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The wealthy gave away $182.6 billion in 2021, more than double the $75.2 billion the year before, according to recently published Internal Revenue Service statistics. Less than $100 billion of those gifts were made via trusts. Another $14.8 billion went to charity.
For 2023, the combined gift- and estate-tax exemption is $12.92 million per individual, or $25.84 million per married couple. That is the amount you can give away during your life or at death tax-free. In addition, you can make annual tax-free gifts is $17,000 for 2023 to as many people as you like, and it is likely to rise to $18,000 in 2024.
Time for everyone here on the Retirement forum to cozy up to mathjak. Ladies, you should bat your virtual eyelashes at him.
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There are an estimated 1.5 million Americans with $10 million to $50 million net worth and nearly 125,000 worth more than that.
Last edited by VTsnowbird; 08-28-2023 at 12:29 PM..
Well, I can TRY snuggling up with our lad mathjak, but then he might just be beating "the drums" all over my body leaving bruises behind!
I could probably bat my eyelashes at him all day long..he'd never notice..well then again he might..one eyelash is naturally blond and the other one natural brown..he MIGHT notice the difference..
Then again, as a drummer for some serious rock bands...some of the gory detailed rumors of what those guys did, experimented with...maybe mathjak wouldn't beat the crap outta me if I snuggled too close...one never knows...but we DO know he likes his women!
The old phrase "pretty is as pretty does, the well to do do what the well to do do" vein of things...I'd venture to say that MOST of us on here won't have to worry whether it's $14m, $28m or 10nilliin this year or next.
I know I'd don't sit up nights worrying about who I can give what to when, nor about who can give me what and when.
And I don't think the charitable contributions I've made to certain organizations are waiting with baited breath my next $25 or $50 donation...but I could be wrong there too.
It is nice, I suppose to see just what the wealthy do do with all that money, but I think the heart string tugging charity was the best.
Now, if any of those wealthy people are looking for or need one more place and category of funds dispersement..I can give them details of where to be charitable..!!!
This has been Robin Leach with the Lifestyles of the Rich and Famous...now back to your regularly scheduled program..
Be sure to read the article. It does not require a subscription. The full title is:
The Moves Wealthy Families are Making to Skirt Estate Taxes: How dynasty trusts can shield wealth before the Trump tax cuts expire.
The "wealthy" are donating money because they fear the estate tax exemption will be lowered. In addition, contributions to individuals are not tax deductible. Even if the estate tax exemption is reduced from $14 million to $7 million, that's still about twice what I have, and I'm in the top 2% of net worth. While I don't support the idea of estate taxes (How should the wealthy be allowed to spend their wealth: should they be allowed to change their family trees for generations, or should they instead be encouraged to spend their wealth on hookers & blow), this is an issue that affects only a very small percentage of the population, especially when you consider that the exemption for couples is $28 million, with the possibility of dropping to $14 million.
The "wealthy" are donating money because they fear the estate tax exemption will be lowered.
There are two problems with your statement.
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.
Well it might be fun to sit around and deal with the weighty matters of where a few hundred million go here or a few hundred million go there I guess we're the type that we just don't have that kind of fortune of birth or family fortune. c'est la vie
We gift the max to our kids every year - have done it for years.
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