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Death and Taxes.

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Ultradog MN
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PostPosted: Wed Dec 12, 2012 7:31 am    Post subject: Death and Taxes. Reply to specific post Reply with quote

All you 'Rich' farmers are gonna take a hit - if/when you die.
It is inevitable that when a cash hungry government can no longer confiscate enough money from income they will begin to tax assets.
Fasten your seat belts boys and girls.
We're going for a ride.

Edit, Please behave yourselves.
It would be nice to have conversations about important things like this here without the flaming, hyperbole and vulgarity.

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Last edited by Ultradog MN on Wed Dec 12, 2012 7:33 am; edited 1 time in total
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jackinok
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PostPosted: Wed Dec 12, 2012 7:58 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Yep, but there have been ways around it that if gov doesnt meddle with could save most of them. One very simple way is a trust. Has to be setup before you die,of course. Basically the trust owns the farm,whoever the operator is is paid by the trust. Since it doesnt technicaly change ownership,theres no inheritance or so called death taxes. Sort of like when a employee dies. Thats how estates are passed down for generations. Theres no guarantee gov wont somehow mess with these setups in the future ,but at the current time its about the best way to guarantee a estate. I STRONGLY urge you to check into it, if your goal is to keep a farm or estate intact for your children. very simple to do ,and in my opinion its the best option currently.
 
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Pitch
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PostPosted: Wed Dec 12, 2012 7:59 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

OMG! The sky is falling! the sky is falling! we all are gonna die!
You won"t get hurt if you properly prepare yourself.
If all of you chicken littles would do something positive instead of crying nonstop we might make some progress
 
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wisbaker
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PostPosted: Wed Dec 12, 2012 8:09 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

No one wants to talk about the real fiscal cliff. Graph a line that represents our GDP (the value of all goods and services we produce/consume) using statistical analysis continue the line projecting the GDP for the next 100 years. Do the same for government spending, notice the government spending line will eventually cross the GDP line meaning the government will be spending MORE than we as a people make. How is that going to work????? If you want to see a strong economy and JOBS pass a constitutional amendment limiting total government spending to no more than some percentage of our economy say 20% of our earnings. This means if government wants to spend another dollar they have to expand the economy and our earnings by 5 dollars. Also make the government responsible to adjust their budget to compensate for laws they pass, example Barry & the boys passed a law mandating increased fuel efficiency for motor vehicles, let's say it was a 15% improvement, the new budget needs to balance with a 15% reduction in gas taxes (we use less fuel, they get less money) AND compensate the states for lost sales tax revenue. Say the increased cost of fuel efficient emission compliant trucks will result in 1000 fewer being sold this year in Wisconsin, on a $20,000 dollar trade Wisconsin gets $1,000, so the feds stroke out a check to Wisconsin for $1,000,000 and to each other state AND an additional check to Michigan for 2.5 Million dollars to cover the payroll taxes they don't get for the truck plant that got closed due to weaker demand for expensive fuel efficient emission compliant trucks.
 
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jackinok
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PostPosted: Wed Dec 12, 2012 8:19 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

just curious,have you ever written a check to the IRS for a 1/4 million or so simply because your parent or grandparent had the audacity to die? if so you probably werent happy about it. No reason for this to happen IF you plan accordingly,but it is a very real concern to many folks.its simply one of those tax breaks set to expire at the end of the year. The one that makes me more upset than any is the so called marriage tax. i would like to know the logic behind that one.
 
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John T
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PostPosted: Wed Dec 12, 2012 8:30 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Pretty simple actually, if the GOVERNMENT (NOTE I'm saying Government here NOT Republican or Democrat, no fighting please) doesnt get enough of your money when you were living and you accumulated some to pass to your family THEY NOW WANT TO GET MORE WHEN YOU DIE.

Its called "redistrbution of wealth" take from the producers and workers who worked and accumulated money and give to those with less money (regardless of reason or fault) and who decides THE GOVERNMENT......

Were over 16 trillion in debt (around 5.5 trillion added last 4 years),,,,,borrowing now like 46 cents for every dollar spent,,,,,,,,whats the solution???? NOT to pay down the debt BUT TO BORROW EVEN MORE AND SPEND MORE and take more of the peoples money,,,,,, now that makes sense dont it lol lol

Sounds sorta like the current GOVERNMENT subscribes to the Karl Mark socialistic theory.....To each according to their needs from each according to their ability (or something like that)...............

Oh well, God Bless yall

John T
 
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MFPoor
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PostPosted: Wed Dec 12, 2012 8:31 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Marriage is taxing enough without adding a government penalty to the equation.

The death tax will prove to be the fastest way yet to end the family farm concept. In time, folks will figure out loopholes and we'll be back to square one. Until then, just make certain you live forever.
 
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Ultradog MN
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PostPosted: Wed Dec 12, 2012 8:42 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Thanks Pitch.
This is exactly the kind of sophmoric post that makes threads go poof.
 
