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1 hour ago, ZachGrant said:

I know those are just hypothetical numbers but that is a total BS mindset. This isn't grade school where you have to be sure to be fair to everyone as to not hurt their feelings. If someone makes more money, they should get to keep it, not give it away because other people are less successful. 

Evidently the people who originaly set up the tax codes didnt think it was bs. One point inwas trying to make is the more money you make, even at higher tax rates, you ARE still better off. Yes it irks us all to pay more when we jump up a bracket in taxes but if you look at it with an open mind it does make sense of sort. Years ago my uncle who is much older than i was grumbling about jumping up tax bracket that year. And old farmer who was listening took him to task and told him to never grumble about his taxes as it was the most fair system that could be came up with based on ability to pay. Uncle thought about it a long while and came to conclusion that even after paying more taxes that year he still had more money in bank than other years at lower tax rate. Maybe it wasnt so bad after all. Now this was years agon and im sure things are more screwed up now than then.

If it isnt grade school and we dont have to worry about being fair then why would we worry if the upper income DO pay more? Or for that matter why worry about what anyone pays. Just pay what ever taxes high or low and dont worry about..........after all if it doesnt have to be fair then what does it matter for any of us?

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46 minutes ago, iowaboy1965 said:

Evidently the people who originaly set up the tax codes didnt think it was bs. One point inwas trying to make is the more money you make, even at higher tax rates, you ARE still better off. Yes it irks us all to pay more when we jump up a bracket in taxes but if you look at it with an open mind it does make sense of sort. Years ago my uncle who is much older than i was grumbling about jumping up tax bracket that year. And old farmer who was listening took him to task and told him to never grumble about his taxes as it was the most fair system that could be came up with based on ability to pay. Uncle thought about it a long while and came to conclusion that even after paying more taxes that year he still had more money in bank than other years at lower tax rate. Maybe it wasnt so bad after all. Now this was years agon and im sure things are more screwed up now than then.

If it isnt grade school and we dont have to worry about being fair then why would we worry if the upper income DO pay more? Or for that matter why worry about what anyone pays. Just pay what ever taxes high or low and dont worry about..........after all if it doesnt have to be fair then what does it matter for any of us?

You are right on!  My old farm accountant used to tell me not to worry about taxes.  He would say, "It means you are making money!"  He is long gone now but he was a wise man and a good adviser.  I learned a lot from him!

Also there is only a very poor understanding of how tax brackets actually work!  If you go over the limit on one the tax is NOT recalculated from the first dollar at the higher rate which is what a lot of people seem to believe.  You pay the lowest rate on your first X amount of dollars up to the top of the bracket and then the higher rate on the first dollar over that and so on up the brackets and rates.

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      Taxes are tough !

       Its' incumbent upon us to look out for ourselves and minimize our tax liability , LEGALLY , Government wants our money in circulation constantly , that's why its so difficult to save hard dollars.

         If your young enough look for assets that appreciate and offer tax write offs.

        Tony

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7 hours ago, tony in ca. said:

      Taxes are tough !

       Its' incumbent upon us to look out for ourselves and minimize our tax liability , LEGALLY , Government wants our money in circulation constantly , that's why its so difficult to save hard dollars.

         If your young enough look for assets that appreciate and offer tax write offs.

        Tony

No truer words spoken than this right here. 

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8 hours ago, tony in ca. said:

      Taxes are tough !

       Its' incumbent upon us to look out for ourselves and minimize our tax liability , LEGALLY , Government wants our money in circulation constantly , that's why its so difficult to save hard dollars.

         If your young enough look for assets that appreciate and offer tax write offs.

        Tony

Its hard to save because we have devalued labor and labor is what W2 workers have to sell.  Tax cut after tax cut it is not the working class that has received the cuts and all the other policies whether its trade or the weakening of unions have decreased real wages.  If conservatives were really worried about you they would cut lower quintile taxes and at least leave the top rates alone but instead they offer this shell game weighted toward the top.

