The toughest hurdles are in the beginning of a persons life after high school: education, a first car, 20% down for a mortgage. Many years of a persons life are pissed away on overcoming those hurdles early on. After that, it's easy. If those initial hurdles didn't exist, people would go alot further in life per their efforts. You don't have to inherit alot, if you inherit it early. The only downside to inheriting early is that young people are generally stupid with money; therefore, the inheritance/gift/aid should be dispersed with conditions on how it is to be used. If someone has a problem with those conditions, they are probably entitled and ungrateful and shouldn't receive anything.
@@ShanklinSquad They won’t pay taxes on any of it until the total amount reaches over 11 million. (It won’t.). If the gift is $15,000 or more in one year, that just means that some tax paperwork needs filled out. No taxes are due.
All good until they try to deposit $5M in cash to their checking account or try to by a home, etc... with 2000 Benjamins. Serious irs or fbi red flag 🚩
Love the demonization of the estate tax. You can leave 5.5 million. Your partner can also leave 5.5 million. If you have 5.6 million to leave it'll only be taxing that last .1. 99% of estates won't come close to getting taxed.
@@Chris-es3wf if you give your kick a bike for Christmas does he pay taxes on it? Have you ever paid taxes on any birthday gift, Christmas gift, or anniversary gift ? The government defines what is tax not some arbitrary concept of “transactions”. Not all transactions are taxed. If you loan your brother some money do you or he put it on your taxes absolutely not.
Less 30% of people receive any inheritance according to the federal reserve. This is not meaningful for a lot if people hand most people who do receive one receive less than 80k and mist if it comes in a way of equity in their parents principle home. Meaning g they inherit what is left over from their parents. I don't think that will ruin most people.
jvolstad nothing wrong with that! Nithing wrong with leaving inheritance for your children and childrens children, in fact thats a good thing, a blessing, and biblical. If theres also a portion to charity thats terrific!
The toughest hurdles are in the beginning of a persons life after high school: education, a first car, 20% down for a mortgage. Many years of a persons life are pissed away on overcoming those hurdles early on. After that, it's easy. If those initial hurdles didn't exist, people would go alot further in life per their efforts. You don't have to inherit alot, if you inherit it early. The only downside to inheriting early is that young people are generally stupid with money; therefore, the inheritance/gift/aid should be dispersed with conditions on how it is to be used. If someone has a problem with those conditions, they are probably entitled and ungrateful and shouldn't receive anything.
Our kids are hardworking and good with money. I will leave whatever is left to them. We also will gift them each $30,000 as a gift before we pass on.
May be best to spread out that $30,000 gift over years so they don't pay taxes on it. Just an idea.
@@ShanklinSquad They won’t pay taxes on any of it until the total amount reaches over 11 million. (It won’t.). If the gift is $15,000 or more in one year, that just means that some tax paperwork needs filled out. No taxes are due.
Also I don’t like how she rushed him so much
If there is anything left it means we didn't travel enough. We have it set up to give 50% to LOCAL charities that we know well. Kids get the rest.
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Leave them their inheritance in cash no taxes!
All good until they try to deposit $5M in cash to their checking account or try to by a home, etc... with 2000 Benjamins. Serious irs or fbi red flag 🚩
Love the demonization of the estate tax. You can leave 5.5 million. Your partner can also leave 5.5 million. If you have 5.6 million to leave it'll only be taxing that last .1. 99% of estates won't come close to getting taxed.
But it’s already been taxed ? Why should you take anything I give my kids just because I died.
@@9doggie12 the double taxation excuse is a mirage. Dollars are taxed at EVERY transaction. Transferring an estate is a transaction. Period.
@@Chris-es3wf if you give your kick a bike for Christmas does he pay taxes on it? Have you ever paid taxes on any birthday gift, Christmas gift, or anniversary gift ? The government defines what is tax not some arbitrary concept of “transactions”. Not all transactions are taxed. If you loan your brother some money do you or he put it on your taxes absolutely not.
Less 30% of people receive any inheritance according to the federal reserve. This is not meaningful for a lot if people hand most people who do receive one receive less than 80k and mist if it comes in a way of equity in their parents principle home. Meaning g they inherit what is left over from their parents. I don't think that will ruin most people.
Drop $10,000,000 in the lap of a a great kid who’s working 70 hours at Mc Donalds as a fry cook and see what happens.
Man if you did that to 18 year old me. I would have so much rental property.
Buy college education
Dave recommending no load mutual funds!! Contrary to what I've heard on UA-cam from him
Why are they rushing him and being rude? Wtf
I have around half my estate going to charity after I pass away.
jvolstad dont forget to put 5% aside for me please.
Alex D Charity’s are scams, most of your money will go to the people’s “running” the charity
So, you think money is evil to not give it to your family after you die?
What an asshole.
jvolstad nothing wrong with that! Nithing wrong with leaving inheritance for your children and childrens children, in fact thats a good thing, a blessing, and biblical. If theres also a portion to charity thats terrific!
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Dave Looks stoned for the first 10 Seconds