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I have not seen any indication that this will be changed.
Well, maybe you have not been looking at the big picture. Over in gun control, we are talking about how they are talking of making the gun laws retroactive.
But in any event, when one is talking about politicians who love to go after money, one should not rule it out that they won't change things, if they can, so they have all the advantages.
I'm not sure if TRUST is the answer for after all, Trusts play with how the rules are written and we are talking about people who rewrite the rules to their advantage.
Well, maybe you have not been looking at the big picture. Over in gun control, we are talking about how they are talking of making the gun laws retroactive.
But in any event, when one is talking about politicians who love to go after money, one should not rule it out that they won't change things, if they can, so they have all the advantages.
If you are that worried, stop posting right now and give a call to a trust and estates attny today and get one set up before the law changes.
Hard to believe there are 14 pages and the TRUST has not been mentioned.
Does this mean no one who is posting has trusts as part of their current estate planning. I am amazed.
I think you are wrong, I have a trust, it will not solve this problem. Otherwise it’s moot point to remove it.
I think you are wrong, I have a trust, it will not solve this problem. Otherwise it’s moot point to remove it.
he main reasons for setting up an irrevocable trust are for estate and tax considerations. The benefit of this type of trust for estate assets is that it removes all incidents of ownership, effectively removing the trust's assets from the grantor's taxable estate. It also relieves the grantor of the tax liability on the income the assets generate. While the tax rules vary between jurisdictions, in most cases, the grantor can't receive these benefits if they are the trustee of the trust. The assets held in the trust can include — but are not limited to, a business — investment assets, cash, and life insurance policies.
400K basis for a house that has likely been owned for decades in any large city, or either of the coasts doesn't come close to rich. Get outta heat with your ignorance.
Quote:
Originally Posted by DorianRo
Doesnt bother those of us who aren't inherited and given everything by their rich parents. Some people have to actually WORK for what they get.
It is the tax code, stupid. Only those who do not understand that the tax code is there for anyone, the very poor to the very rich. Only truly, sadly envious are sickened by something dozens of past congresses have created.
Quote:
Originally Posted by DorianRo
So is a billionaire $750 bucks in taxes. LOL. Why is no one up in arms about this? Where is the justice there?
We have to get out of debt as a country somehow anyways
and when "realizing the profit" puts you into the poor house??
let me try to explain it to you ..I
you parents,,,,working class people... they work their entire lives, they get a house, they invest in small things
you a working class person too. you have a small house that you can barely afford
now your parents die. their house and estate is valued (by the government) at 500k, so the governmentyour 'forgives' the first 16k, (what your parents paid for it back in 1966, then taxes you 55% onf 484k, WHICH YOU HAVE TO PAY WITHIN 90 DAYS.......do you think that person has 266K JUST LAYING AROUND TO PAY THE TAX??????
you are not even getting to "realize a profit" as the government will look at their death, and the market value, then tax you...even if you have not SOLD it YET
sorry but the inheritance tax is stealing...taxing inheritance puts people in to poor house
Hold on, isn't there a capital gains exception on the appreciation of your primary residence if you use the funds to purchase a different primary residence?
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