Ignoramus28671 wrote:

On 2010-07-31, pyotr filipivich wrote:
Ignoramus18915 on Fri, 30 Jul
2010 13:21:35 -0500 typed in rec.crafts.metalworking the following:
On 2010-07-30, pyotr filipivich wrote:
Nope. An Estate Tax (or to call it more properly a Death Tax) is
why we get Paris Hilton. She knows she's not going to inherit it, her
Daddy knows she's not going to inherit, so why not spend it as much as
possible now, before it goes tot he tax man.

Excuse me?

Do you have a clue as to what you are talking about?

Transferring money to anyone (such as heir) as a gift, while alive,
subjects them to gift tax, which is very similar (and is designed to
supplant) estate tax.

Ah, so when you buy something, it is a gift? Do you kids know
that when you pay for something for them, it is a gift? Do you report
all those transfers to the IRS on your voluntary tax form?

This again suuggests that you have no clue about what you are talking
about. Gifts under $24k per married couple do not need to be reported.


She can spend that in an hour.