Reply to Does your social circle have a lot of family money/trust funds?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Oh and I’ll add that our private school has many grandparents helping with tuition. [/quote]

This can be for tax reasons. We can very easily afford private school, but the grandparents pay because payments for education don't count towards any gift tax limits at all, and it helps them reduce the size of their estate. While right now their estate is under the current estate tax limit, there is routinely talk at the national and state levels of lowering this limit, so they may indeed hit the limit in the future.[/quote]

The 2026 sunset provision will be cutting the federal tax exemption in half.      The gift tax exemption will also be cut in half.  Right now a married couple can gift $36,000 per person. Unless Congress acts it will also be cut in half.  [/quote]m

If you want to keep the estate tax limits as they are now, then for all that is holy, please do not vote Democrat in the upcoming election. If you want to have your wealth forcibly redistributed to the masses then by all means vote blue. But don’t complain when they come for your hard-earned money.[/quote]

Unearned income isn’t that hard earned.   The incentive is for people to put the money back into the economy.    Stop hoarding it.   Stop talking about “when I die” my children etc etc.   Transfer money over your lifetime, give to charity, make a difference with excess money.

Less than 1% of people leave an estate that’s taxable so I’m sure there’s a lot of exaggeration here.    [/quote]

We are not "hoarding" it.  We give to many charities of our choosing and are making a difference.  Our estate plan is set up to avoid any and all "death taxes".  We also believe in transferring money over our lifetime but should it end early (ie we are not in our late 80s/90s) we will be hit with estate taxes if we don't have the plan in place.  However, our family is our first charity, and we plan to help our kids, grandkids, nieces/nephews/etc with their education as well along the way. [/quote]

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