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Re: Inheritance tax [Re: bowhunter27295] #7161382
01/29/21 10:38 PM
01/29/21 10:38 PM
Joined: Jan 2014
Posts: 17,740
Central Oregon
AntiGov Offline
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AntiGov  Offline
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Joined: Jan 2014
Posts: 17,740
Central Oregon
So your vote is trumped by your support of the Union ?


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Re: Inheritance tax [Re: Brian Mongeau] #7161383
01/29/21 10:39 PM
01/29/21 10:39 PM
Joined: Jan 2007
Posts: 6,482
central Haudenosaunee, the De...
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white marlin Offline
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Joined: Jan 2007
Posts: 6,482
central Haudenosaunee, the De...
Originally Posted by Brian Mongeau
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?

Re: Inheritance tax [Re: white marlin] #7161404
01/29/21 10:50 PM
01/29/21 10:50 PM
Joined: Feb 2007
Posts: 1,121
Killingly, CT
Brian Mongeau Offline
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Brian Mongeau  Offline
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Joined: Feb 2007
Posts: 1,121
Killingly, CT
Originally Posted by white marlin
Originally Posted by Brian Mongeau
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.
Re: Inheritance tax [Re: bowhunter27295] #7161422
01/29/21 11:01 PM
01/29/21 11:01 PM
Joined: Jun 2012
Posts: 3,833
KY.usa
rex123 Offline
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rex123  Offline
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Joined: Jun 2012
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KY.usa
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.
Re: Inheritance tax [Re: bowhunter27295] #7161503
01/29/21 11:45 PM
01/29/21 11:45 PM
Joined: Dec 2020
Posts: 395
wyoming
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WyFurHarvesters Offline
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WyFurHarvesters  Offline
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Joined: Dec 2020
Posts: 395
wyoming
Buy your parents home for a lesser price rent it back to them so they can get rid of their assets, have them gift you cash. When they go to the retirement home they will be broke and you will have the assets and miss a lot of taxes. The rich have all kinds of avenues to beat the system be it Republican or Demarcate, they always have a way out.

Re: Inheritance tax [Re: bowhunter27295] #7161532
01/30/21 12:03 AM
01/30/21 12:03 AM
Joined: Aug 2012
Posts: 3,987
South Dakota
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Rat Masterson Offline
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Posts: 3,987
South Dakota
How about quit taxing inheritance all together, problem solved.

Re: Inheritance tax [Re: bowhunter27295] #7161560
01/30/21 12:21 AM
01/30/21 12:21 AM
Joined: Aug 2010
Posts: 10,826
Asheville, NC
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charles Offline
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Joined: Aug 2010
Posts: 10,826
Asheville, NC
Inheritance from parent to child isn’t taxed. We are worried about what the child sells later. I think the free inheritance threshold is now north of $11 million.

States can be different. In NC when you inherit a taxable amount from and uncle or cousin, it used to have a higher state inheritance tax threshold or rate, than the same if from a parent. Generation skipping isn’t free either. Been awhile, since I researched it in the 90s.

Re: Inheritance tax [Re: bowhunter27295] #7161598
01/30/21 01:00 AM
01/30/21 01:00 AM
Joined: Feb 2009
Posts: 221
Winter Springs, Florida
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Davexx1 Offline
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Winter Springs, Florida
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.

Re: Inheritance tax [Re: Rat Masterson] #7161604
01/30/21 01:03 AM
01/30/21 01:03 AM
Joined: Jan 2014
Posts: 17,740
Central Oregon
AntiGov Offline
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Central Oregon
Originally Posted by Rat Masterson
How about quit taxing inheritance all together, problem solved.

X2


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Re: Inheritance tax [Re: Davexx1] #7161707
01/30/21 06:56 AM
01/30/21 06:56 AM
Joined: Jan 2007
Posts: 25,593
Georgia
warrior Offline
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Georgia
Originally Posted by Davexx1
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: bowhunter27295] #7161728
01/30/21 07:44 AM
01/30/21 07:44 AM
Joined: Jan 2007
Posts: 25,593
Georgia
warrior Offline
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Georgia
A little correction on the stepped up basis. The basis is the valuation of the asset at the time of transfer vs the valuation when liquidated not valuation when the parent came into possession.
Otherwise in my own case if the family property transferred by simple will and deed there would be three possibly four valuations the first would be on either one third or one half of one portion depending which version of events were factual and one half of one half on another portion, the next several years later upon the death of a childless aunt which would be either one third of the larger portion and one half of the one half of the other, then finally a few years later the remainder when the brother was bought out. Pretty complicated, right?
Actually it was all this that got us looking at potential tax liability as we were sure to have the property properly appraised at that time just to be sure the brother paid his fair share in taxes. Thought he was getting away with something, was he in for a surprise. LOL


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Re: Inheritance tax [Re: Rat Masterson] #7161734
01/30/21 07:58 AM
01/30/21 07:58 AM
Joined: Feb 2015
Posts: 10,615
Iowa
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trapdog1 Offline
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Iowa
Originally Posted by Rat Masterson
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.

Re: Inheritance tax [Re: bowhunter27295] #7161945
01/30/21 11:17 AM
01/30/21 11:17 AM
Joined: Dec 2006
Posts: 21,716
Sandhills Nebraska
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Gary Benson Offline
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Sandhills Nebraska
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


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