Author Topic: Vivek Ramaswamy  (Read 1796 times)

Rastus

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Re: Vivek Ramaswamy
« Reply #10 on: September 02, 2023, 12:15:57 PM »
I cannot find it on Vivek's website, but Pence is claiming Vivek supports up to 59% inheritance tax.  So is this real or blown out of proportion for political purposes?

Believe it or not the founders did not want dynasties to be created and continued so dynasties are to be discouraged.  That makes sense.  Who wants Soros's ilk to carry on?  But it is not the big guys that lose and pay.

However, for us peons an inheritance tax is quite punitive both in what is taken and in the unimaginable amount of paper that is generated to stay out of governmental crosshairs and prisons (life, liberty and the pursuit of making government workers happy with mountains of paper). 

My mom is 94 and life is coming towards it's conclusion.  She's not leaving me anything other than photos, vacation keepsakes, etc., because I a afraid of the paperwork and being bitten by not knowing to turn in some blessed piece of government paper.  Any real estate or cash (if any is left after medical) goes to the grandchildren as they are young enough to deal with the headaches. 
Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves.
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alfsauve

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Re: Vivek Ramaswamy
« Reply #11 on: September 02, 2023, 01:39:28 PM »
Symantics: 

Inheritance tax:  A tax on a person based on the value of assets they inherit.  THEIR IS NO FEDERAL INHERITANCE TAX!  but the states of Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania have state taxes.

Estate tax: A tax levied against the estate of the deceased.  THERE IS A $12.9 Million exemption.  The tax is only applicable for the amounts above the exemption.
The tax does not have any provisions for generation skipping.

Having dealt with my parents and in-laws passing, there is no federal paper work, other than the end of the year income tax form, IF you're below the exemption level.

SO!  Unless your mom's estate is going to be some walapolusa, if so then ask her to write me a small portion ;), then your worries are for naught.


Beware I'm not a lawyer, though a CPA in FL at one time, since censured. 

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PegLeg45

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Re: Vivek Ramaswamy
« Reply #12 on: September 02, 2023, 04:25:04 PM »
Another way to handle money left by a person's passing is to have it in a joint IRA. My dad left his IRA's to mom and basically all she had to do was show a death certificate and add her name. As long as she didn't close them out there was no fee. Now she is only taxed on what she draws per year and once you hit a certain age you are forced to draw at least a certain amount per year.
When changing everything over to her name, she went ahead and added my name on one and my brother's on the other as joint account holders so if she passes and there is money in the IRA, it just transfers to each of us like any other IRA.
She did the same with her safe deposit box and checking....added my name since I am executor of her will.

With real estate, as Alf said it varies by state. It's not too hard in GA to transfer land if a few fairly simple things are taken care of ahead of time.
I tried to get my dad and uncle to put our property in a trust along with equipment and such so it could be passed down more easily each generation. I may still get my brother and two cousins on board over the next little while.
"I expect perdition, I always have. I keep this building at my back, and several guns handy, in case perdition arrives in a form that's susceptible to bullets. I expect it will come in the disease form, though. I'm susceptible to diseases, and you can't shoot a damned disease." ~ Judge Roy Bean, Streets of Laredo

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MikeBjerum

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Re: Vivek Ramaswamy
« Reply #13 on: September 03, 2023, 08:24:06 AM »
There are several ways to make estates easier, if you are cursed with wealth of material things.  When in the funeral home I had experts available for families, and there were some basics I was schooled in that I could pass on to help get them started.

First is to put basic liquid assets into joint accounts. This is as simple as adding child/children to the accounts. Over the past three years we lost both of our mothers. We had taken this step, so when the time came there was no question of who paid what. Wife for her mother and me for mine, just took their checkbook and paid bills, funeral, etc. As income came to the estate it just rolled into this account, and in m-i-l's case we put as much as possible through this account for disbursement.

Once you get beyond this level it is time to talk to experts concerning trusts, and those are a complicated mess.

I hate that we live under a structure where our very own elected employees spend their days trying to take our money from us. I am all for taxation for what government is intended for, but the give aways, uncontrolled welfare, rewarding of slothfulness and irresponsability, and envy and attack on success are not what they should be up to.

It is true that the Founders did not want to see dynasties, but where do you draw the line? And, how do you break-up a dynasty without penalizing those in the classes below it, or destroying the philanthropic work many of these dynasties carry out?
If I appear taller than other men it is because I am standing on the shoulders of others.

Pathfinder

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Re: Vivek Ramaswamy
« Reply #14 on: September 05, 2023, 08:46:18 AM »
Another way to handle money left by a person's passing is to have it in a joint IRA. My dad left his IRA's to mom and basically all she had to do was show a death certificate and add her name.

With real estate, as Alf said it varies by state. It's not too hard in GA to transfer land if a few fairly simple things are taken care of ahead of time.

First point, technically that's a beneficiary relationship, not joint. If it were joint, her name would already have been on the account.

Second point. It turns out that GA is lousy for real estate. Even if the house is deeded jointly, the state considers ALL beneficiaries as getting a piece of the house, not just the survivor on the deed. We just ran into this with my niece's step-brother handling of his wife's estate. The other beneficiaries can waive their rights to the property, and that is fairly simple to do. But it does have to be done.

I'm not a tax accountant, but I did work for a rather large trust company and they made me take all the training even though I was a computer guy.
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Re: Vivek Ramaswamy
« Reply #15 on: Today at 08:32:00 PM »

alfsauve

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Re: Vivek Ramaswamy
« Reply #15 on: September 05, 2023, 12:36:44 PM »
Fortunately, Mum and Dad departed from FL.  We had to finagle the DMV a little to get a temp tag but the investment property and real property was easy.  Same with AZ which is where my wife's parents passed.
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TAB

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Re: Vivek Ramaswamy
« Reply #16 on: September 09, 2023, 09:26:15 AM »
if the soros thing is true, thats not just a hard pass, thats a hilary level of hard pass.
I always break all the clay pigeons,  some times its even with lead.

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Re: Vivek Ramaswamy
« Reply #17 on: September 10, 2023, 06:35:15 PM »
First point, technically that's a beneficiary relationship, not joint. If it were joint, her name would already have been on the account.

Second point. It turns out that GA is lousy for real estate. Even if the house is deeded jointly, the state considers ALL beneficiaries as getting a piece of the house, not just the survivor on the deed. We just ran into this with my niece's step-brother handling of his wife's estate. The other beneficiaries can waive their rights to the property, and that is fairly simple to do. But it does have to be done.

I'm not a tax accountant, but I did work for a rather large trust company and they made me take all the training even though I was a computer guy.

You are correct, but I mis-wrote what was in my noggin.... he had changed it to a joint some years before his death and after she turned 65. She still had to show death certificate to both banks  to remove his name.

I was also talking more concerning land-only deeds.
Our family land always has more than one name on the deed from both my dad and his brother's sides of the tree.
"I expect perdition, I always have. I keep this building at my back, and several guns handy, in case perdition arrives in a form that's susceptible to bullets. I expect it will come in the disease form, though. I'm susceptible to diseases, and you can't shoot a damned disease." ~ Judge Roy Bean, Streets of Laredo

For the Patriots of this country, the Constitution is second only to the Bible for most. For those who love this country, but do not share my personal beliefs, it is their Bible. To them nothing comes before the Constitution of these United States of America. For this we are all labeled potential terrorists. ~ Dean Garrison

"When it comes to the enemy, just because they ain't pullin' a trigger, doesn't mean they ain't totin' ammo for those that are."~PegLeg

 

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