I dont know what you mean by "write offs".  Can you give an example?  That implies that the they will incur losses.  Where's the gain in that?  The only one I can think of is a tax free municipal bond which is basically lending to the government.  

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I don’t mind paying my fair share in taxes to support basic needs of the Government to maintain a free country, however, I do mind paying more then my fair share in taxes to support deadbeat money suckers living of the Government social programs driving up the debt. 

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2 minutes ago, 806 man said:

I don’t mind paying my fair share in taxes to support basic needs of the Government to maintain a free country, however, I do mind paying more then my fair share in taxes to support deadbeat money suckers living of the Government social programs driving up the debt. 

Here here! Dilly dilly! 

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8 minutes ago, 806 man said:

I don’t mind paying my fair share in taxes to support basic needs of the Government to maintain a free country, however, I do mind paying more then my fair share in taxes to support deadbeat money suckers living of the Government social programs driving up the debt. 

I agree 100%. I strongly suspect however there are deadbeats in every income range soaking up our tax dollars in one form or another. 

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3 hours ago, iowaboy1965 said:

I agree 100%. I strongly suspect however there are deadbeats in every income range soaking up our tax dollars in one form or another. 

Yes there are. 

GMshould NOT have gotten a bail out ( and I drive almost exclusively all GM products ) Etc.....

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16 hours ago, oldtech said:

Its hard to save because we have devalued labor and labor is what W2 workers have to sell.  Tax cut after tax cut it is not the working class that has received the cuts and all the other policies whether its trade or the weakening of unions have decreased real wages.  If conservatives were really worried about you they would cut lower quintile taxes and at least leave the top rates alone but instead they offer this shell game weighted toward the top.

I dont know what you mean by "write offs".  Can you give an example?  That implies that the they will incur losses.  Where's the gain in that?  The only one I can think of is a tax free municipal bond which is basically lending to the government.  

   Oldtech,

        Yes , what I mean by write offs .

          I agree with you that a man working for wages is a sitting duck for the tax man.

       What I see done and did myself , Not because I was smart enough back in 1974 at age 29 , but because I was fortunate to have an accountant that took an interest in me and he catered to farmers and encouraged me.  At 76 he is still my accountant.

  He talked me at that time into incorporating so I could play in same level as the big corps. He forced me into running my life business wise as a Company.

What I mean by write offs are not losses per say.

     If your young working for paycheck but farm on side , or have a rental , or have a wife that runs a business out of your home , or you are a mechanic on free time , or buy and sell calves, cattle etc . Set your self up as a Chapter S Corp . register your vehicles , trailers , cars in corp name. If a Farmer and need to live on farm to make it work put your house in corp. Have accountant set you up so everything is done legally.

        Running a small business on side just gave you an avenue to write off lot of things that you would pay for after taxes otherwise.  You'll be forced to keep books like a company and see where your income is coming and going . By writing off your truck , car, tools , etc . the write off becomes a small pay increase which in turn helps you concentration what your doing so you can use some of your wages to improve the business and move forward.  Now you have something to approach a bank for business loan, if you want to expand your side business.

    It takes effort and will power and a honest old fashion accountant.  ITS NOT A GET RICH Scheme!

   You will not get rich overnight but you can shelter some of your expenditures and build equity in what your doing. Figure if your in 20's-30's you have close to 40 years to build equity. Invest in yourself . Remember , most of all the Government investment  instruments ,involve brokers and fees and the tax shelters are all regulated.  As oppose to investing in yourself , Your own broker , and you make your own investments and tax advantages. 

    I will not mention names  but several here on forum have invested in themselves and they seem to be doing well.

      I am not smart by any means, but in my life I have realized you cannot leave yourself naked to the government as far as taxes . You need diversions whether your young or even in retirement you need something to deflect some of your income.  Easiest example are rentals buy the time your retired they should be pretty well paid  down , it gives you income hopefully appreciates and it provides you write offs for your car, office , and few things around your own house.

   A man needs help building wealth. An employer will never provide that because of all the hands reaching for your check when you receive it.

     You need help, something that makes you money while you sleep and the way I found was in property or business that appreciates over time.

