So I was just looking at some videos from investment youtubers I watch to keep up with the ridiculous myriad of ever changing tax code laws, and something kind of funny happened.
People in the comments were literally begging for Trump back and doing nothing but crap on xiden and talk about how they regret voting for him. I even saw lots of people talk about how they'll never vote democrat again because they've been betrayed for the last time. Amazingly, I say some people talk about switching to republican since at least then they can attempt to better their lives through investing
So I'll try not to get TOO technical since not everyone is a fan of learning tax codes. But basically xiden is trying to force through a bunch of tax reform bills that would eliminate the 1031 exchange and step-up basis portions of the tax code. Essentially what this does is make it harder for middle and lower class people to better themselves through real estate investing, while also limiting the ways they can pass on their life's work and accumulated assets to their kids when they die without them being forced to sell off most of it to pay for the "death taxes".
This has apparently gotten normies to wake up BIG TIME. Hit them in their wallet and tell them they're going to have to sell off 90% of their inheritance to pay for taxes, and suddenly Orange Man Good, becomes their new motto and the Ass party become the new literal satan.
I honestly don't know whether to laugh at the sheer stupidity, or be glad they're coming around to our general side.
Technically there ARE ways of getting around any form of tax. It involves creating a private trust and hiring a lawyer to make sure you get the wording exactly right though. So it's more complicated than most people care to deal with, hence why it's mostly high net worth and ultra high net worth individuals who go through the trouble of going the trust route.
Yep I looked into that as well. Figured if I'm going through that expense and trouble, it's just made sense to box up the personal items I want them to have and give it to them now. Financially I'm converting $$ to metals and giving to them for birthdays and Christmas. You can't take it with you in the end, so why store it for them to have to sort through when I'm gone is my thought.
I agree. As they say, it’s better to give with a warm hand than a cold one!
My brother died in early Dec. of last year. We are trying to finally wrap up his estate. After having to dispense all of his belongings, it was sad to see what was precious to him, but was not to us. I've told my kids for the past several years, "don't give/get me anything that's NOT consumable!
Sorry for your loss.
Thank you.
Can you not just "sell" to your heir at a very cheap price? I'm not familiar enough with tax law.