U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-02-2017, 12:12 PM
 
3,072 posts, read 816,938 times
Reputation: 1704

Advertisements

Exemptions in our tax system have long been used to manage or implement societal "goods." Complicated as sh*t and frankly I would prefer a simpler system with higher overall rates with direct government subsidies or services. But that's not reality ...

One of my "favorite" (naught) provisions in the new proposal is the removal of the personal exemption for supporting an elderly parent (who earns less than $4050, not including Social Security). Families DO step up, providing untold hours of selfless care often to their financial detriment as they cut back work hours and the like.

That their efforts saving the tax payers untold billions by not utilizing Medicaid is to be further penalized under "tax reform."

These "moral" divisions are looking murkier and murkier by the day.
Reply With Quote Quick reply to this message

 
Old 10-02-2017, 12:24 PM
 
Location: Paranoid State
13,047 posts, read 10,428,989 times
Reputation: 15678
Exhibit A for throwing out the current system and replacing it with a greatly simplified one where such machinations do not exist in the first place.

All we need to do is convince a supermajority in the House & Senate.

Until then...
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 12:57 PM
 
1,049 posts, read 513,133 times
Reputation: 1800
Quote:
Originally Posted by GeoffD View Post
So what happens if ACA is repealed and Medicaid goes to block grants? That crushes New York and California. Basically, divide-by-2 on the Medicaid budget. There's no money to pay for nursing homes. You want to play legal games to hide your assets from Medicaid? Fine. The state then has no choice but to start enforcing filial responsibility law.

This almost happened. It had 49 votes in the Senate last week.
I realize this is completely unenforceable..... And from reaction I've often gotten when I mention it, completely unpopular, but the world would be a whole lot better off if there was no passing wealth from generation to generation.

Sure would fix income inequality fast. Curiously, even when I mention this to people with tiny estates, they still can't see the benefits to them, of preventing the 'big boys" from hoarding it.

Again, I know it won't happen, I'll be called a socialist, whatever.... but think about it....you are allowed to use capitalism to further your own cause, but the kids start at zero, just like everyone else. Equal opportunity from birth. Imagine that.
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:09 PM
 
71,471 posts, read 71,652,652 times
Reputation: 49058
Quote:
Originally Posted by Tonyafd View Post
That had to be the most useful piece of information that I've had in months. I learned that an irrevocable trust doesn't necessarily shield assets from medicaid. I learned that a revocable trust doesn't shield assets from medicaid. Gifts can effect medicaid eligibility. Transferring assets without a trust can have tax consequences.

Thank you
my pleasure , you are welcome
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:12 PM
 
71,471 posts, read 71,652,652 times
Reputation: 49058
Quote:
Originally Posted by GeoffD View Post
So what happens if ACA is repealed and Medicaid goes to block grants? That crushes New York and California. Basically, divide-by-2 on the Medicaid budget. There's no money to pay for nursing homes. You want to play legal games to hide your assets from Medicaid? Fine. The state then has no choice but to start enforcing filial responsibility law.

This almost happened. It had 49 votes in the Senate last week.
medicaid was around long before the aca and it will be around long after it .
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:13 PM
 
71,471 posts, read 71,652,652 times
Reputation: 49058
Quote:
Originally Posted by nybklyn View Post
Why care so much with will and estate planning. Just have a regular will like passing your asset to the next kin in family. You already suffer enough in life, let the alive figure it out themselves. A dead person should not worry any more.
nothing busts up siblings and family faster than let the heirs sort it out
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:14 PM
 
71,471 posts, read 71,652,652 times
Reputation: 49058
Quote:
Originally Posted by Crashj007 View Post
Isn't the cite of the transfer on the house from parents to children in the article incorrect? I thought the transfer would be evaluated at the value at the time of transfer, not the original purchase price for purposes of capital gains on the ultimate sale? Or is that for stocks and such property only?
It's all so complicated, I can never figure it out.
no , a transfer without death holds the original cost basis .
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:16 PM
 
71,471 posts, read 71,652,652 times
Reputation: 49058
Quote:
Originally Posted by Crashj007 View Post
I sense some confusion here; perhaps it is on my part, but isn't Medicaid funded from the general tax funds?
From Bing:
"Medicaid is a jointly funded state-federal program that pays for health care services
delivered primarily to low-income families and children, pregnant women,
the elderly and persons with disabilities"

It is not to be confused with Medicare which is supposedly funded from workers contributions.
who do you think pays in most of those taxes ? hint: they have jobs and the more you make likely the more you pay
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:16 PM
 
1,049 posts, read 513,133 times
Reputation: 1800
Quote:
Originally Posted by mathjak107 View Post
nothing busts up siblings and family faster than let the heirs sort it out
No kidding. Yet another reason to have the govt take it all....;-0
Reply With Quote Quick reply to this message
 
Old 10-02-2017, 01:19 PM
 
6,800 posts, read 4,429,472 times
Reputation: 5345
Quote:
Originally Posted by Crashj007 View Post
Judge Learned Hand (1934) said:
"Anyone may arrange his affairs so that his taxes shall be as low as possible;
he is not bound to choose that pattern which best pays the treasury.
There is not even a patriotic duty to increase one’s taxes.
Over and over again the Courts have said that there is nothing sinister
in so arranging affairs as to keep taxes as low as possible. "
You missed the point, made by Charlygal in an earlier post.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top