      Sorry, not easy, but one block at a time you can build yourself a nest egg by time you want to slow down some, and Uncle Sam partnered and helped you attain it.

       This will also keep you busy working the new tax laws that come along in most administrations and anticipating them, instead of all the time and effort spent critizing it and getting wore out learning all the deficiencies in the bill instead of," How can I use this to my advantage."  No one will give you anything ,you have to find it yourself. IMHO.

         Best,

      Tony  

  

      

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Yes, I cant argue with any of that!  My non farm business was chapter S as well.  Today S is a bit dated (maybe like you and me? ;) ) They use LLC LLP in much the same way but the newer forms are a little less cumbersome to manage for small operators.  And the corp also shields you from certain liabilities.  People have a hard time coming thru the corporate wall to attach your personal assets in the event of a law suit.  But for that reason doing things like putting your house in the corp is maybe a little questionable tho.

But, this is all great for they guy who has a business or at least one on the side but it aint all gravy either.  You are correct in saying that its double book keeping.  And at some point you have to put the profits in your own private hands since buying groceries is not a legitimate corporate expense.  And there are also very strict rules about personal use of vehicles as well as homes and such.  It can be considered compensation and become taxable.  You would probably have to pay rent to the corp.

It isnt a sure thing that this will work for everyone at least at present tax rates.  With the new tax rates its probably going to be easier to justify as corps will have the upper hand by quite a bit now.  But you have to calculate it closely because when it does become income you have to pay taxes on that and how you do it will make a big difference.  If you write yourself a paycheck with all the necessary deductions the corp can deduct it all.  But if you take it as a dividend its only taxable at the cap gains rate and you dont pay FICA taxes on it.  The problem with that is that you dont get credit for Social Security or Medicare and the corp cannot deduct it so its AFTER TAX distributions.   Again, small operators may not benefit from this at all.

When I farmed it was like most people, as a sole proprietor where you can in fact make most of the same deductions.  But again, there are always rules.  The farm truck is no problem but the car and house are different because you use them for personal use too which is not a legit business deduction.  Im sure you accountant has covered this with you.

What I am talking about is the guy who just gets a paycheck and has no significant side businesses.  THAT guy is going to take a big screwing with all of this.

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7 hours ago, tony in ca. said:

   Oldtech,

        Yes , what I mean by write offs .

          I agree with you that a man working for wages is a sitting duck for the tax man.

       What I see done and did myself , Not because I was smart enough back in 1974 at age 29 , but because I was fortunate to have an accountant that took an interest in me and he catered to farmers and encouraged me.  At 76 he is still my accountant.

  He talked me at that time into incorporating so I could play in same level as the big corps. He forced me into running my life business wise as a Company.

What I mean by write offs are not losses per say.

     If your young working for paycheck but farm on side , or have a rental , or have a wife that runs a business out of your home , or you are a mechanic on free time , or buy and sell calves, cattle etc . Set your self up as a Chapter S Corp . register your vehicles , trailers , cars in corp name. If a Farmer and need to live on farm to make it work put your house in corp. Have accountant set you up so everything is done legally.

        Running a small business on side just gave you an avenue to write off lot of things that you would pay for after taxes otherwise.  You'll be forced to keep books like a company and see where your income is coming and going . By writing off your truck , car, tools , etc . the write off becomes a small pay increase which in turn helps you concentration what your doing so you can use some of your wages to improve the business and move forward.  Now you have something to approach a bank for business loan, if you want to expand your side business.

    It takes effort and will power and a honest old fashion accountant.  ITS NOT A GET RICH Scheme!

   You will not get rich overnight but you can shelter some of your expenditures and build equity in what your doing. Figure if your in 20's-30's you have close to 40 years to build equity. Invest in yourself . Remember , most of all the Government investment  instruments ,involve brokers and fees and the tax shelters are all regulated.  As oppose to investing in yourself , Your own broker , and you make your own investments and tax advantages. 

    I will not mention names  but several here on forum have invested in themselves and they seem to be doing well.

