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Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work. |
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#1
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2010 is a great year to die...
.... because this year there is no estate tax, and next year it will be
55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html |
#2
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2010 is a great year to die...
"Ignoramus15939" wrote in message ... ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html Inheritance powder anyone ? Best Regards Tom. |
#3
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2010 is a great year to die...
On Mon, 12 Jul 2010 21:23:52 -0500, Ignoramus15939
wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html That's a big owie, but maximizing the value of my estate for heirs wouldn't motivate me to die sooner than I might otherwise choose to. They're all well-educated and quite self-sufficient. I don't fear death at all, have faced it many times without flinching. There may come a day when I'll welcome it and wish it'd hurry up but I'm not there yet. We'd rather die with a nickel left. We'd better get busy. |
#4
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2010 is a great year to die...
On 7/13/2010 2:42 AM, Don Foreman wrote:
On Mon, 12 Jul 2010 21:23:52 -0500, Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html That's a big owie, but maximizing the value of my estate for heirs wouldn't motivate me to die sooner than I might otherwise choose to. They're all well-educated and quite self-sufficient. I don't fear death at all, have faced it many times without flinching. There may come a day when I'll welcome it and wish it'd hurry up but I'm not there yet. We'd rather die with a nickel left. We'd better get busy. Oh, booh, hooh, somebody with a million bucks has to pay tax on the amount over that. |
#5
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2010 is a great year to die...
"J. Clarke" wrote in message ... On 7/13/2010 2:42 AM, Don Foreman wrote: On Mon, 12 Jul 2010 21:23:52 -0500, Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html That's a big owie, but maximizing the value of my estate for heirs wouldn't motivate me to die sooner than I might otherwise choose to. They're all well-educated and quite self-sufficient. I don't fear death at all, have faced it many times without flinching. There may come a day when I'll welcome it and wish it'd hurry up but I'm not there yet. We'd rather die with a nickel left. We'd better get busy. Oh, booh, hooh, somebody with a million bucks has to pay tax on the amount over that. A million dollar estate is not that big anymore. You paid taxes when you earned the money. and the death tax was implemented for 3 people. And was $300k when the average family made about $1k a year. Was to stop financial ruler class. Carnegie, Rockefeller, and name of 3rd one slips my brain. If you own a house, in most metropolitan areas, you are close to having a million dollar estate with any savings at all. |
#6
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2010 is a great year to die...
On 7/14/2010 11:32 PM, Califbill wrote:
"J. Clarke" wrote in message ... On 7/13/2010 2:42 AM, Don Foreman wrote: On Mon, 12 Jul 2010 21:23:52 -0500, Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html That's a big owie, but maximizing the value of my estate for heirs wouldn't motivate me to die sooner than I might otherwise choose to. They're all well-educated and quite self-sufficient. I don't fear death at all, have faced it many times without flinching. There may come a day when I'll welcome it and wish it'd hurry up but I'm not there yet. We'd rather die with a nickel left. We'd better get busy. Oh, booh, hooh, somebody with a million bucks has to pay tax on the amount over that. A million dollar estate is not that big anymore. You paid taxes when you earned the money. and the death tax was implemented for 3 people. And was $300k when the average family made about $1k a year. Was to stop financial ruler class. Carnegie, Rockefeller, and name of 3rd one slips my brain. If you own a house, in most metropolitan areas, you are close to having a million dollar estate with any savings at all. The trials and tribulations of rich people. |
#7
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2010 is a great year to die...
On 7/14/2010 8:32 PM, Califbill wrote:
"J. Clarke" wrote in message ... On 7/13/2010 2:42 AM, Don Foreman wrote: On Mon, 12 Jul 2010 21:23:52 -0500, Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html That's a big owie, but maximizing the value of my estate for heirs wouldn't motivate me to die sooner than I might otherwise choose to. They're all well-educated and quite self-sufficient. I don't fear death at all, have faced it many times without flinching. There may come a day when I'll welcome it and wish it'd hurry up but I'm not there yet. We'd rather die with a nickel left. We'd better get busy. Oh, booh, hooh, somebody with a million bucks has to pay tax on the amount over that. A million dollar estate is not that big anymore. You paid taxes when you earned the money. and the death tax was implemented for 3 people. And was $300k when the average family made about $1k a year. Was to stop financial ruler class. Carnegie, Rockefeller, and name of 3rd one slips my brain. If you own a house, in most metropolitan areas, you are close to having a million dollar estate with any savings at all. Sorry but you're facts are incorrect. All you have to do is check the statistics on how many people leave estates of a million dollars or more. It's a very low number. Only a few per cent of the population. While lots of people own property in urban areas that used to be worth hundreds of thousands of dollars, in most places the value of that real estate has dropped dramatically. Besides that, most people who die with a nice house don't own them. They have mortgages and these days the equity in many homes is not so much any more. Then if you look at all the people who owe more than their homes are worth and all the people in the middle of the country whose houses are only worth 100K or so you start to realize that there aren't many people with a million in assets to leave behind. Which just proves what I have said many times, most Americans are financial failures. After a lifetime of work they have a house if they are lucky, and if they don't have a house the number of people who have a million dollars in real investment grade assets is less than 2%. So when you look at the reality it's like the song says, in the land of milk and honey you must put them on the table. Sadly, even after working all your life only a lucky few have even one million to leave to their kids. So welcome to reality folks. You will have to work hard but you will never have that much to show for it. Hawke |
#8
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2010 is a great year to die...
