tax exemption will remain $1 million for decedents dying in 2014; thereafter, it will increase as follows:
a.$1,500,000 for a decedent dying in 2015;
b.$2,000,000 for a decedent dying in 2016;
c.$3,000,000 for a decedent dying in 2017;
d.$4,000,000 for a decedent dying in 2018; and
e.for a decedent dying in 2019, the Maryland exemption will be equal to the federal exemption amount ($5,000,000 indexed for inflation from 2011).

Once the phase-in period is complete, Maryland's estate tax will have effectively incorporated "portability," a rule allowing a married person to give any unused estate tax exemption at death to his or her spouse. Further, a bill has been introduced in the Maryland Senate to make portability available immediately; if passed, that bill would be applicable to decedents dying after December 31, 2013. Although portability is now a permanent feature of the Federal estate tax system, Maryland is one of the first states to pass a law providing its citizens with the same relief from state estate taxes.
Oh yeah and the good old Democratic Maryland Governor would love to be the Dem nominee in 2016.

Wait maybe there is still Democratic Progressive hope for a fire and brimstone wealth redistribution campaign or at least the prevention of wealth being transferred just because of bloodline. Surely Old Blue NY state will lead the way. Another solid Democratic Presidential candidate for 2016
NY Raises Estate Tax Exemption

Quote:
New York State finally addressed its outdated estate tax exemption amount and doubled it to $2,062,500 effective April 1, 2014. The exemption will increase to $3,125,000 on April 1, 2015, $4,187,500 on April 1, 2016, and $5,250,000 on April 1, 2017. Starting January 1, 2019, New York will match the Federal exemption amount (estimated to be $5,800,000 or more by that time, with increases for inflation going forward).

•If an estate exceeds 105% of the exemption, the entire estate will be subject to estate tax, rather than just the amount in excess of the exemption amount at that time, effectively revoking the estate tax exemption for such estates. This is being referred to as the estate tax “cliff.” However, due to revisions to the tax brackets, such New York estates will pay the same tax as under prior law. Wealthy New Yorkers will still be tempted to become Florida residents to avoid estate tax. These exits are exactly what the estate tax change was touted to address.

.


Yes Dorothy wealth is mobile and there are those in Red here there and elsewhere with open arms welcoming it and offering deals just to get it to their territory. States fear becoming a big Detroit dealing the with the aftermath of its departure. Just look at what happened to jobs in this country. Compare the current status of Britain and France and the impact of their different polices.
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