      I am not smart by any means, but in my life I have realized you cannot leave yourself naked to the government as far as taxes . You need diversions whether your young or even in retirement you need something to deflect some of your income.  Easiest example are rentals buy the time your retired they should be pretty well paid  down , it gives you income hopefully appreciates and it provides you write offs for your car, office , and few things around your own house.

   A man needs help building wealth. An employer will never provide that because of all the hands reaching for your check when you receive it.

     You need help, something that makes you money while you sleep and the way I found was in property or business that appreciates over time.

      Sorry, not easy, but one block at a time you can build yourself a nest egg by time you want to slow down some, and Uncle Sam partnered and helped you attain it.

       This will also keep you busy working the new tax laws that come along in most administrations and anticipating them, instead of all the time and effort spent critizing it and getting wore out learning all the deficiencies in the bill instead of," How can I use this to my advantage."  No one will give you anything ,you have to find it yourself. IMHO.

         Best,

      Tony  

  

      

I agree!

Its easier to criticize the politicians and tax plans/ schemes, ( as some would call it), but if you’re in business than there is something in it for you, big or small, rich or poor; ie; asset depreciation- one could argue why is it Fair you can depreciate “ a cow( for example), but your neighbors can’t depreciate their cat.

But, one has to go further than just looking at depreciation. Property tax deduction is another example. State by state there are programs to reduce this for working landscapes, something I foolishly didn’t fully take advantage of, and it’s cost me 10’s of thousands of dollars. Money that I should have reinvested in my farm...

And let’s not forget the “ death tax”- another thing that cost me and my family a lot of money because of a parent dying with no will! This could easily have been avoided!

So instead of complaining of these  huge companies getting huge tax savings, side note here, how many towns and cities would become ghost towns if these businesses were to close their doors? Maybe we should invest in some of these business that wish to remain an American company with American made products?

As with ALL tax plans there will be businesses that receive a break that the consumer doesn’t feel is fair, and the media will try and whip the masses into a frenzy over it, but if we all took a minute and thought about the bigger picture, maybe it has merit?

And no, these same companies that are receiving tax breaks SHOULD NOT be eligible for “ bailouts” down the road if the can’t manage their businesses profitably...

my uneducated opinion.

Sid

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8 hours ago, bitty said:

Yes there are. 

GMshould NOT have gotten a bail out ( and I drive almost exclusively all GM products ) Etc.....

Are you aware that the stock holders of GM lost every nickel they had invested?

Are you also aware that the government was completely repaid for the money the govt used to restart the new corporation?

IF GM and Chrysler had been allowed to go out it would have created a shock wave of unemployment that would have put us in a full blown depression.  We should all thank our lucky stars that the govt did that!

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15 minutes ago, Ihfan4life said:

I agree!

Its easier to criticize the politicians and tax plans/ schemes, ( as some would call it), but if you’re in business than there is something in it for you, big or small, rich or poor; ie; asset depreciation- one could argue why is it Fair you can depreciate “ a cow( for example), but your neighbors can’t depreciate their cat.

But, one has to go further than just looking at depreciation. Property tax deduction is another example. State by state there are programs to reduce this for working landscapes, something I foolishly didn’t fully take advantage of, and it’s cost me 10’s of thousands of dollars. Money that I should have reinvested in my farm...

And let’s not forget the “ death tax”- another thing that cost me and my family a lot of money because of a parent dying with no will! This could easily have been avoided!

So instead of complaining of these  huge companies getting huge tax savings, side note here, how many towns and cities would become ghost towns if these businesses were to close their doors? Maybe we should invest in some of these business that wish to remain an American company with American made products?

As with ALL tax plans there will be businesses that receive a break that the consumer doesn’t feel is fair, and the media will try and whip the masses into a frenzy over it, but if we all took a minute and thought about the bigger picture, maybe it has merit?

And no, these same companies that are receiving tax breaks SHOULD NOT be eligible for “ bailouts” down the road if the can’t manage their businesses profitably...

my uneducated opinion.

