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Tractor Talk Discussion Forum

Re: Death and Taxes.

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Billy NY

12-12-2012 09:13:30

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I hate politics, not very fond of most politicians and elected officials, try like heck to remain optimistic and don't really like discussing it here but this does irk me.

Keeping that last couple of words in mind, this article and what they propose is irrational. You get to certain age, face a situation like this where you are now billed for 50% of the appraised value of an estate that meets the criteria. You don't have it, so now what, if you are an heir, you now have a mortgage if you want the estate, and basically the government sells it to you for .50 cents on the dollar of what its worth ? Am I correct, is that the short of it ? So one needs to plan ahead and make other purchase arrangements, and avoid being an heir, so if a person wants to "bequeath" their estate, officially and legally before they pass away, where does that leave an heir ? Oh, there has to be a gift tax, that's now income because of its value, oh how could I forget LOL ? So it would appear to a person like myself, not too educated on tax law that you need to sell your estate to your formerly intended heir, prior to your untimely death so that they do not have to pay this tax, leaves the heir with a mortage payment, unless the sum is discounted, can you sell it for a dollar ?

Our elected government just cannot manage money, tax the heck out of everyone, darned state gets over $800 per month for just the land here, and about half that for the house and surrounding land, I hate thinking about it. So to own anything like it, you not only have to finance what you don't have, prices of land being so darned high by sellers, you end up with a double mortage payment, and only will ever pay half of it off if you get that far, because the state or county, land tax never stops, No one gets any break ever, you die, want to pass on what you worked hard to only pay half for, so say a sibling does not have that a bank mortgage, thats not allowed, because you are now assessed 50% of its current value, so the heir has to buy it prior to, is their a loophole, sell it for a $1 ? That would satisfy my radical thoughts, but you know they have that loophole covered somehow, which would then influence my thoughts of being overly radical and state that the actual collecting or seizing of the estate due to the above, would be real interesting if a person stood their ground and said, "from my cold dead hands".

These politicians cannot manage the affairs of the people, cannot manage the use of taxpayer money, do not accomplish what the people want or really need, they're also corrupt, I'm sorry, you're all fired !!!!!

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12-12-2012 11:27:37

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 Re: Death and Taxes. in reply to Billy NY, 12-12-2012 09:13:30  
"can you sell it for a dollar?

Billy - I ain't no tax expert, but my attorney advised us to get a certified appraisal of our farm when we turned the ownership over to the kids. It appeared that you could make your own value of the property, but the attorney advised against it. In the future, it could come back and bite you without the appraisal. We kept a lifetime dowry on the property. Keep in mind that our place is not worth as much as these other guys' places.

A local attorney is needed - too important to guess at. . .

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12-12-2012 09:44:43

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 Re: Death and Taxes. in reply to Billy NY, 12-12-2012 09:13:30  
Billy---one method of planning ahead is to create an Irrevocable Life Insurance Trust (ILIT) funded with a life insurance policy for the amount of the potential Estate Tax due at death.

If the tax due is $1,000,000 the land owners heirs would have tax free cash from the life policy to pay the tax, in essence,preserving the farm the family.

Of course, the deceased farm owner would need to have the foresight to buy the life policy before death, be in good enough health to get the policy, and have the money to be able to pay the premium on the policy.

The owner could also sell the farm before he dies, and spend all the money before the kids or the gov. get what's left over after the initial tax hit.


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Billy NY

12-12-2012 10:18:36

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 Re: Death and Taxes. in reply to 8N'r--WI, 12-12-2012 09:44:43  
This nonsense always gets me "wrinkled" LOL !! But cooler heads prevail, estate planning, well in advance is what needs to be done, like mentioned below.

Now, one can patriotically support our country, serve in the armed forces, be an upstanding citizen, but respectively disagree with what politicians do or propose, that be me, I just do not like how they handle and or manage taxpayer money.

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