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So, you owe Uncle Sam 45% when you die? Who determines the going rate of the property? After all, it isn't just real estate, right? Naturally, we'll need an accountant and a lawyer to sort things out. I'll bet they take 50% of what's left. This is a good way of ensuring that the survivors get the smallest share.
After all, why should do the children deserve the inheritance of their parents?
Not if you donate it to a family limited partnership and then donate partnership interests.Originally Posted by Ken_Horndawgs
You can give more if you use your unified credit, but then you have less to use at death.
Is it 45% flat? Or does it kick in at a certain amount?
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I think it is 45% after $600,000, not sure though
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I thought it was 2MM, but I dont know.
can we stop talking about what we are going to leave behind when we die? I am getting depressed just thinking about it and I am not even 30 yet. Just leave it at this, you kids will have to work harder than you ever did and will probably see less for their effort. And you never know, the next prez may change things around again. Let's just hope we don't all die in the next 3 years and 8 months.
sell it to them for $1... problem solved.
I believe you are correct. We are in this situation now, and I have done some preliminary research into it. The amount changes over the next few years (after 2010), but I think that everything $2M and below is safe...for now. Oh and by the way what my wife is receiving is nowhere near $2M but still a nice sum.
Actually, that might just be the beginning of some problems.
The IRS takes unkindly to sham sales.
The IRS is so busy, the first few might make it through the cracks. If you have enough to pass on, which I certainly don't, it would be worth a shot.
Re: Obama's Budget Resurrects 'Death Tax' at 45%
What's the big deal??? All you have to do is register as a Democrat, and you don't have to pay taxes, unless you want to be in the Presidents cabinet!!
TD
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You got that right - that is why the democrats are so gung ho and ready to increase taxes- they have no intention of paying them.What's the big deal??? All you have to do is register as a Democrat, and you don't have to pay taxes, unless you want to be in the Presidents cabinet!!
TD
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