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MSD
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PostPosted: Wed Dec 12, 2012 8:43 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Looks like one of those "news and entertainment" magazines that are at the check out aisles. The old saying is "Cover your #SS" or in this case assets. It's called "estate planning".
 
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big fred
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PostPosted: Wed Dec 12, 2012 8:45 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Pitch, I agree. A couple hours with a good lawyer could go a long way to help folks avoid estate taxes.
 
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rrlund
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PostPosted: Wed Dec 12, 2012 8:47 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Finding out the hard way that we can't have European style socialism without the European style taxes and restrictions aren't we?
 
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MFPoor
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PostPosted: Wed Dec 12, 2012 9:11 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

And that's what really irks me. Seems a large portion of todays Americans emulate Europeans way of doing things. Take a look around folks. They're in worse shape than we are. Why the rush to be more like them?
 
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Billy NY
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PostPosted: Wed Dec 12, 2012 9:13 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

I hate politics, not very fond of most politicians and elected officials, try like heck to remain optimistic and don't really like discussing it here but this does irk me.

Keeping that last couple of words in mind, this article and what they propose is irrational. You get to certain age, face a situation like this where you are now billed for 50% of the appraised value of an estate that meets the criteria. You don't have it, so now what, if you are an heir, you now have a mortgage if you want the estate, and basically the government sells it to you for .50 cents on the dollar of what its worth ? Am I correct, is that the short of it ? So one needs to plan ahead and make other purchase arrangements, and avoid being an heir, so if a person wants to "bequeath" their estate, officially and legally before they pass away, where does that leave an heir ? Oh, there has to be a gift tax, that's now income because of its value, oh how could I forget LOL ? So it would appear to a person like myself, not too educated on tax law that you need to sell your estate to your formerly intended heir, prior to your untimely death so that they do not have to pay this tax, leaves the heir with a mortage payment, unless the sum is discounted, can you sell it for a dollar ?


Our elected government just cannot manage money, tax the heck out of everyone, darned state gets over $800 per month for just the land here, and about half that for the house and surrounding land, I hate thinking about it. So to own anything like it, you not only have to finance what you don't have, prices of land being so darned high by sellers, you end up with a double mortage payment, and only will ever pay half of it off if you get that far, because the state or county, land tax never stops, No one gets any break ever, you die, want to pass on what you worked hard to only pay half for, so say a sibling does not have that a bank mortgage, thats not allowed, because you are now assessed 50% of its current value, so the heir has to buy it prior to, is their a loophole, sell it for a $1 ? That would satisfy my radical thoughts, but you know they have that loophole covered somehow, which would then influence my thoughts of being overly radical and state that the actual collecting or seizing of the estate due to the above, would be real interesting if a person stood their ground and said, "from my cold dead hands".

These politicians cannot manage the affairs of the people, cannot manage the use of taxpayer money, do not accomplish what the people want or really need, they're also corrupt, I'm sorry, you're all fired !!!!!
 
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TMo
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PostPosted: Wed Dec 12, 2012 9:17 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

Every one has a different opinion on this topic which is good.

The fact of the matter is regardless if you have a revocable trust or irrevocable trust set up, some form of taxes whether it be estate, inheritance, income, or gift tax will be payable to the IRS. Don't forget that some form of State Taxes will apply also, depending on what your individual State Tax Code is or will be in 2013.

Unfortunately you have people such as Pitch who make idiotic, immature statements that are irrelevant to the topic at hand. Just have to over look it as stupidity.
 
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fixerupper
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PostPosted: Wed Dec 12, 2012 9:23 am    Post subject: Re: Death and Taxes. Reply to specific post Reply with quote

This is not new news at all. Every time the higher exemption expires it goes back to $1,000,000. What sticks in my craw is this farm land that is worth the mega-millions just because of the rise in farm land value is a TOOL the family farmer uses to make a living. It's merely a TOOL as long as the heirs keep it and farm it for a living. It is not a multi-million dollar check handed to the heirs. It's a TOOL the owners have to pay property tax on and it's a TOOL the owners have to spend money on to maintain. It is not CASH!!! Why should we pay 55% tax on the TOOL the family is using to make a living? Why should we be forced to sell some of our income earning TOOL to pay the 55% the GVT thinks we owe because we inherited a means of living that we will continue to use as a means of living? Why should should we spend some of our income on tax attornies to slap uncle sam's hand away from our pockets like protecting ourselves from a pick pocket looking for an opportunity. Most of our fathers and forefathers had to scrape like crazy just to make the payments on their newly purchased land. By the time it was paid for they didn't have enough time in their lives to put away much for savings so this large estate they leave, that has increased in value many times is land only, not cash. Why should we have to form LLC's and trusts to protect ourselves from our government's need to fund it's lavish ways? Do you know what it feels like to watch someone own and farm land your dad worked his hands to the bone to pay for? Land that was lost in order to pay the 55% estate tax? My sis and I haven't had to go through that YET but it's looming on the horizon.

If the land heirs are greedy and just want to cash in on their newely inherited wealth that they did nothing to earn or help to earn then let them pay the 55%. Jim
 
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