Don't die after this year

[Snatch Napkin]

Is there a written bill yet outlining everything or are we still in speculation stage?

Will this include accumulative properties or is it one individual property?
What if it were several small businesses, with each one being less than $1MM in net worth?
Will I be allowed to transfer ownership before my Dad passes and be able to circumvent this shit?

[Forever_frost]

Start an LLC and put everything into the LLC. I don't have anything and I have an LLC sitting there waiting for me to transfer stuff to it

[Moose242]

Is there a written bill yet outlining everything or are we still in speculation stage?

Will this include accumulative properties or is it one individual property?
What if it were several small businesses, with each one being less than $1MM in net worth?
Will I be allowed to transfer ownership before my Dad passes and be able to circumvent this shit?

Yes there is/was a bill. The bush tax cuts expire and were not extended.

Here:

http://wills.about.com/od/understandingestatetaxes/qt/Overview-Of-2013-Estate-Tax-Laws.htm

Accumulative properties are included, as are businesses.

[Moose242]

Start an LLC and put everything into the LLC. I don't have anything and I have an LLC sitting there waiting for me to transfer stuff to it

LLCs are not exempt from Taxes.

[racrguy]

LLCs are not exempt from Taxes.

You're right, but can't you avoid the estate tax if the LLC owns everything and the "board" consists of your heirs and yourself?

[347Mike]

For every tax increase or new revenue generator there should be a 200% spending cut on the amount proposed.....

[Sean88gt]

Yes there is/was a bill. The bush tax cuts expire and were not extended.

Here:

http://wills.about.com/od/understandingestatetaxes/qt/Overview-Of-2013-Estate-Tax-Laws.htm

Accumulative properties are included, as are businesses.

This is one thing that will force people to decide if they want to stay here - parents and children. If my dad had $10Mil in assets and I knew I had to sell $5.5Mil worth just to give to the government, I would seriously consider a full transfer elsewhere, as well as suggesting the same to him prior to death, just to keep as much as I could of what HE built and accumulated.

[Snatch Napkin]

Yes there is/was a bill. The bush tax cuts expire and were not extended.

Here:

http://wills.about.com/od/understandingestatetaxes/qt/Overview-Of-2013-Estate-Tax-Laws.htm

Accumulative properties are included, as are businesses.

I'm far too wound up to read that at the moment. I'm just going to visit our CPA, investments officer, and anyone else that has been friends with the family from the beginning to see what I need to do. My Father, the Obama voter, seems to think there's no way our gov't would do such a thing to us. Hence the "wound up" bullshit.


Here comes the migraine.

[Moose242]

You're right, but can't you avoid the estate tax if the LLC owns everything and the "board" consists of your heirs and yourself?

No. People tend to think of LLCs, Trusts, or FLPs as magical tax-dodging super entities. They are not.

If you want a fool-proof way to hide your money, I suggest burying it in your yard inside of airtight containers.

[racrguy]

No. People tend to think of LLCs, Trusts, or FLPs as magical tax-dodging super entities. They are not.

If you want a fool-proof way to hide your money, I suggest burying it in your yard inside of airtight containers.

Fair enough. I don't know shit about 'em.

[Moose242]

I'm far too wound up to read that at the moment. I'm just going to visit our CPA, investments officer...

There will be a long, long line.

[Snatch Napkin]

There will be a long, long line.

I'll be expecting it while hoping my Grandfather's name will get a few line jumps.

Luckily, we live in a slightly less populated area than DFW.

[Forever_frost]

LLCs are not exempt from Taxes.

Mine is headquartered in the Canary Islands. I'll dig it out later and post up a picture

[talisman]

This doesn't concern me on a financial level as when I'm gone that's it, however it is complete bullshit. 55%? Of shit the Government has already received tax payment on? What. The. Fuck. This isn't a tax, it's just outright legal grand larceny.

[Sean88gt]

http://www.ey.com/Publication/vwLUAssets/International_Estate_and_Inheritance_Tax_Guide/$FILE/International_Estate_and_Inheritance_Tax_Guide.pdf

Australia not looking too bad..as is Austria, Brazil, Canada, China (even these commie fucks don't rape people like we are!), New Zealand, Russia, Singapore. I see expats....