Why one should not be subject to monetary inheritance

Agreed, but Bill Gates is allowed to say who is going to get Bill's wealth. (in his case, he has made arrangements to give much of it away, but that was HIS choice, not a government mandate).

Agreed, but Mark Zuckerber is allowed to say who is going to get Mark's wealth. It should not be up to the whim of a government.

Agreed, but Donald Trump is allowed to say who is going to get Donald's wealth. It should not be up to the whim of a government.

I disagree. I think it's up to the rich guy to determine who is getting his wealth and why. I don't think it's up to greedy bastards like yourself, who can't even get a job (according to another thread), to make that decision. I can decide who gets my money at my death. It's not your business.

 

Actually, it's 14k/year now.

https://www.irs.gov/Businesses/Smal...oyed/Frequently-Asked-Questions-on-Gift-Taxes

 

oh, cool. Now I've just got to find a pretty lady to dote on me.

 

Trumps father turned over to Donald, 1/4 of his assets. Don has siblings.

Make no mistake, the fact Donald built property means the public gained.

http://www.politifact.com/punditfac...-democrats-say-simple-investment-trumps-fath/

 

In the case of Donald or any other very rich person, when they create an estate, often part of it is cash, and a great deal of it is in stocks or investment property.

It seems crude to some for a father to turn over millions of dollars to his family, but it is up to the family or father in this case how to handle property owned by the father.

Taxes can eat up a lot of the estate too. Rich fathers pull out their hair trying to convert their wealth to wealth for the family members.

Believe me, it is hard to duck the IRS. The IRS does not lift a finger to help you get rich. But they wait like greedy robbers when the family patron dies.

A lot of people don't care that the IRS grabs so much money. They only care that the father hands wealth to his kids.

Makes no sense to me to be so jealous.

A characteristic of Democrats and their ilk is they love the Feds far more than they love human freedom.

 

I'm not saying you can't do with the money what you want to do.

 

Sounds reasonable to me.

 

You're agreeing with me? Are you being fececious? Is there some joke at my expense hidden in there? I just don't trust this whole you agreeing with me thing.

 

Gee, and here I thought you were agreeing with me! : D

 

The problem is that, in many cases, it's not must money that is passed on to one's heirs. It's in the form of properties, investments, businesses, and the likes. To hit the heirs with high taxes is to force the sale of properties, liquidation of investments, and the closing of businesses. Jobs are lost, investment in the future is lost, etc. so that greedy politicians can spend more on their own interests and the moral sentiments of government-worshiping progressives are assuaged.

 

No sir, you're agreeing with me!

Haha, that was a good laugh

 

Well actuslly they're usually pretty liquid today. Most business ownership is in stocks, so you just lost some stocks to cover your tax bill.

I get that there is a problem with this when it passes on to family run businesses, and I'm okay with some consolations. I'd be fine writing a law to give a higher exemption to family run businesses (normally an estate is 5mil - perhaps allow something larger for family run businesses), and I'm okay with having a lower inheritance tax than estate, but the point here is that it is still income and still should be taxed. You open up a much larger can of worms if you decide not to tax inheritances and gifts.

 

Wow..... so kids shouldn't inherit a thing from their parent(s)....and you're serious about this?

Tell me.....what about a situation where a wealthy father has one child, who's handicapped where he/she can't get out and make their 'own fortune' by themselves? Family is deceased and handicapped person is left on their own to survive and lives off state assistance, which is taxpayers $?

If that handicapped kin is allowed to inherit, according to you, b/c he/she is handicapped, why not the other unhandicapped kids of wealthy dads? Or do you believe in discrimination?

If a young person won the lottery, do you think they're entitled to the millions? After all, they didn't get out there and earn that $. If you think they're entitled to the winnings, why not their own dad's $$?

I don't have millions to leave my kids, but there's $ there, plus family heirlooms, which they're entitled to......

 

As in, controlling interest in their business.

I don't know why it "should" be taxed. That implies a moral issue. What is this alleged can of worms that is opened up when someone decide how their property is disposed of when they die?

 

Ah what an excellent idea. That way, when a drunk driver plows into john doe and takes his life away, his children can stay at the orphanage.

 

Yup, that's about it. Dad was very wealthy, but it won't benefit his orphaned kids........sad, huh?

I'm waiting for Balto to answer my questions about a wealthy guy leaving behind a disabled child who will always need care and if a young person won the lottery, does he think that person should receive the millions he/she won? If not, why not?

 

Winning the lottery is by sheer luck, and is almost a scam in itself anyway. Heirlooms are different, those are of sentimental value. Sentimental value trumps monetary value. Handicapped or not (and we're not necessarily talking in terms of a disability here), it shouldn't be a excuse to attain a vast fortune. As I noted earlier, the next of kin can have a certain portion of money, maybe at a maximum amount of $500,000, but that's all. It's enough in invest in something nice, or put away in savings. So, no. it's not like I'm implying leave the next of kin hanging high and dry, just they can't be filthy rich, be multi-millionaires or billionaires. The problem with inheriting that kind of money I will argue again, it is creates a form of entitlement, and a ego for worse, nurturing the mentality the next of kin is then better than everyone else.

 

Well, it's a good thing you're not in charge of inheritance b/c you have a (*)(*)(*)(*) poor attitude about people and what's rightfully theirs.

Handicapped, disability - take your pick. There's different forms and if the child is of a very young age who will need physical and medical care for the rest of their long life, according to you, the child should only receive $500,000 when the deceased dad's net worth is $500Mil. That's mighty big of you........

Of course winning the lottery is sheer luck and as we all know, it happens. What you mean that the lottery is 'almost a scam' is a strange comment b/c people buy tickets, someone draws the lucky #'s and they have millions deposited in their bank account....... so the winner is a 19 yr old person. The 19 yr old would have $27 in their account and the next day have millions in the same account - don't you have a problem w/that? If not, why not? Aren't you going to gripe that that person should be given $500,000 and the rest taken away from him/her and given to charity?

Anyway.....your thinking about someone else's inherited fortune is obviously jealousy.......b/c we all know if you came into a fortune of millions thru inheritance, you'd be singing a different tune.....

 

If your dad lost the money befor he died you never had a small inheritance. You can only have an inheritance when someone passes away. Inheritance is what money or assets a person does not spend befor they die.

 

I do not agree with people doing this. You should be forced to use up all you money first.

 

Unless you gift your kid money, as a couple believe that it is 28k a year. If you stay under that amount each year it will not count against your estate. And that in not just your kid that includes anyone.

 

many do no realize that I think, anyone calling to end the estate tax doesn't realize that 90% do not pay any estate tax as they do not have over 5 million in wealth

and gifts to children, 90% of the country doesn't have 28k a year to give their child as an allowance

so ending the estate tax ONLY benefits the top 10%

.

 

I understand the sentiment, but seeing as we allow fortunes to avoid taxation via trusts, I am not going to lament an average person pulling a fast one once in their lives.

 

Again, jealousy has no role in this. Even if I had that kind of money (I'm not the poorest out there, but not the wealthiest out there), I would be creating a program that encourages people who would be positioned in the role of next of kin to build heir own fortunes, while their parents or relatives are alive, through comprehensive coaching and support.

Jealousy has nothing to do with it, and having a fortune myself would make no difference. Your scenario concerning the lottery is why I word it, "nearly a scam" and not "a scam disguised as a good thing so the state can continue hoarding money."