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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Default 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

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Default 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.

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Default 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.




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Default 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.


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Default 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.



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Default 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.

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Default 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
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Default 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!
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Default 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.
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Default 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.



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Default 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
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Default 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
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Default 2010 is a great year to die...

On 2010-07-13, wrote:
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."


As far as I understand this, setting up trusts may be useful for the
benefit of the heirs, but does not yield tax benefits that are
commensurate with the efforts to set them up. (unless outright
illegalities are committed that are easy to prove)

People with modest assets (a few mils) can get quite a bit of tax
benefits by giving kids and grandkids annual gifts, cash etc, buying
stuff for them like washing machines and TVs and whatnot (which,
strictly speaking, should be reported too, but can be hidden up to
some amount).

For people with a lot of money (tens of millions), those things do not
amount to much, and it is easier to simply pay the ****ing tax than to
set up weird trusts.

Estate tax is totally fair, though the exact amount could be debated.
55% seems excessive. 35 to 45% seems perfect to me.

I would love nothing better than to have a large estate, leave part of
it to my kids, and return a bit to the society to which I owe so much.

i
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Default 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).
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Default 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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