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ny is fixing the hole in the estate tax bill that passed. they rushed it through so fast they forgot to add provisions for what happens if you exceed the limit before it ramps up to the federal level.
but my new disclaimer trust we did two months ago works nicely even with the cliff as they call it.
ny did the same thing rushing our gun bill through. they limited you to no magazines bigger than 10 rounds and forgot to exclude law enforcement.
ny is fixing the hole in the estate tax bill that passed. they rushed it through so fast they forgot to add provisions for what happens if you exceed the limit before it ramps up to the federal level.
but my new disclaimer trust we did two months ago works nicely even with the cliff as they call it.
ny did the same thing rushing our gun bill through. they limited you to no magazines bigger than 10 rounds and forgot to exclude law enforcement.
Maryland, NY and other wealth guzzling states are fearing a flight of capital that includes transplanting retiree's.
<snip>Oh yeah and the good old Democratic Maryland Governor would love to be the Dem nominee in 2016. <snip>
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Interestingly, O'Malley was opposed to the legislation and didn't immediately sign it when signing off on all of the rest of the legislation. Many of us were waiting...and waiting...
That said, I told my father he needs to wait a few more years before he dies. I know this will not surprise you TuborgP, but I was not in favor of the bill.
O'Malley running for Prez? If we had not seen an unknown dimwitted pretty face picked up by McCain as a running mate I would have said that's crazy talk. Now, I guess all bets are off.
Maryland, NY and other wealth guzzling states are fearing a flight of capital that includes transplanting retiree's.
I don't believe Marylanders feared a flight of capital. Raising the > $1 million estate tax to >$2 million would have been more than fair. I'm guessing most of the legislators were looking at their own Papa's assets and got a little greedy. At least we still have an inheritance tax, kind of, sort of.
I guess I'll take the wealth guzzling state of Maryland with all of its regulations and environmental protections than the low tax state of North Carolina without, apparently, any environmental protections. Pick your poison. Literally ?
Inheritance aside we are each blessed with a generous pension and SS benefits. We have a nice nest egg we are still contributing to and will have more to contribute when I hit 70 in less than four years. Barring unforeseen circumstances we have no intention of ever being without a sold nest egg. Why create the vulnerability. We have survivor options for our pensions and a reasonable nursing home plan. I can think of no reason to just draw down for the sake of being without. Is that really a goal?
We are in a similar situation and mindset. Our kids will likely be retiring near the time we 'check-out' and will also be finishing-up college for their kids around the same time. We also have a significant lifetime pension and have added long-term care insurance, plus have made arrangements to offset potential inflation. We plan to 'gift' funds to them as we move along, which will not detract from our lifestyle. We live comfortable, but, conservative lives ... and can see no reason to accelerate our spending. Therefore, unless something catastrophic happens, we intend to leave the 'kids' enough funds to seriously help them with their retirement 'transition.'
Interestingly, O'Malley was opposed to the legislation and didn't immediately sign it when signing off on all of the rest of the legislation. Many of us were waiting...and waiting...
That said, I told my father he needs to wait a few more years before he dies. I know this will not surprise you TuborgP, but I was not in favor of the bill.
O'Malley running for Prez? If we had not seen an unknown dimwitted pretty face picked up by McCain as a running mate I would have said that's crazy talk. Now, I guess all bets are off.
I liked this one my friend. I like many a Lenora post and this one is right on spot.
I don't believe Marylanders feared a flight of capital. Raising the > $1 million estate tax to >$2 million would have been more than fair. I'm guessing most of the legislators were looking at their own Papa's assets and got a little greedy. At least we still have an inheritance tax, kind of, sort of.
I guess I'll take the wealth guzzling state of Maryland with all of its regulations and environmental protections than the low tax state of North Carolina without, apparently, any environmental protections. Pick your poison. Literally ?
You are there and a better judge of climate but I read a couple of articles quoting folks on capital flight. At first it was a tax increase on millionaires and then a tax increase on the top 20%. NC is no longer considered a low tax state across the board. It is better for higher income folks but not for Joe average. More out of state pensions are now fully taxable. Will see how it all washes out. Lots of issues and problems emerging.
This is something I have been wrestling with. It is really a personal decision, not something anyone else can solve for me. But I am curious what the thoughts are of others on this topic.
We can go two different ways with our retirement savings:
(1) Invest it safely (e.g., bonds mostly) and spend down the principal. The money should last long enough if we stick to a budget. However, there will be little left for anyone to inherit. But it is very safe for us.
(2) Invest it in such a way to preserve the principal and live off the returns. This depends highly on the stock market, which is of course fickle. We could lose a lot of money if we have another meltdown like 2000, which would impact our retirement plans, maybe in a big way, maybe not. But if we invest it well there will be a lot that our heirs get.
I realize there are variations on the two extremes above. But I am curious what others are doing who have retired.
What makes them entitled? You worked to hard to get where you are. You should be rewarded. Do not deprive yourself for others.
We are in a similar situation and mindset. Our kids will likely be retiring near the time we 'check-out' and will also be finishing-up college for their kids around the same time. We also have a significant lifetime pension and have added long-term care insurance, plus have made arrangements to offset potential inflation. We plan to 'gift' funds to them as we move along, which will not detract from our lifestyle. We live comfortable, but, conservative lives ... and can see no reason to accelerate our spending. Therefore, unless something catastrophic happens, we intend to leave the 'kids' enough funds to seriously help them with their retirement 'transition.'
In the back of my mind in some cases and in the front of for other folks I have a sense of the retirement circumstances of many posters here. There are comments a person can make that are consistent with certain circumstances. You have said/suggested things before as have many others. We are not alone in this forum at all. Best of luck and keep on your path. Just because you have it doesn't mean you need to have that as your expense level. I am debating starting a thread on the non retirement decisions we made years ago that have played a major role in our current ability to retire or our current retirement. For instance:
Whether to go to college
What to major in college
What job to take
Salary v Job happiness
What benefits to seek
Who do we marry
How many kids do we have
Does one of us take considerable time off to raise the kids
Do we divorce
And perhaps the most important question how did our spouse answer these questions. It is two pensions and two solid SS benefits and two work place investment plans that have given many of us what we have today and will enable us to have a nest egg in our end years etc etc.
To me, it depends what connection your heirs have to you. Are they your children? If so, perhaps they deserve more consideration than distant relatives, friends, pets, or charities. They wouldn't be in this world had you not put them here. If they are in need in any way, it would be generous to help them out (assuming you have a good relationship with them).
Other than that , there's nothing wrong with favoring people you really like, or those who have helped you in whatever way during your lifetime, over flesh and blood. Above all, you have a right (one might even say a responsibility) to take care of your own needs with this money during your lifetime.
I also think people should be upfront with their children about what's in their will. It's cruel to allow junior to assume he's inheriting only to have him find out at the reading of the will that dad left it all to a girlfriend.
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If we had not seen an unknown dimwitted pretty face picked up by McCain as a running mate I would have said that's crazy talk. Now, I guess all bets are off. 
