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CNBC- Wealthy families rush to transfer wealth to children ahead of possible Biden win

Afrikan

Afrikan

Member
Oct 28, 2017
16,961
Oh how stressful that must be. ☹




www.cnbc.com

Here's why rich kids could get hundreds of billions from their parents if Biden wins

"Everything is being fast-tacked because of the election," said Suzanne Thau, trusts and estates attorney with Schwartz Sladkus Reich Greenberg Atlas. "It's just an explosion in estate planning activity."
www.cnbc.com www.cnbc.com

The savings could be substantial. Under the 2017 tax cuts, wealthy parents can leave up to $11.58 million each, or $23.2 million per couple, during their lifetime without paying an estate or gift tax. Biden would cut that limit to $7 million and increase the current estate tax rate from 40% to 45%. Biden is also getting rid of what's known as step-up basis, which currently allows families to avoid paying capital gains on appreciated assets that are passed down or given at death.

A couple leaving $20 million to their kids would currently pay no estate tax, since up to $23.2 million is exempt. If Biden gets his tax plan, the same couple would pay $5.9 million in taxes on a $20 million gift.
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Nepenthe

Nepenthe

When the music hits, you feel no pain.
Administrator
Oct 25, 2017
20,661
You know how much of an asshole you have to be to do this?
 
ClickyCal'

ClickyCal'

Member
Oct 25, 2017
59,468
Because of Biden, Little Timmy will only be able get a diamond toilet seat instead of a gold one.
 
Bobson Dugnutt

Bobson Dugnutt

Self Requested Ban
Banned
Oct 25, 2017
6,052
I'm sure it happens a fair bit but it feels like a story designed purely to get progressives annoyed lol. not today, news media
 
OP
OP
Afrikan

Afrikan

Member
Oct 28, 2017
16,961
theme park joe said:
Why do I get the feeling no one is actually doing this...
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Why would you say that? CNBC says it doesn't have to immediately go to their kids... can be held in a trust fund..

Also they are just getting it ready... the people doing the paper work say that if Biden doesn't win, then well paper work doesn't go through lol.
 
VariantX

VariantX

Member
Oct 25, 2017
16,879
Columbia, SC
TheAndyMan said:
I don't get people who want to be millionaires. Wouldn't making $75-$100,000 a year be good enough?
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Literally depends on where you live. Where I live, you'd be extremely comfortable with that kind of income if you don't have to have the fanciest car or the biggest house on the block. The money goes even further if you decide to live in the rural parts of my state. But If I moved somewhere like NY, you might be barely just above water with rent costs alone.
 

Thisisme

Member
Apr 14, 2018
563
Estate tax rate should be 100% past the first 7 million. Part of the problem in this country is that wealthy dynasties control everything.
 
captive

captive

Member
Oct 25, 2017
16,988
Houston
Who cares and I don't even know why they do this, dems aren't going to pass a law that takes already taxed money from you. And there's already legal ways to pass your money down with ease. Not to mention the truly rich already have this all handled for them. Their not scrambling at the last minute because a dem might get elected.

These articles are just stupid scare mongering nonsense.
 
Strike

Strike

Member
Oct 25, 2017
27,334
I thought they would've been relieved that it was him and not Warren or Bernie.
 
Shadybiz

Shadybiz

Member
Oct 27, 2017
10,105
TheAndyMan said:
I don't get people who want to be millionaires. Wouldn't making $75-$100,000 a year be good enough?
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First, that is HIGHLY dependent on where you live. Cost of living varies wildly in the US.

Second, if you DID live in a very low Cost of Living area, and still made $75,000 - $100,000 year, you could indeed still be a millionaire in time, if you're wise with the money.
 
Codeblue

Codeblue

Member
Oct 25, 2017
1,841
TheAndyMan said:
I don't get people who want to be millionaires. Wouldn't making $75-$100,000 a year be good enough?
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A lot of people responding with location, but from personal experience, student loan burden has a huge impact on what's livable as well.

That an income can be borderline poverty in the Bay Area or extremely well off in Ada, Oklahoma is why means testing based on income without considering the context is completely arbitrary garbage.
 
Wolf

Wolf

Member
Oct 25, 2017
4,844
imagine using your child as a way to cheat the system for your own personal gains.

imagine how much of a complete dirtbag human you have to be.
 
Merv

Merv

Member
Oct 27, 2017
6,456
Trumper-in-law owns a small business and three houses. Decided to sell one house this year. Big reason being capital gains tax and a fear of having to pay more if Biden was elected.
 
OP
OP
Afrikan

Afrikan

Member
Oct 28, 2017
16,961
Tharntype said:
Wut? If i made 100k a year i would be happier than i am now. Must be an amazing world where 100k isn't enough.
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Let me edit this, there might be some who are struggling with that much, because of other responsibilities.

I'll just say if I made 100k a year I'd live well.. very well.
 
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