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carl
Joined: 25 Feb 1997
Posts: 2674
Location: SF bay area
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 Posted: Wed Sep 15, 2010 4:24 pm Post subject: |
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The crew had better not stay in the channel too long,
Coyote Park now closes at 7pm.
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coyoteandre
Joined: 20 Jul 2015
Posts: 57
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| Posted: Wed Sep 15, 2010 4:25 pm Post subject: no one called Coast Guard |
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| devengadula wrote: | | Andre, what should we do with your body? Is it all right to burn it in a wetsuit? Actually, no, we do not want to pollute Coyote because I figure that is where you want to watch us spreading your ashes, right? You are a really good windsurfer. A lot of people told me that and I can confirm it. |
Deven,
A body on the bay is a hazard to navigation, you and I should avoid becoming hazards to navigation. You can save my ashes to sprinkle on your salad, free minerals, lots of calcium for your bones, be green, recycle.
Picture below shows life of a retired senior boardhead, what a life, no more chasing wind, no more rigging...what else...
No regrets, no problems, let's smile and go sailing today.
Andre
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| life of retired senior boardhead |
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Last edited by coyoteandre on Thu Sep 16, 2010 4:50 pm; edited 2 times in total |
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mac
Joined: 07 Mar 1999
Posts: 17750
Location: Berkeley, California
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| Posted: Wed Sep 15, 2010 4:32 pm Post subject: |
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So iso hijacks another serious thread with a right wing rant of dubious truth. Just to be clear--the Reeps rammed through a complete exemption to any estate taxation which is about to expire. My parents died, with a trust, bequeathed to their 5 kids. The amount that escaped taxation that came to me, almost the entire portion of their estate, made me highly comfortable. In addition to that roiughly $1 mill that escapes taxation, my folks--or now me--can gift our children, their spouses, and their children I think $10,000/per year without it representing a tax liability. My inheritance and buying a home 35 years ago have allowed me to retire in great comfort.
In addition to these benefits--limited, as Boggs said to the upper 6% in income levels, is the great shelter allowed for capital gains. The money I make in the stock market is taxed at a much lower rate than that for most of the populace.
Now either Isobars is ignorant of these benefits that accrue to the very rich, or he is well aware of them, benefits from them, and wants even more.
In any event, this should have been on the off-topic page.
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goinoff
Joined: 01 Feb 1998
Posts: 154
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| Posted: Wed Sep 15, 2010 4:51 pm Post subject: |
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| mac wrote: | | -can gift our children, their spouses, and their children I think $10,000/per year without it representing a tax liability. |
Mac,
It's currently at $12,000.00 a year.
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johnl
Joined: 05 Jun 1994
Posts: 1330
Location: Hood River OR
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| Posted: Wed Sep 15, 2010 7:06 pm Post subject: |
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| boggsman1 wrote: | | swchandler wrote: | | Just curious. It's my thought that if one's spouse dies, the survivor in the marriage would assume the assets and wouldn't be subject to an death tax (like isobars' case with his wife). However, I do realize that an estate that is inherited by children of a marriage, or some other relatives or unrelated parties, would be subject to an inheritance tax. The amount of taxation would depend on the value of the estate. Of course, I could be mistaken about this. |
You're right. If the Trust is set up correctly, the spouse can avoid a portion of the inheritance tax, under a certain amount, BUT a Trust does NOT avoid the eventuality of the inheritance tax, when its passed on to the heirs. My response was to John's comment of "no taxes". |
Well my experience with a living trust that my mother had one and died. I also have one now. I did NOT get taxes on any of the assets including the sale of the house. I DID get taxed on PART of the investments that was the interest part (the earned part) and did NOT get taxed on the original principals. The part I did get taxed on was just reported as income (on a special form of course) on my taxes and was taxed at the regular tax rate.
So in summary, taxed on the income that the investments earned, but NO other taxes.
I appologize for stealing the thread (however on the other hand, it was getting kind of old.....)
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isobars
Joined: 12 Dec 1999
Posts: 20935
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| Posted: Wed Sep 15, 2010 8:02 pm Post subject: |
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| johnl wrote: | Well my experience with a living trust that my mother had one and died. I also have one now. I did NOT get taxes on any of the assets including the sale of the house.
