Skip to comments.They Are Going To Make It Nearly Impossible To Pass On A Farm Or A Business To Your Children
Posted on 11/21/2012 9:39:04 AM PST by blam
click here to read article
Part of UN Agenda-21. Can’t wait for them to apply tax to the empty rooms in your house.
Every empty room in your house could collect rent so .gov will assign a value to it then tax you on what you should be making in rent.
They want to make it too expensive to own property. This will drive everyone to live in “mixed use” developments where you can be better accounted for and controlled.
Welcome to the future
Don't leave out their owning of the CONgress.
The John Birch Society has been raising the alarm about Agenda-21 for at least 20 years.
Seems to be a hot topic now.
My thought for our sons is to have a lease/purchase deal. You could gift them back the non-taxable amount that you can give each year.
Is there anything against the law with selling it to them cheap, under the going price?
A business entity like an LLC is perpetual, and you just change out the management of it. This change of management can be written into the articles of incorporation.
So, the parents manage the LLC which owns the property,
then upon death, management passes on to the inheritors.
It’s not that hard to set it up, but I’m sure if too many start doing it, depriving the gov’t of its “due”, they’ll find a way to keep the common folk from doing it.
If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA's Home Equity Conversion Mortgage (HECM) program. The HECM is FHA's reverse mortgage program that enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both...
These folks need to get educated on and start setting their properties up in trusts. Trusts are how the elites manage and keep their wealth within their family lineages.
I do not know all the specifics but by the time my grandparents both passed, they had signed over all properties and accounts to their only child, my mother. I remember hearing that it had to be in her name for seven (I think it was seven) years or the government would still try and take a cut under the argument that the assets were trying to be hidden from them, but after seven years they no longer had a case. It worked out well for our family and my parents have occasionally mentioned that they have learned a lot from the experience and also have a plan to securely pass property to my sister and I down the road. But we aren’t even close to that time yet, thank God. Like you suggested Jayster, the trick is just to stay way out in front of it with a good plan.
I am an attorney in Minnesota. There are some techniques you can undertake to try to pass wealth along, but those techniques only partially offset the pain. A plan for a large estate (greater than $10 million) needs to be implemented well in advance of death in order to take advantage of the planning techniques that are still available. If you are dealing with a very significant estate (not that $10 million isn’t very significant), the owner really needs to hustle, be aggressive, and stay on top of the changes that occur.
In Minnesota, we also have a state Death Tax that kicks in at $1.0 million. That impacts a WHOLE lot of people - many who don’t even realize they’re in that camp. (401k, real estate, life insurance, vehicles, etc — it adds up pretty quickly)
There is still the ability to gift to charity an unlimited amount - if it comes down to the government taking it or a charity receiving it... well, I know which one would end up with mine!
For the record, selling it prior to death would likely trigger crippling capital gains taxes - or gift taxes if the property was sold for less than fair market value. Then you have to figure out a plan for the cash... Passing it to the heirs (along with a stepped-up cost basis) would likely be much more prudent.
You have to watch out for a trust, though, especially if it’s managed by a bank or management company.
Their goal, more times than not, is to drain it as fast as possible and get it off their books.
But doesn’t the estate still have to pay taxes?
Well, young people voted for all this. They’ll be shocked by their structured poverty and oppression when they get older.
Commies will pile their oppression high and harden it by transfering power to the UN.
We set our parents’ up differently, and for different reasons. They weren’t the owners, and some of us kids managed it.
The problem is that they didn’t understand how it worked, and we got a lot of resistance after all the paperwork was signed.
So, set yours up while you’re still cognizant.
I wonder how many farmers voted for Zer0 and his fellow DemonRAT legislatures? This rule will hit them and they will still be in denial.
Despite claims otherwise, the Left is also hostile towards small business owners. Note the Occupy zombies smashing windows of small privately owned businesses. When told that the owners of the businesses were not part of the “one percenters”, the reply was the owners had more than most other “99 percenters”. This is the same reasoning that Stalin used on the kulaks.
The Democratic Party is the operational wing of CPUSA.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.