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Thread: Inherited Weath

  1. #1
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    Inherited Weath

    So in another thread, there was a somewhat common mention of Inherited Wealth, and how bad and undeserved it is, and that it's a cause for our progressive tax system (idea apparently being most rich never worked for their money, it seems).

    So I ask you, those who hate inherited wealth, would you support a system where 100% of your assets are claimed by the State upon your death? If inherited (unworked for) wealth is such a problem, and the basic argument behind it is that the inheritor has no right to the labors of their mother/father/uncle/whatever, would you want it repossed and redistributed?

    Just curious, because it seems like a very all or nothing idea. Either a person has a right to pass on his accumulated posessions to his progeny, or he has no right to do so. There really isn't alot fo room for "half rights".

    So where do you stand on inherited wealth policy? Confiscate and Redistribute, or those assets are theirs to pass on as they see fit?

  2. #2
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    Did you mean Wheaties?

    [IMG]http://jamiedubs.com/****flickr/data/bubb%20rubb/bubb-rubb-wheaties.jpg[/IMG]

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    My Dad has several Million in assets which I hope he an Mom get to spend all of it, but they wont, they have always been quite frugal except for giving to family.

    I will be fine rather I inherit a portion of that or not, but it does bother him and Mom that half of there life savings will go to the Govt. when they pass, bothers me also.

    So I am against a high inheritance tax.

    It would be nice if the family could afford to hold on to some of the properties they own, we will see.

  4. #4
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    can't take it with ya

  5. #5
    Quote Originally Posted by bitonti View Post
    can't take it with ya
    Would you want your son/daughter/wife to have it?

    Or the gubbermint...

  6. #6
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    Quote Originally Posted by bitonti View Post
    can't take it with ya
    ==========================================

    True.

    But for those of us with children, part of us lives on through them.

  7. #7
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    Quote Originally Posted by gunnails View Post
    ==========================================

    True.

    But for those of us with children, part of us lives on through them.
    Talk to a CPA

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    Quote Originally Posted by gunnails View Post
    My Dad has several Million in assets which I hope he an Mom get to spend all of it, but they wont, they have always been quite frugal except for giving to family.

    I will be fine rather I inherit a portion of that or not, but it does bother him and Mom that half of there life savings will go to the Govt. when they pass, bothers me also.

    So I am against a high inheritance tax.

    It would be nice if the family could afford to hold on to some of the properties they own, we will see.
    That's a relatively easy fix if it is under $5 mil. Over 5 mil.... little harder to fix!

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    Quote Originally Posted by southparkcpa View Post
    That's a relatively easy fix if it is under $5 mil. Over 5 mil.... little harder to fix!
    =====================================

    Shows you what I know then, I have never discussed this with Dad.

    Dad is quite astute, I imagine he knows what to do.

  10. #10
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    Quote Originally Posted by gunnails View Post
    for those of us with children, part of us lives on through them.
    you can believe that but it's not really true. they are people you are a different people.

    example if your dad was a criminal you don't go to jail for his crimes

  11. #11
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    Quote Originally Posted by bitonti View Post
    you can believe that but it's not really true. they are people you are a different people.

    example if your dad was a criminal you don't go to jail for his crimes
    ============================

    My Dad taught me a lot, things that he learned, values he holds, family history, physical characteristics, We both like to stay up late, genetics'

    We are both individual, yet remarkably similar in certain ways.

    Just a personal outlook that I believe in. Not a religious thing.

  12. #12
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    Quote Originally Posted by bitonti View Post
    you can believe that but it's not really true. they are people you are a different people.

    example if your dad was a criminal you don't go to jail for his crimes
    Is every penny of your personal wealth self-earned Bit?

    Are you planning on leavin gnothing to your children or any other relatives when you pass?

    Just curious (for the record, I would answer yes to both items, my parents were penniless, and I have no children nor will I, so my wealth gets spent with me).

  13. #13
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    WF

    You could always bequeath your wealth to the charity of your choice.

    Who knows what life may bring, maybe someday you will take a young person under your wing as an apprentice, maybe you are someday impressed with someone enough that you make them your inheritor.


    Just so happens I have been looking for a mentor.

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    Inherited wealth should not be taxed...Besides, 3/4 of the people that inherit it will blow it in 3 - 4 years...so it'll come full circle anyway.

  15. #15
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    The inheritance tax is legalized robbery -- state-sponsored grave robbing.

  16. #16
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    Quote Originally Posted by Warfish View Post
    Is every penny of your personal wealth self-earned Bit?

    Are you planning on leavin gnothing to your children or any other relatives when you pass?

    Just curious (for the record, I would answer yes to both items, my parents were penniless, and I have no children nor will I, so my wealth gets spent with me).
    Make sure you spend all you have. If you lead a responsible life with a well placed investments, you get rewarded by the government stealing it from your estate.

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    Quote Originally Posted by bitonti View Post
    you can believe that but it's not really true. they are people you are a different people.
    Mother Nature screwed the pooch with that whole "sex-drive-to-carry-forth-your-gene-pool/mate-for-life-to-ensure-best-outcome-for-progeny thinger, huh?

    Seriously, the pool of one-sided absolutes you wade in, wow.

    Quote Originally Posted by gunnails View Post
    WF

    You could always bequeath your wealth to the charity of your choice.
    Excellent suggestion.

    Quote Originally Posted by pauliec View Post
    The inheritance tax is legalized robbery -- state-sponsored grave robbing.
    Agreed. You should see the hoops I have to jump through to ensure any inheritance or insurance monies are entrusted to my disabled daughter and prospective caregivers. All in order to allow for her to receive her care and avoid being taxed. Pathetic.

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    Quote Originally Posted by pauliec View Post
    The inheritance tax is legalized robbery -- state-sponsored grave robbing.
    all taxes are

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    Quote Originally Posted by gunnails View Post
    My Dad has several Million in assets which I hope he an Mom get to spend all of it, but they wont, they have always been quite frugal except for giving to family.

    I will be fine rather I inherit a portion of that or not, but it does bother him and Mom that half of there life savings will go to the Govt. when they pass, bothers me also.

    So I am against a high inheritance tax.

    It would be nice if the family could afford to hold on to some of the properties they own, we will see.
    Are you married? Just askin'

  20. #20
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    Quote Originally Posted by JetPotato View Post
    Are you married? Just askin'
    ==============================

    Yes, 26 years in the hole, I also have 3 siblings

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