Federal Estate Tax - Rant

My plan is to spend my entire estate before I die.....

No problem with estate taxes for me...

Let everyone else earn their own estate...:rolleyes:
 
N801BH said:
My plan is to spend my entire estate before I die.....

No problem with estate taxes for me...

Let everyone else earn their own estate...:rolleyes:
Click to expand...

what about the sheep?
 
Flying Viking, if you want to disagree with someone please do not personally attack them.
 
kyleb said:
I'm an executor in a large estate similar to the "worst case" listed in this thread. My grandparents passed and left 110 acres in suburban Atlanta. A appraisal was taken and a value was established (as of the date of death) on the land for purposes of the tax filing with the IRS. Before any legitimate buyers appeared, the real estate market collapsed, leaving a tax obligation larger than the market value of the land. Meaning that it is entirely possible that NONE of my grandparent's wealth will pass to their heirs.

That's pretty firetrucked up.
Click to expand...

And yet whenever the fairness of this gets debated I'm always told "this never happens". :rolleyes2:
 
kyleb said:
I'm an executor in a large estate similar to the "worst case" listed in this thread. My grandparents passed and left 110 acres in suburban Atlanta. A appraisal was taken and a value was established (as of the date of death) on the land for purposes of the tax filing with the IRS. Before any legitimate buyers appeared, the real estate market collapsed, leaving a tax obligation larger than the market value of the land. Meaning that it is entirely possible that NONE of my grandparent's wealth will pass to their heirs.

That's pretty firetrucked up.
Click to expand...

Have you looked into using the Alternate Valuation Method? You as executor can elect to use the valuation of the property as of six months after the date of death, as opposed to the date of death. You can make that election within 1 year after the due date of the estate return, including extensions.
 
nddons said:
Have you looked into using the Alternate Valuation Method? You as executor can elect to use the valuation of the property as of six months after the date of death, as opposed to the date of death. You can make that election within 1 year after the due date of the estate return, including extensions.
Click to expand...

We're well past that one year date, and even if that wasn't the case, I'm not sure how you establish a value when no similar properties are selling.
 
I'm all for the abolition of all estate taxes. If someone works to accrue a brown penny, they should be able to gift it to whomever they choose and it should only carry the same liabilities as the original holder of the penny.

All roads to the money leads back to the government. Which is one of the reasons America abandoned the gold standard in 1913 (IIRC?). It's easier to play the shell game where everything has monetary value subject to taxation.
 
cowman said:
It's actually ~$5,350,000/parent. If you title it right you can get that exemption limit for each parent.... but if one parent passes and they have it titled to pass to the surviving parent that doesn't work. It has to go into a trust for the kids not to be touched by the surviving spouse.
Click to expand...

Actually, worrying about titling of assets and using trusts is no longer necessary. The estate tax exemption is now "portable" between spouses. The unused exemption of the first to die may be used by the second to die.

The description in the quote above of a credit shelter trust is also inaccurate. The assets in a credit shelter trust may be used for a surviving spouse so long as they are used for the spouse's "health, education, maintenance and support". A very broad standard.

If anyone is worried about the estate tax, please get advice from an attorney or other professional who does it for a living.
 
Jaybird180 said:
I'm all for the abolition of all estate taxes. If someone works to accrue a brown penny, they should be able to gift it to whomever they choose and it should only carry the same liabilities as the original holder of the penny.

All roads to the money leads back to the government. Which is one of the reasons America abandoned the gold standard in 1913 (IIRC?). It's easier to play the shell game where everything has monetary value subject to taxation.
Click to expand...

Racist! :yes:

;)
 
Jaybird180 said:
I'm all for the abolition of all estate taxes. If someone works to accrue a brown penny, they should be able to gift it to whomever they choose and it should only carry the same liabilities as the original holder of the penny.

All roads to the money leads back to the government. Which is one of the reasons America abandoned the gold standard in 1913 (IIRC?). It's easier to play the shell game where everything has monetary value subject to taxation.
Click to expand...

Funny comment coming from a guy who lives in DC.. The most guvmint smothered city in America that is rolling in tax payer cash.:mad2::mad2::mad:
 
Last edited:
N801BH said:
Funny comment coming from a guy who lived in DC.. The most guvmint smothered city in America that is rolling in tax payer cash.:mad2::mad2::mad:
Click to expand...

That builds massive elaborate buildings with that $...
 
Jaybird180 said:
I'm all for the abolition of all estate taxes. If someone works to accrue a brown penny, they should be able to gift it to whomever they choose and it should only carry the same liabilities as the original holder of the penny.
Click to expand...

How has this personal conviction manifest itself in your voting patterns?
 
DJTorrente said:
How has this personal conviction manifest itself in your voting patterns?
Click to expand...

Haphazardly. I will be certain to consider it a factor in the future. How economic policy potentially affects personally is not a primary driver in my voting choices. But we're probably wading close to SZ infected waters.
 
SoonerAviator said:
This site has conduct rules which stipulate that personal attacks are not tolerated.
Click to expand...

It seems like those rules are honored more in the breach than the observance. Or are enforced primarily based on the viewpoint of the speaker...
 
You must log in or register to reply here.
Back
Top