| If you had a terminal illness would you end your own life by 12/31/10 to keep the U.S. gov. from taking half your estate? |
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Asked 2 years ago
by silencedogood  United States |
| 2 Points |
If I had an estate worth protecting and had waited until I was terminal to protect it, I would have to call the 50% tax a stupid tax--a tax that is levied on stupid people.
50% (or thereabouts, depending on state estate tax) after the first $1 million dollars.
Last I heard they were considering rolling it back to last years limit of $3 million tax exempt, rather than letting it revert to original levels.
If I had an terminal illness and more then a million dollars, I would donate it all to a good cause rather then allow the government to wage war with the money.
This comment has been moderated down. (Show Comment)
So your family doesn't matter and the employees of a small business can just go to hell if they don't like the government taking their jobs away? Not much love or compassion there ask.
Did you think that was the only way to get money to your family? Not much knowledge there, Joyce.
You can stash a lot in trust accounts if you don't have a family business or family farm.
Lets pretend I were a millionaire (I am not); if my kid needs more then one million cash to stand on his own two feet, be a productive and happy person, I have failed as a parent.
"The government taking their jobs away" is just garbage...
I had business friends that owned a pair of carpet stores in Illinois with $2.5 Million in assets and inventory. They had 12 full time employees and 23 installers employed as independent installers. She had to liquidate the business to pay the taxes. It threw 24 people out of work. (including herself)
If she had to liquidate the stores, they were not worth $2.5 Million else some one would have bought them, or she would have been able to get a loan. Without seeing the details of her case I have to say this story sounds highly suspect.
Was it "Bennys Flooring" btw?
Very unlikely because if I was smart enough to do what it took to build an estate I would have lawyers who know how to protect my estate from the tax hungry.
Let me add I would take my own life if I was concerned about any physical pain.