******n IRS

[denverpilot]

Re: ******* IRS

I'm looking at it many years ahead of the death. Start divesting to your kids (or whoever) early enough so that when you die your estate isn't above 5 million. Maybe they needed a better planner. The tax guy was a band aid on a severed artery.

Some of that can be done but there are limits on the gifts and the gift tax deduction is calculated backward automatically on estates larger than $5M anyway.

And then there's just the unexpected early death or three that screws up the best plans, or the person who says "they can have it after I'm dead and no sooner". All sorts of real life things can screw up the plan.

Bottom line is, our government thinks it's good to penalize successes being left to one's family and they try really hard to make sure folks give them significant cash to do so.

Karen's dad made a good living as a Probate attorney specializing in taxation back when simple probate didn't exist.

His favorite story was the guy who was in prison for life who's siblings cut him out of a very very large estate against the Will. He ended up with his chunk and more as a penalty and no where to spend it all. He just wanted to **** off his siblings. The law got him his payday.

 

[DJTorrente]

Re: ******* IRS

Why not just pay in the minimum amount they will allow then sign a check on 4/15. If I were king of America all taxes would be due in one lump sum on 4/15.

There's a penalty if your withholding is less that 90% of what you owe on the return OR less than what you owed last year. So basically, you crank down your withholding below last years' tax bill at your own risk.

 

[DJTorrente]

Re: ******* IRS

Why? it's the country that makes out. The better condition the country is in, the better you do.

You've got that backwards. The better the people, do, the better the country does. The country does poorly without its people doing well.