Sid

So your family got hit but the "DEATH TAX"?  Really?  So, your parents had an estate of well over FIVE MILLION and no will?  GEEZUS!  Ive got to tell ya that thats just a little hard to swallow there IHfan...  Not calling you a liar but thats gross negligence on the part of your parents if thats true.  Fact is that if they had taken even the most limited steps to avoid that like putting the farm in a trust and or a corporation with a succession plan the tax liability would have easily been ZERO!

The fact that your parent died intestate (no will) made absolutely no difference other than the fact that the estate had to go thru probate which probably generated significant legal bills but had no effect what so ever on taxes.

It would seem that complaining about poor management aught to start at home here.

Thats all before you realize that you still had FIVE MILLION to distribute TAX FREE!  Poor you!  :P

 

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43 minutes ago, oldtech said:

So your family got hit but the "DEATH TAX"?  Really?  So, your parents had an estate of well over FIVE MILLION and no will?  GEEZUS!  Ive got to tell ya that thats just a little hard to swallow there IHfan...  Not calling you a liar but thats gross negligence on the part of your parents if thats true.  Fact is that if they had taken even the most limited steps to avoid that like putting the farm in a trust and or a corporation with a succession plan the tax liability would have easily been ZERO!

The fact that your parent died intestate (no will) made absolutely no difference other than the fact that the estate had to go thru probate which probably generated significant legal bills but had no effect what so ever on taxes.

It would seem that complaining about poor management aught to start at home here.

Thats all before you realize that you still had FIVE MILLION to distribute TAX FREE!  Poor you!  :P

 

 Estate tax hasn’t always had an exemption that high.

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      My Dad died intestate back in 1967 in- expectantly. 

         He was from the old country and believed in hard work but as I had just graduated high school and wanted to farm we were in process of establishing a partnership and estate set up . He did not get a chance to sign anything as he dropped dead of heart attack with no warning. He was 64.

    in 1967 his estate was in neighborhood of 300,000.00 . Government said my mother was inheriting all of it because he owned the land when they were married. He was 40 she was 21 First marriage for both.  She argued that land was purchased at 75.00 p/ac or 30.000.00  and it was with her 24 years as community property that they had made improvements and appreciated to  300,000.00  .

   I was 22 yrs and married with child and wanted to farm in worse way. Luckily we had an attorney & banker that were sympathetic as we were in PROBATE FOR SEVEN YEARS.

    Government wanted her to sell the property and pay total inheritance but working with government for 7 years we were able to establish and show that she had helped my Dad make improvements and in court the government accepted.  The estate taxes were then manageable and she was able to hang on with me doing the farming. I was the oldest, my siblings were 16 & 15 and I became to sole provider . Eventually, I purchased all from my mother as my siblings had no interest in farming. 

    Having started out my life in business fighting government trying to take away what in my young life I thought was my Mom, Dads and ours , made me a believer in understanding the laws of how to work with-in them to my advantage.  I attended City College taking night classes  from 1968 through 1976 all in business law , investments, business, banking .  My early ugly experience taught me life experiences that so far has been a blessing.  I ran for board seats in Farm Credit,  Cotton Gin, Almond board as a way to give to my industry but ALSO AS A CONTINUING EDUCATION IN HOW BUSINESSES RUN FROM AN INSIDE PROSPECTIVE .  In Farm credit it was interesting to see how people started and how some progressed and some did not.

      Knowing the workings and the laws is just the start , ONE HAS TO APPLY WHAT ONE KNOWS.

    Tony

  

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2 hours ago, jass1660 said:

 Estate tax hasn’t always had an exemption that high.

It was raised from 3 million to 5 million under Bush.  It was 3 million for a good long time before that.

When did this happen? 50 years ago?

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47 minutes ago, tony in ca. said:

      My Dad died intestate back in 1967 in- expectantly. 

         He was from the old country and believed in hard work but as I had just graduated high school and wanted to farm we were in process of establishing a partnership and estate set up . He did not get a chance to sign anything as he dropped dead of heart attack with no warning. He was 64.

    in 1967 his estate was in neighborhood of 300,000.00 . Government said my mother was inheriting all of it because he owned the land when they were married. He was 40 she was 21 First marriage for both.  She argued that land was purchased at 75.00 p/ac or 30.000.00  and it was with her 24 years as community property that they had made improvements and appreciated to  300,000.00  .