To quote the Jagerkin "Ja. So die already!" -- pyotr filipivich We will drink no whiskey before its nine. It's eight fifty eight. Close enough! |
#9
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2010 is a great year to die...
Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html I'll worry about that when I: - Have over $1M in assets - Have heirs to inherit my assets Until both of those are true it is of little relevance to me. |
#10
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2010 is a great year to die...
Pete C. wrote:
Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html I'll worry about that when I: - Have over $1M in assets Don't fall into "Joe the wanna-be plumber" syndrome here... When you have over $1M in unshielded assets. - Have heirs to inherit my assets Until both of those are true it is of little relevance to me. |
#11
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2010 is a great year to die...
On 2010-07-13, Stuart Wheaton wrote:
Pete C. wrote: Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html I'll worry about that when I: - Have over $1M in assets Don't fall into "Joe the wanna-be plumber" syndrome here... When you have over $1M in unshielded assets. What do you mean by "unshielded assets". i |
#12
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2010 is a great year to die...
On Tue, 13 Jul 2010 15:49:30 -0500, Ignoramus3537
wrote: On 2010-07-13, Stuart Wheaton wrote: Pete C. wrote: Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html I'll worry about that when I: - Have over $1M in assets Don't fall into "Joe the wanna-be plumber" syndrome here... When you have over $1M in unshielded assets. What do you mean by "unshielded assets". Trusts, perhaps. A friend told me he'd spent quite a bit to organize his holdings so that they'd flow mostly tax-free to his kids. I don't know any of the details. A quick google brought up this article. http://www.nytimes.com/2010/06/09/bu.../09estate.html "Elaborate estate plans with sophisticated trusts are often made many years before death to reduce estate taxes owed by the richest." Wayne |
#14
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2010 is a great year to die...
On Tue, 13 Jul 2010 15:49:30 -0500, Ignoramus3537
wrote: On 2010-07-13, Stuart Wheaton wrote: Pete C. wrote: Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html I'll worry about that when I: - Have over $1M in assets Don't fall into "Joe the wanna-be plumber" syndrome here... When you have over $1M in unshielded assets. What do you mean by "unshielded assets". i =========== http://files.ali-aba.org/thumbs/data...ssi._thumb.pdf http://www.1800probate.com/resources...tance-tax.html http://www.willsandprobate.com/FAQ.htm http://www.estateattorney.com/basicfet.htm http://www.savewealth.com/planning/estate/dynasty/ and a whole bunch more. Also see the legal term mortmain. http://en.wikipedia.org/wiki/Mortmain and the overturning of the "rule against perpetuities" http://www.cardozolawreview.com/Past...IS.WEBSITE.PDF http://en.wikipedia.org/wiki/Trust_law http://en.wikipedia.org/wiki/Rule_against_perpetuities http://www.ncestateplanningblog.com/...uities-upheld/ -- Unka George (George McDuffee) ............................... The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
#15
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2010 is a great year to die...
"Pete C." wrote:
Ignoramus15939 wrote: ... because this year there is no estate tax, and next year it will be 55% after 1 million. http://online.wsj.com/article/SB1000...928371574.html I'll worry about that when I: - Have over $1M in assets - Have heirs to inherit my assets Until both of those are true it is of little relevance to me. I worry because my brother in law and my sister work for a firm that is valued over 1 million dollars. If the owners die, the business might not survive taxation. Same thing for that nice quiet farm next door, the heirs might have to sell it to raise tax money. Next thing I know, there is a housing development going in and I'm living in the city instead of the country. It matters. Wes -- "Additionally as a security officer, I carry a gun to protect government officials but my life isn't worth protecting at home in their eyes." Dick Anthony Heller |
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