I appologize for stealing the thread (however on the other hand, it was getting kind of old.....) |
That was my opinion, too.
But back to the taxes ... the inheritance tax is to be 55% of the principal, too, not just the interest or earnings. IOW, when we die, more than half of any portion above some artificial threshold of the cash under our mattress -- OUR money, on which we've already paid income taxes -- will be confiscated by the federal government simply because we died. My living trust will shield my wife from that ... until even that protection is legislated away ... but does not provide our beneficiaries such full protection.
The moral of the story is make sure that we spend or give away enough money before we die to be sure the money over the threshold goes where WE want it to rather than where the government wants to spend it.
My in-laws died 6 years ago. Part of their holdings is still under probate and has lost significant market value ... another strong reason to bypass probate with living trusts.
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Georges
Joined: 10 Apr 2000
Posts: 249
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| Posted: Wed Sep 15, 2010 8:48 pm Post subject: |
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| isobars wrote: | | johnl wrote: | Well my experience with a living trust that my mother had one and died. I also have one now. I did NOT get taxes on any of the assets including the sale of the house.
I appologize for stealing the thread (however on the other hand, it was getting kind of old.....) |
That was my opinion, too.
But back to the taxes ... the inheritance tax is to be 55% of the principal, too, not just the interest or earnings. IOW, when we die, more than half of any portion above some artificial threshold of the cash under our mattress -- OUR money, on which we've already paid income taxes -- will be confiscated by the federal government simply because we died. My living trust will shield my wife from that ... until even that protection is legislated away ... but does not provide our beneficiaries such full protection.
The moral of the story is make sure that we spend or give away enough money before we die to be sure the money over the threshold goes where WE want it to rather than where the government wants to spend it.
My in-laws died 6 years ago. Part of their holdings is still under probate and has lost significant market value ... another strong reason to bypass probate with living trusts. |
What part of WE DO NOT GIVE A SHIT ABOUT YOUR OPINION ! are you not understanding? 
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DanWeiss
Joined: 24 Jun 2008
Posts: 2296
Location: Connecticut, USA
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| Posted: Wed Sep 15, 2010 11:53 pm Post subject: |
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| isobars wrote: |
But back to the taxes ... the inheritance tax is to be 55% of the principal, too, not just the interest or earnings. IOW, when we die, more than half of any portion above some artificial threshold of the cash under our mattress -- OUR money, on which we've already paid income taxes -- will be confiscated by the federal government simply because we died. SNIP
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Mike, you can't take it with you. When you die, the money that formerly belonging to you no longer does, save for the two coins on your eyes for barge fare. All that remains is an estate.
Funny, that's why the tax is called an estate tax, not a death tax, although a death tax does sound silly. Before distribution to heirs or beneficiaries, the estate is/was taxed. At least since 1918.
On the other hand, many states have imposed inheritance taxes directly upon the heirs or beneficiaries in proportion to their respective share in the whole.
The point is, you cannot control your money from the grave.
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outcast
Joined: 04 May 2004
Posts: 2724
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mrgybe
Joined: 01 Jul 2008
Posts: 5181
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| Posted: Thu Sep 16, 2010 6:05 pm Post subject: |
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| boggsman1 wrote: |
WRONG. Living trusts do not reduce inheritance taxes for subsequent beneficiaries............This is my job, people pay me to help them with this crap. If you have a lot of money and need help, shoot me a PM. |
You are completely wrong. Living Trusts absolutely reduce taxes for subsequent beneficiaries. That's the whole point (that and avoiding probate). They enable the use of the Estate Tax Exemption by both spouses rather than just one if no trust were present.
| boggsman1 wrote: | | If the Trust is set up correctly, the spouse can avoid a portion of the inheritance tax, under a certain amount, |
Wrong again. The marital deduction is unlimited (unless your spouse in not a US citizen).......in other words, no tax wil be payable by the surviving spouse regardless of the size of the estate. No trust is needed to obtain that deduction.
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