   I was 22 yrs and married with child and wanted to farm in worse way. Luckily we had an attorney & banker that were sympathetic as we were in PROBATE FOR SEVEN YEARS.

    Government wanted her to sell the property and pay total inheritance but working with government for 7 years we were able to establish and show that she had helped my Dad make improvements and in court the government accepted.  The estate taxes were then manageable and she was able to hang on with me doing the farming. I was the oldest, my siblings were 16 & 15 and I became to sole provider . Eventually, I purchased all from my mother as my siblings had no interest in farming. 

    Having started out my life in business fighting government trying to take away what in my young life I thought was my Mom, Dads and ours , made me a believer in understanding the laws of how to work with-in them to my advantage.  I attended City College taking night classes  from 1968 through 1976 all in business law , investments, business, banking .  My early ugly experience taught me life experiences that so far has been a blessing.  I ran for board seats in Farm Credit,  Cotton Gin, Almond board as a way to give to my industry but ALSO AS A CONTINUING EDUCATION IN HOW BUSINESSES RUN FROM AN INSIDE PROSPECTIVE .  In Farm credit it was interesting to see how people started and how some progressed and some did not.

      Knowing the workings and the laws is just the start , ONE HAS TO APPLY WHAT ONE KNOWS.

    Tony

  

Oh I totally agree.  But Im shocked that they didnt consider her a co-owner.  Perhaps this was a state law issue?  Here in Wisconsin it has always been community property.  When my mom died my dad paid nothing.  I believe (but cant say for sure) that Wisconsin has always been that way at least in modern times.  IN 1967 $300K would have been quite a sum though.  About the same time my dad bought a farm here of 235 acres for $38,000 so it had to be quite a spread or in an area of very high property values.

The lack of planning and knowledge of estate laws and taxes is usually much worse than any potential tax you might pay if you did...

Bad estate planning has been the bane of many farm families not to mention squabling siblings each looking for their cut.

I have an acting hobby and recently got to play the part of Big Daddy in Cat on a Hot Tin Roof which was quite an experience since it was all about two warring brothers with wives trying to get control of the plantation as Big Daddy was dying of cancer.  I looked at that story and realized that I knew those characters and had seen it play out a thousand times!  If you think that the government is the only problem you havent seen the vultures circling when it comes time to collect your inheritance and the son who stayed behind for low pay is suddenly expected to pay out all the others!

 

Big Daddy.jpg

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3 hours ago, oldtech said:

So your family got hit but the "DEATH TAX"?  Really?  So, your parents had an estate of well over FIVE MILLION and no will?  GEEZUS!  Ive got to tell ya that thats just a little hard to swallow there IHfan...  Not calling you a liar but thats gross negligence on the part of your parents if thats true.  Fact is that if they had taken even the most limited steps to avoid that like putting the farm in a trust and or a corporation with a succession plan the tax liability would have easily been ZERO!

The fact that your parent died intestate (no will) made absolutely no difference other than the fact that the estate had to go thru probate which probably generated significant legal bills but had no effect what so ever on taxes.

It would seem that complaining about poor management aught to start at home here.

Thats all before you realize that you still had FIVE MILLION to distribute TAX FREE!  Poor you!  :P

 

Wow!!

And here I thought we were having an HONEST discussion about taxes and life experiences?

Read the post by jass1660 and Tony’s post!

Tony’s experiences with probate are similar to mine- however I was NINE when my father died, forgive me for not being read up on tax laws and implications for being a parent dying without a will, I was a little preoccupied being a kid!

And as jass1660 said, death taxes didn’t always have a 5 million dollar threshold. Ask yourself what 5 million dollars buys today, you’d be surprised how little. I’d suspect a lot of people on this forum surpass this threshold- a 500 cow dairy exceeds this limit!

