Vox article on inheritance

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

I'd pay for every conceivable expense for my kids and grandkids before letting it get taxed away in estate taxes. Schools, vacations, houses, cars, you name it.

How does that work? Don't they have to pay taxes if the gift is over a certain amount?

Np:

Grandparent signs the contract for private school and college

Grandparent is joint on the home with grandkid, house passes to survivor. Grandparent doesn’t live there but pays all housing expenses. Same with vehicles

Grandparent is silent partner in business and funds business venture fully

Grandparent buys items needed for grandkids: Amazon, Walmart - Inc gift

Make your children and grandchildren authorized users on your credit card. Drop of bags of cash for groceries. I'd do pretty much anything that was remotely legal to get the $ to my family versus having my life's financial work taxed at 50%.

How patriotic of you! Truly, you are an inspiration. If we have enough people like you someday we can achieve the long-held dream of all Americans to create a permanent Aristocratic class in the United States!

(Sarcasm aside, we already have one, and IMO that is what the estate tax is meant to prevent, although we are collectively too stupid to realize it...)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance?

This. My parents were very middle class, and my sister I should inherit about $1m each.

Listen, folks. Just because YOUR middle class parents are/were terrible with their money (thus leaving you little to nothing) doesn’t mean that other older people who were responsible and saved/invested their money throughout their lives (thus leaving an inheritance for their children - even *gasp* one million dollars!!!) were “rich” - they saved their money, now they have money! Some of you should try it.

That being said, I am struggling to even get through that article. It is structured in such a bizarre, haphazard way that it reads almost like a stream of consciousness. I really miss editors.

My dad was a teacher and my mom a SAHM. I grew up solidly middle class. I will inherit probably $1 million. A lot of that money will come from the sale of my childhood home that my parents bought for $50,000 and is now worth $500,000 and my dad has been receiving a decent pension and healthcare for years. My parents spend very little money and have saved all of the SS money they have received. So yes, it is possible to grow up middle class and still inherit a lot of money.

Same. My parents were good with their money, saving as soon as they started working. As a result, they are very comfortable in retirement and will likely have a significant amount to leave to their family.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not really surprised by this, the net worth of the top 10% is >1M so why not a 500k+ inheritance?

This. My parents were very middle class, and my sister I should inherit about $1m each.

People are jumping in this poster but maybe the parents lived a middle class lifestyle and the money amount was a surprise.