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.
I heard a conservative claim that most liberals believe inheritances should be illegal. I told him that I was sure he was mistaken, and that the argument is over inheritance taxes on very large estates, not simply inheritances themselves.
Who's right? And should it be illegal to inherit money?
I think inheritances should be legal, however I think the law should not facilitate or allow for families to stay wealthy in perpetuity. If you want to take care of your children that is great. If you want to take care of your grand children that is also great. If you want to ensure descendants that are born decades after you have died stay perpetually wealthy I think that causes societal problems.
of course, if someone buys a house in 1980 and it then goes up in value, tax must be levied on it's sale or transference of owner as it would in an inheritance.
this is perfectly fair and it is not a double dip type deal.
I bought my house in 1997 for $200,000, and today it's worth $500,000....If I decide to sell it, or it is left to my kids, there will be no tax to pay on it, not even on the capital gain, because as it's my principal residence it is tax exempt...
This thread has been an eye opener, as I had no idea that our tax laws were so different.
I think inheritances should be legal, however I think the law should not facilitate or allow for families to stay wealthy in perpetuity. If you want to take care of your children that is great. If you want to take care of your grand children that is also great. If you want to ensure descendants that are born decades after you have died stay perpetually wealthy I think that causes societal problems.
Grandkids usually end up blowing Grandpas inheritance. It's usually the Old 3 generation rule...
1st Generation works hard and earns it.
2nd Generation just tries to maintain and not blow it.
3rd Generation has no sense of value and recklessly spends it.
Grandkids usually end up blowing Grandpas inheritance. It's usually the Old 3 generation rule...
1st Generation works hard and earns it.
2nd Generation just tries to maintain and not blow it.
3rd Generation has no sense of value and recklessly spends it.
I bought my house in 1997 for $200,000, and today it's worth $500,000....If I decide to sell it, or it is left to my kids, there will be no tax to pay on it, not even on the capital gain, because as it's my principal residence it is tax exempt...
This thread has been an eye opener, as I had no idea that our tax laws were so different.
In America we have rule 1014. It basically wipes out capital gains passed by death. My grandfather used it to great effect with a massive amount of stock.
Grandkids usually end up blowing Grandpas inheritance. It's usually the Old 3 generation rule...
1st Generation works hard and earns it.
2nd Generation just tries to maintain and not blow it.
3rd Generation has no sense of value and recklessly spends it.
w/out estate tax and other rules there are devices you can use to prevent individual acts of stupid by a single generation from wreaking an estate. In the end though you do have this problem...unless of course there is primogeniture.
In America we have rule 1014. It basically wipes out capital gains passed by death. My grandfather used it to great effect with a massive amount of stock.
Inheriting money is un-American IMO. But you won't hear the rich pukes who scream about welfare and unions admit that they were given free money off someone else's work.
Ummmmm... Who should I leave my hard earned $$ too?? My kids got degrees - graduate degrees. They aren't collecting welfare however one as a professor does pay union dues. My parents left me $$ I'll leave my kids $$ and hopefully one day that cycle shall continue. And we've all worked very very hard
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.
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.
