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Commie Pinko Dirtbag (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:14 PM Original message |
Question about the estate tax. |
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TexasObserver (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:15 PM Response to Original message |
1. Yes, if the mansion is valued highly enough. |
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Gaedel (802 posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:30 PM Response to Reply #1 |
5. Businesses |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:32 PM Response to Reply #5 |
7. "Often" overstates the frequency. nt |
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Gaedel (802 posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:43 PM Response to Reply #7 |
11. It is anecdotal |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:53 PM Response to Reply #11 |
14. I sincerely doubt it was sold because they "had" to. |
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Coyote_Bandit (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:43 PM Response to Reply #5 |
9. Yes that happens |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:47 PM Response to Reply #5 |
13. If the business is that valuable they would be wise to incorporate. n/t |
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Yupster (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 07:15 PM Response to Reply #13 |
16. What difference would that make? |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 07:58 PM Response to Reply #16 |
20. Give some/all shares to family members prior to your death |
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Yupster (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 08:36 PM Response to Reply #20 |
22. That's true |
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Gaedel (802 posts) Send PM | Profile | Ignore | Fri Dec-17-10 06:32 AM Response to Reply #22 |
23. $13,000 |
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TexasObserver (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 07:50 PM Response to Reply #5 |
19. They sell because the engine that made the business run is gone. |
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Hello_Kitty (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:22 PM Response to Original message |
2. People with illiquid assets typically purchase life insurance for that. |
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RUMMYisFROSTED (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:23 PM Response to Original message |
3. What's the point of an estate if you're broke? |
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Kali (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:39 PM Response to Reply #3 |
8. I'll give you an example. |
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frazzled (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:25 PM Response to Original message |
4. Until this past year (2009) ... you could sell it with no capital gains tax |
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northzax (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:30 PM Response to Original message |
6. yes. but it would have to be quite a nice house |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:46 PM Response to Reply #6 |
12. Not always. In joint ownership (in most states) transfers to the surviving party without estate. |
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Denninmi (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 07:11 PM Response to Reply #12 |
15. The federal marital deduction is unlimited. |
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Kali (1000+ posts) Send PM | Profile | Ignore | Fri Dec-17-10 12:23 PM Response to Reply #15 |
24. good point |
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Yupster (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 07:15 PM Response to Reply #12 |
17. Yes - the problem comes when the second one |
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Statistical (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 06:43 PM Response to Original message |
10. In most states if the property is held jointly (i.e. between spouses) it doesn't enter the estate. |
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MindandSoul (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 07:18 PM Response to Original message |
18. Good question. . .but I bet if the "dear departed" has more than one child. . .the |
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Motown_Johnny (1000+ posts) Send PM | Profile | Ignore | Thu Dec-16-10 08:18 PM Response to Original message |
21. they could refinance |
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