wow, we are fucking doomed. boooy if I had access to that much money I'd spend it on something generational not chopping body parts off. I guess the dude is crazy but where the hell is the line going to be drawn with this stuff?
No one thinks about generational wealth anymore; the number of people (even highly educated ones) who plan to die having "bounced their last check" is surprising.
If the value of the assets being transferred is higher than the federal estate tax exemption (which is $11.58 million for singles in 2020 and about $23.16 million for married couples), the property can be subject to federal estate tax.
In contrast, with inheritance taxes the focus is usually on who the heir is. And while it’s possible to owe estate taxes at the state and/or federal level, inheritance taxes are only collected by states.
Only six states impose an inheritance tax. So if you’re inheriting something from a person who lived in any of the following places, your inheritance might be subject to state taxes:
Maryland, Nebraska, Kentucky, New Jersey, Pennsylvania, Iowa
The people I was thinking of weren't the sort who would need to worry about this but rather the professional middle class who have enough saved into retirement to maintain their professional middle class lifestyle. The sort who after a few generations might accrue generational wealth.
wow, we are fucking doomed. boooy if I had access to that much money I'd spend it on something generational not chopping body parts off. I guess the dude is crazy but where the hell is the line going to be drawn with this stuff?
No one thinks about generational wealth anymore; the number of people (even highly educated ones) who plan to die having "bounced their last check" is surprising.
Because the gov taxes the shit out of inheritances.
Source
The people I was thinking of weren't the sort who would need to worry about this but rather the professional middle class who have enough saved into retirement to maintain their professional middle class lifestyle. The sort who after a few generations might accrue generational wealth.
I'd spend it on hookers, the kind without a penis