Re: Inheritance tax
[Re: Brian Mongeau]
#7161383
01/29/21 10:39 PM
01/29/21 10:39 PM
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Joined: Jan 2007
Posts: 6,482 central Haudenosaunee, the De...
white marlin
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central Haudenosaunee, the De...
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Not all union workers drink the kool aid, Rex. I've had a union job (1199) for over 35 years, never agreed with the union's choices. Never voted blue either. But, not going to quit a good job with good benefits either. It's a conflict. But only for another 13 months. So, while the union managements support the Dems, a lot of the workers vote Repub. It's about 50/50 in the building where I work, but overall there are more Dems in the industry. do you demand the political contributions back from your dues?
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Re: Inheritance tax
[Re: white marlin]
#7161404
01/29/21 10:50 PM
01/29/21 10:50 PM
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Joined: Feb 2007
Posts: 1,121 Killingly, CT
Brian Mongeau
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Not all union workers drink the kool aid, Rex. I've had a union job (1199) for over 35 years, never agreed with the union's choices. Never voted blue either. But, not going to quit a good job with good benefits either. It's a conflict. But only for another 13 months. So, while the union managements support the Dems, a lot of the workers vote Repub. It's about 50/50 in the building where I work, but overall there are more Dems in the industry. do you demand the political contributions back from your dues? Funny you ask. I just recently found out that I could actually do that, or stop paying dues. It's one of the things that has whizzed me off all these years, but was too stupid to ask. Was talking to a co-worker last week about it, she was going to get the paperwork. So, no, not yet. Better late than never. And I doubt I'll get anything back, but can stop future deductions.
Last edited by Brian Mongeau; 01/29/21 10:53 PM.
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Re: Inheritance tax
[Re: bowhunter27295]
#7161422
01/29/21 11:01 PM
01/29/21 11:01 PM
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Joined: Jun 2012
Posts: 3,833 KY.usa
rex123
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My point was unions take their members dues and always support democrats with the money.
Last edited by rex123; 01/29/21 11:03 PM.
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Re: Inheritance tax
[Re: Davexx1]
#7161707
01/30/21 06:56 AM
01/30/21 06:56 AM
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Joined: Jan 2007
Posts: 25,593 Georgia
warrior
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I have heard that setting up and using a "Living Trust" allows major assets to essentially be passed from original owner to another with no tax liability, no probate court, etc. That is correct. In essence the trust is a corporation that owns assets. Technically the parent owns nothing that is passed on nor does the child inherit as the trust as a separate entity does not cease to exist upon the passing of the parent. The fine details are in the corporation documents in who and how the trust is administered, ie the trustee and his/her powers there should also be instructions on succession of trustee. There are two possible issues. One obviously the trustee must be just that, trusted to administer in accordance with the governing documents. Failure to do so can lead to legal and or tax issues. Second, trusts are not eternal that must have a set lifespan in accordance with jurisdictional law and plans eventually need to be made for that whether that be final disbursement of assets which can usually include other trusts. BTW, this is most often the vehicle that has allowed many notable families like the Rockefellers, Vanderbilt, Kennedys, etc to retain their wealth through time.
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Re: Inheritance tax
[Re: Rat Masterson]
#7161734
01/30/21 07:58 AM
01/30/21 07:58 AM
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Joined: Feb 2015
Posts: 10,615 Iowa
trapdog1
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How about quit taxing inheritance all together, problem solved. Bingo! Too bad it will never happen. Since the government produces nothing, it has to get its share somehow.
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Re: Inheritance tax
[Re: bowhunter27295]
#7161945
01/30/21 11:17 AM
01/30/21 11:17 AM
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Joined: Dec 2006
Posts: 21,716 Sandhills Nebraska
Gary Benson
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Congress will allow anything the Liberals want since Liberals control both the House and the Senate now so nothing will reach the Supreme Court. I think. And, if the Libs increase the # of SC justices they will appoint all Libs so they will own the majority of the vote there also. Correct me if I'm seeing it wrong.
In NE, my parents transferred ownership of the farm to my siblings and me more than 7 years before their death, so there was no inheritance tax. Now it's in an LLC and we only pay taxes on farm profits now which amounts to about $1500 each
Life ain't supposed to be easy.
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