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Financial Advisor? at age 70? Why?

Fisher said:
When it comes to real estate, there is a capital gains tax reason. If I give you a piece of property worth $300K that I paid $40K for, you pay cap gains tax on $260K if you sell it when you get it. If you inherit it from me, you get the value at the time of inheritance as your basis so you would pay $0 cap gains if you immediately sold it. Not a huge issue today with low rate, but it will be 5 years from now if liberals like you have your way with cap gains rates being in the 30% range :mrgreen:
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So you are saying that people game the system to avoid taxes, and people who receive free money that they did nothing to personally earn get special tax treatment by inheriting wealth.

And by the way, I am far from a liberal.
 
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MaggieD said:
I have a friend who is an intake manager at a nursing home. She deals with horrified family all the time -- horrified at the fact that their parent's assets will now be used to provide an acceptable standard of long-term care. In the Chicago area, that's probably a minimum of $7,000 a month. They'd counted on that money to be transferred, as you say. Her standard reply:
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In otherwords, they are horrified they they won't get any of the inheritance that they did nothing to earn, and would prefer to dump their family members onto the backs of the taxpayer. to me, that entitlement mentality of expecting to get something for free that you didn't earn isn't any different than the entitlement mentality of welfare queens.
 
imagep said:
So you are saying that people game the system to avoid taxes, and people who receive free money that they did nothing to personally earn get special tax treatment by inheriting wealth.

And by the way, I am far from a liberal.
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They might get you in the tax side or they might get you on the nursing home side. Personally, I don't think you should screw Medicaid into paying for your nursing home so your kids can get the house, but that is not my decision to make for them.

When it comes to tax policy you are a liberal
 
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