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People who are high net worth generally learn about planned giving, setting up their estate for retirement and end-of-life, and/or have an advisor in some capacity who brings up the topic at some point. I'd be surprised if someone was over age 45, had a high net worth (say, over $10M) and never once thought about dispersal of their assets or taxes or their estate.
First, there is no "fear the estate tax exemption will be lowered." There is no fear, because it is a certainty of law.
Second, it is not "because" of any fear. It is because of the price of giving. It is because to give, say, a net $10 million today costs $10 million. In the future, once the exemption by law reverts, it costs more to give a net $10 million because of taxes.
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Having said that, there is still time for you to make nice to mathjak. He still can gift you $17,000 tax free this year.
As much as MJ likes his $50k Social Security I doubt writing a check for $17k to too many people actually appeals to him. Add to that his new SUV this year that set him back $80k and I don't think this is the right year if there ever is one.
I think Mogul is trying to deflect from the bigger money bags that dwell within his loins -- LOL.
Anyone with equity in a house (most seniors I imagine) need to make a plan. My house goes to the animal shelter, to use or sell.
I love it when people I know try to broach that subject with me. At my age and having been single for quite a while (as if it was something that never occurred to me). I shut them down very quickly stating it's all a done deal.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,073 posts, read 7,511,991 times
Reputation: 9798
Today:
I bought 2 cans of corned beef to give to the food bank, I get a free admission to the WA State Fair .
I bought a $1 scratch off lotto ticket, in the hopes that I can buy a better used Prius (didn't win)
Also bought 50% off, pie and potato bread rolls
The Wealthy do what they want to do.
I gotta do what I gotta do
YMMV
Last edited by leastprime; 08-31-2023 at 03:46 PM..
We are not wealthy, but once I was eligible for QCDs, we started giving money to charities.
We expect it to be about $400K between now and when my wife dies.
Anyone with equity in a house (most seniors I imagine) need to make a plan. My house goes to the animal shelter, to use or sell.
I'm curious about how you do that without the city or county getting their hands on that house and then dispersing the money how they see fit? Is that animal shelter a private organization?
I know the animal shelter here is run and owned by the county. Any donations go through the county and their office. I just wouldn't trust them from using the money for something else.
I'm curious about how you do that without the city or county getting their hands on that house and then dispersing the money how they see fit? Is that animal shelter a private organization?
I know the animal shelter here is run and owned by the county. Any donations go through the county and their office. I just wouldn't trust them from using the money for something else.
The animal shelters are 501(c)(3) organizations. You can put them on as a beneficiary. They have a taxpayer ID number, etc. Some of them even have programs set up to take whatever animals you have when you pass to rehome them for you, etc. etc.
Not if they are owned by a government. Some shelters may have a friends group that donates to them that is a 501c3 (like a friend of the library or friend of a museum).
I advise anyone that is considering a donation to review that charity on Guide Star or Charity Navigator before donating or making that charity a beneficiary of something.
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Today:
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(didn't win
)
