I'm calling troll. |
If you are worried about estate taxes, you most likely are not paying for LTC insurance, unless you got in on one that will pay indefinitely (but those didn't exist for very long and many are out of business due to the costs and won't pay out when you need it). |
Then why are gifts taxed over 17k annually? |
So incredibly weird that you would be giving this a thought. I would absolutely not be your friend, as you seem like a horrible greedy person. |
OP here. In-laws actually DO have one of these that also has a crazy high COLA. Also, not a troll at all. This is our real actual story. |
NP. Eh, I’d say it sounds like the government will do better things with it than you. Your attitude is awful. I suspect you’d be furious if they took it all and routed it into a charity. |
The fact that people can and do circumvent the policy does not mean that the policy is wrong. Obviously. |
You’re correct, I’m one of the non-elite poors of society who has to actually work for my money and pay taxes to contribute to our country. So forgive me that I don’t have a single sh!t to give about some whiny rich brat complaining that they’re expected to contribute a little to a society which disproportionately rewards them having wealthy parents, but otherwise being completely and utterly worthless. |
Is OP complaining that their rich in-laws are not giving them money NOW instead of after they die?
WwWwWoOoOoOoWwWwWw that's a lot of nerve. I mean, if you legitimately need or really want money for a downpayment or private school or something that you can't otherwise afford, by all means, ask your rich in-laws. But to complain about their estate decisions and gripe about their choices that you will inevitably benefit from? Christ! |
They are NOT taxed until you die as part of your estate. You just have to record any gifts over the $18K per person/from person limit each year and it is ultimately deducted from your estate Also, IMO I should be able to gift my kids and grandkids as much as I want. They are family. But there are ways around it. |
Good for them. However, I wouldn't rely completely on the LTC policy being solvent when you need them to pay out. Many many of them have gone under. There's a reason nobody sells them anymore, it's not financially good plan for the company now that people live past 66/67 |
Have you seen the will? They might not be concerned about it because they are giving a big chunk of it to charity. |
I've paid more in State income taxes in a single year (multiple times) than you most likely will ever make in your lifetime. I actually had to work for my money and have paid millions in taxes to our country. And happily do so and vote Blue because I value our democracy and women's rights a bit more than I value having a few million more in my pocket. My kids will inherit over $10M each, should we choose to give it to them, it will be done to legally avoid estate taxes (both at federal and state level). My kids also still work for the rest of their money and pay taxes fully on that, they contribute to society as much as anyone else. They hold a full time job and work 50+ hour weeks and work to build a career, budget and save. They don't have full access to that money now. They are not "completely and utterly worthless". |
X100000. So gross. |
Because in a democracy, the elected representatives get to make the rules and if you don’t like them you have to get other people elected to changes them. You are free to give it to tax exempt organizations, spend it, or burn it. But if you give it to individuals, including family, it’s taxable. |