Oldtech- this forum is a great place for people of all walks in life to view their opinions and beliefs regardless of how others believe.

 I will admit that I now see your view points clearly, but I will refrain from stating my new formed opinion of that out of the respect of others on this forum. God Bless You.

Sid

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15 minutes ago, oldtech said:

Oh I totally agree.  But Im shocked that they didnt consider her a co-owner.  Perhaps this was a state law issue?  Here in Wisconsin it has always been community property.  When my mom died my dad paid nothing.  I believe (but cant say for sure) that Wisconsin has always been that way at least in modern times.  IN 1967 $300K would have been quite a sum though.  About the same time my dad bought a farm here of 235 acres for $38,000 so it had to be quite a spread or in an area of very high property values.

The lack of planning and knowledge of estate laws and taxes is usually much worse than any potential tax you might pay if you did...

Bad estate planning has been the bane of many farm families not to mention squabling siblings each looking for their cut.

I have an acting hobby and recently got to play the part of Big Daddy in Cat on a Hot Tin Roof which was quite an experience since it was all about two warring brothers with wives trying to get control of the plantation as Big Daddy was dying of cancer.  I looked at that story and realized that I knew those characters and had seen it play out a thousand times!  If you think that the government is the only problem you havent seen the vultures circling when it comes time to collect your inheritance and the son who stayed behind for low pay is suddenly expected to pay out all the others!

 

Big Daddy.jpg

You might of had the opportunity to play this part on stage, but try being a witness to it in real life. I’ve experienced it first hand...and have witnessed others that were/are experiencing it far worse than myself. No matter how bad life may be, someone is dealing with matters far worse...

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I was thinking the estate exemption was 1 million just before it was increased under Bush.  There should be NO estate tax seeing as all that money has had tax paid for it. It has caused more hardships than what most people realize but the government being greedy thinks that everything is theirs

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Never understood why if I  buy stock in a company and the stock does well I pay capital gains of 22% or so on the gains  When I invest in my farm and do well I could pay up to 39% 

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5 hours ago, oldtech said:

Are you aware that the stock holders of GM lost every nickel they had invested?

Are you also aware that the government was completely repaid for the money the govt used to restart the new corporation?

IF GM and Chrysler had been allowed to go out it would have created a shock wave of unemployment that would have put us in a full blown depression.  We should all thank our lucky stars that the govt did that!

I agree that that was reason they gave for the GM bail out, but if they were that worried about a full blown depression they would have bailed out Lehman brothers.   I believe there was a lot more of the good ole boy network going on.  

 

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1 hour ago, Ihfan4life said:

Wow!!

And here I thought we were having an HONEST discussion about taxes and life experiences?

Read the post by jass1660 and Tony’s post!

Tony’s experiences with probate are similar to mine- however I was NINE when my father died, forgive me for not being read up on tax laws and implications for being a parent dying without a will, I was a little preoccupied being a kid!

And as jass1660 said, death taxes didn’t always have a 5 million dollar threshold. Ask yourself what 5 million dollars buys today, you’d be surprised how little. I’d suspect a lot of people on this forum surpass this threshold- a 500 cow dairy exceeds this limit!

Oldtech- this forum is a great place for people of all walks in life to view their opinions and beliefs regardless of how others believe.

 I will admit that I now see your view points clearly, but I will refrain from stating my new formed opinion of that out of the respect of others on this forum. God Bless You.

Sid

x2 I don’t know of too many people that plan to die at a young  age, Some  are in denial about death . I was one. I’m 60 now the clock is ticking,  only in the past 3-4 years did I get a basic will done which isn’t good enough for what I have, however it’s a start to protect some assets instead of being in denial about the end and have nothing down. 

I couldnt imagine going through life as a child or young adult with no Dad or Mom , I’m sorry to hear this about some members here. May the good Lord bless you.

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2 hours ago, oldtech said:

It was raised from 3 million to 5 million under Bush.  It was 3 million for a good long time before that.

When did this happen? 50 years ago?

Wrong. In 2002 it was at 1 million. Had to deal with all the crap when my fil passed away.

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