Inheritance

[vansmack2000]

How do you view it? Would you be pissed if your parents gave you nothing or do you not expect anything since its all theirs anyway? Or are you planning on getting at least something to use for retirement or do you want it earlier in life to use for other aspirations?

thoughts in general..

 

[mrplunkey]

Your parents can spend their entire lives working and saving to help the next generation. They pay social security taxes, property taxes, income taxes, capital gains taxes... Then, with what's left over... when they die and want to pass it on to you -- they get hit with a 55% tax.

Gotta love that!

 

[SgtSlaughter]

Your parents can spend their entire lives working and saving to help the next generation. They pay social security taxes, property taxes, income taxes, capital gains taxes... Then, with what's left over... when they die and want to pass it on to you -- they get hit with a 55% tax.
Gotta love that!

there is something that let's you skip a generation and it's like an IRA for the grandkids...

 

[vansmack2000]

Your parents can spend their entire lives working and saving to help the next generation. They pay social security taxes, property taxes, income taxes, capital gains taxes... Then, with what's left over... when they die and want to pass it on to you -- they get hit with a 55% tax.

Gotta love that!

yeah the death tax is bs.

 

[mrplunkey]

there is something that let's you skip a generation and it's like an IRA for the grandkids...

You can protect the inheritance itself and pay taxes on the gains, but if the kid ever actually gets the principal it gets hit with the 55% as well.

 

[SgtSlaughter]

You can protect the inheritance itself and pay taxes on the gains, but if the kid ever actually gets the principal it gets hit with the 55% as well.

There's a way around it, i don't know details... i could find out next week if you'd like.

 

[mrplunkey]

There's a way around it, i don't know details... i could find out next week if you'd like.

Any info would be appreciated.

I think what you are referring to is a skip-trust or something like that. We've looked into it on and off for the last 10ish years.

 

[bran987]

Any info would be appreciated.

I think what you are referring to is a skip-trust or something like that. We've looked into it on and off for the last 10ish years.

no way around it in the end. at least that's the way I understand it and the way my mother and her 5 brilliant brothers and sisters have just experienced (and according to all of their attornies combined). we can only hope the fucking tax is abolished.