Death Tax May Die

[Nienna]

Legislation would end the Federal Estate Tax.

Sens. Wayne Allard, R-Colo., and Jeff Sessions, R-Ala., have introduced legislation to permanently and immediately do away with a tax they say is damaging to families.

http://www.family.org/cforum/fnif/news/a0036511.cfm

 

[insein]

yay for common sense. Or maybe thats too early for the cheers.

 

[dilloduck]

yay for common sense. Or maybe thats too early for the cheers.

Dems like stealing from people to much to celebrate yet but I'm gonna keep my fingers crossed--death taxes are as immoral as it gets.

 

[no1tovote4]

I liked Allard before, and I like him even more now....

 

[archangel]

Legislation would end the Federal Estate Tax.

Sens. Wayne Allard, R-Colo., and Jeff Sessions, R-Ala., have introduced legislation to permanently and immediately do away with a tax they say is damaging to families.

http://www.family.org/cforum/fnif/news/a0036511.cfm

I for one put my kids as co owners on all my tangible assets...vehicles,boat,property.bank account...so if and when I pass away they are already legally the asset owner....no taxes due....lol
However ya gotta trust your kids before you do this...so happens I raised em right and have no fears....

 

[Nienna]

I for one put my kids as co owners on all my tangible assets...vehicles,boat,property.bank account...so if and when I pass away they are already legally the asset owner....no taxes due....lol
However ya gotta trust your kids before you do this...so happens I raised em right and have no fears....

Actually, we went through this just recently when my father passed away. Taxes are owed on the part that you own, over a certain amount. So if you own an account jointly with one of your kids, he will owe taxes on half of that account, minus the cutoff. Or if the value is under a certain amount, it will be exempt. Say you have a joint account worth $2,100,000. Your kid will own 1,050,000 at the time of your death. The other 1,050,000 is yours, but say the cutoff is 1,000,000 (I can't remember the cutoff amount). Your kid will owe taxes on 50,000. Of course, spouses are exempt.

 

[no1tovote4]

Actually, we went through this just recently when my father passed away. Taxes are owed on the part that you own, over a certain amount. So if you own an account jointly with one of your kids, he will owe taxes on half of that account, minus the cutoff. Or if the value is under a certain amount, it will be exempt. Say you have a joint account worth $2,100,000. Your kid will own 1,050,000 at the time of your death. The other 1,050,000 is yours, but say the cutoff is 1,000,000 (I can't remember the cutoff amount). Your kid will owe taxes on 50,000. Of course, spouses are exempt.

This is why all assets should be owned by a Sub Chapter S corporation. If everybody in the family owns shares in the corporation and a shareholder agreement is signed that upon death the shares owned by each are turned into treasury shares those left behind own the entire corporation upon the death of another but it is not inheritance or income, thus it is not taxed.

 

[archangel]

Actually, we went through this just recently when my father passed away. Taxes are owed on the part that you own, over a certain amount. So if you own an account jointly with one of your kids, he will owe taxes on half of that account, minus the cutoff. Or if the value is under a certain amount, it will be exempt. Say you have a joint account worth $2,100,000. Your kid will own 1,050,000 at the time of your death. The other 1,050,000 is yours, but say the cutoff is 1,000,000 (I can't remember the cutoff amount). Your kid will owe taxes on 50,000. Of course, spouses are exempt.

Damn I should have known this having worked for the Department of Treasury...
Then again the sub department was USCS...did not deal with tax issues per se..
mostly criminal...Narcotics,child porn,export of high tech etc etc...live and learn...thanks!



Then again if the cut off is $1,000,000 I am safe not in that category...wheew!

 

[IControlThePast]

This is why all assets should be owned by a Sub Chapter S corporation. If everybody in the family owns shares in the corporation and a shareholder agreement is signed that upon death the shares owned by each are turned into treasury shares those left behind own the entire corporation upon the death of another but it is not inheritance or income, thus it is not taxed.

Hey that's Welfare, just what you're fighting against :tng:.

Why not make the cutoff for the Death Tax very high, like 10,000,000 or so. If families would be inheriting that much they won't be hurting. I just don't like the defecit. I don't mind cutting taxes, as long as we're not in the red.

 

[no1tovote4]

Hey that's Welfare, just what you're fighting against :tng:.

Why not make the cutoff for the Death Tax very high, like 10,000,000 or so. If families would be inheriting that much they won't be hurting. I just don't like the defecit. I don't mind cutting taxes, as long as we're not in the red.

It's not welfare, it's tax law. If you want to give your money on death without being taxed out of it you would do what I stated. It isn't even a loophole.

 

[dilloduck]

some good advice here----my grandfather homesteaded 640 acres in South Dakota----imagine the tax on that piece of land!!