OT: Horror Story from Illinois

"Only morons pay the estate tax." - Gary Cohn

Reply to
bitrex
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I forsee a future where many of the old-timers from SoCal and the Northeast have fled to the desert states to be among the rocks and cacti and LA and San Fran and NYC are instead filled with say, more thousands of like, young hot Dominican women.

This would be a real tragedy for sure.

Reply to
bitrex

Something sounds wrong here. Didn't they jointly own the property?

Reply to
krw

Simple. Raise the millage rate. Vermont taxing authorities figure out what they need the next year and divide that by the "grand list" (list of the value of all property in the jurisdiction) and that becomes the millage rate. If property values go down, no problem. The tax rate goes up accordingly. Other states make it a little more difficult to do it but they can change millage rates, too.

Reply to
krw

I've already given away the majority of my assets. Beat'em to it.

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John Larkin         Highland Technology, Inc 

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Reply to
John Larkin

No evidence Franklin ever said that but all sorts of shit is attributed to the Founding Fathers that there's no evidence they ever said.

In any case the people figured out they could vote themselves money in approximately 1776.

Reply to
bitrex

But the Right is popular with Evangelicals; no wonder the creators of a confabulated bullshit heretical version of Christianity would invent a confabulated bullshit version of American history, too.

Reply to
bitrex

This is called failed:

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Reply to
bloggs.fredbloggs.fred

Many places have a gift tax. If in the US it is better to sell them the assets for any amount $ 21 or more. There is a reason but I don't feel like going into it right now.

Reply to
jurb6006

I got an attorney and we set it up to keep below the gift tax limit. It wasn't a billion dollars or anything. May as well give it to the kids now; there's no predicting what the inheritance or gift taxes may be, year to year.

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John Larkin         Highland Technology, Inc 

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Reply to
John Larkin

On Monday, May 14, 2018 at 10:44:12 PM UTC-4, snipped-for-privacy@notreal.com wrote: But my sister paid estate tax on property in Virginia. Not to Virginia , b ut to New York.

Remember this is New York law that we are discussing. THe Federal law is n o problem as far as estate tax. But New York if you own property jointly , when one owner dies the other has to pay estate tax on the half owned by t he person that died even though the property is not in NY.

My sister is an attorney, but in Virginia. She could not believe the New York estate tax laws. Washington State is similar, which is one reason I m oved.

Dan

Reply to
dcaster

Sigh. "SV"?

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Reply to
Cursitor Doom

"Only the little people pay taxes" - Leona Helmsley

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Reply to
Cursitor Doom

Complain to your congresswoman.

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John Larkin         Highland Technology, Inc 
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Reply to
John Larkin

That shit could probably be struck down via case law, but that requires someone to fight. the sheeple have been taught that everything the government or their agents say is gospel and irrefutable. They pay better that way.

Reply to
jurb6006

The biggest "pension problem" is Social Security. Ten years ago I realized what the Democrats will do when we can't pay for it any more: They're going to confiscate property. It's going to be more than 1% though.

Reply to
Tom Del Rosso

I know New York is nuts but I didn't think they were *that* nuts. It's certainly good place to be *from*.

Reply to
krw

It's the easiest and most obvious target. After all, it can't be moved elsewhere! I don't know what the situation is in the US, but here all new land transactions must be registered, so TPTB can easily identify the legal owner(s). Previously, land ownership was evidenced by deed bundles, which could be easily secreted, making determining ownership impossible. So we can see why 'they' would wish to move to a system of 100% compulsory registered land where 'they' can no only expropriate outright, but also place charges against the title making it impossible to sell without paying the attached charge (in the uk typically tens of thousands of pounds bare minimum).

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Reply to
Cursitor Doom

SV = Sverige = Sweden :-)

Not really, it mean Silicon Valley. I dread every road trip down there.

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Reply to
Joerg

Me too. We have a new customer in Santa Clara. We love being there and working with the people and gadgets, but we hate getting there.

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John Larkin         Highland Technology, Inc 

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Reply to
John Larkin

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