Pride will fuck you in the ass, leave you for dead and come back to step on your nuts. Cut that shit at the root and make the best decision for you and your family.
My Grandfather was once told the same thing. The only error I ever saw of him was refusing to take an $18000 bank loan for the property next to the shop 20 years ago. It sold for $375,000 last go around and is on the block again.
News bites might leave you hungry for details about the estate tax and the other wealth transfer taxes. This post aims to answer your questions and serve as a useful resource.
The estate tax exemption was scheduled to drop on January 1, 2013 from $5.12 million per individual to a mere $1 million per individual. Such a drop would have exposed even middle class families to the estate tax. The tax rate for amounts transferred over the exemption was scheduled to spike from 35% to 55% (60% in some cases).
H.R 8 does not change the estate tax exemption. So, it remains $5.12 million for individuals ($10.24 million for married couples). This exemption is higher than the $3.5 million exemption that Obama was calling for.
It seems to me the Goverment is banking on when people die that their offspring or who stand to inherit won't have Uncle Same's 55% & they will get it all.
This is hard to read & actually swallow knowing this now as I stand to inherit a chunk of change. Hell I have to start saving now to afford to get my inhertance. I posted the links on my FB & on my parents FB page. Im sure my Dad already knows about this law. But I wanted to make sure
GOD BLESS TEXAS August Landscaping 214-779-7278
Seb's high class.
He'll mow your grass.
He'll kick your ass.
And while his kidney stones pass,
He'll piss in a glass!
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