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#3078734 - 12/14/12 09:12 AM Re: 526,421 Family Farms [Re: W C]
8 Point

Registered: 05/13/12
Posts: 1489
Loc: Mboro, Tennessee

 Originally Posted By: W C
 Originally Posted By: BMan
If I were a farmer, or any other business owner, I'd be looking at forming an LLC...

or Revocable Living Trust

WC you have to be real carefull with these also they have to be done just right as there are gift laws along with death tax and rules for generation skipping. It is a real nightmare part of tax law that is why some people specialize in it, and you really pay for it. But for most people they are not impacted by it. Like my wifes father and brother are farmers and even though the business is over a mil it has over 3 kids so it could get exempted. Farms with only one kid or no kids that gets real ugly.

#3078966 - 12/14/12 11:27 AM Re: 526,421 Family Farms [Re: BowGirl]
Wes Parrish
16 Point

Registered: 06/12/02
Posts: 19470
Loc: Knoxville-Dover-Union City, TN

 Originally Posted By: BowGirl
It says alot about the type of individual who thinks its ok to swoop in after a family member passes and steal half of it. 1% is classless. Whomever came up with that idea is scum bag. lol Death tax...what a bunch of hockey.

Oh, but the overall situation is so much worse than it appears!

Long before the death tax comes into play on any estate, consider how much property tax has been paid over the years, consider how much sales tax has been paid (with all the items & equipment used continuously), and the list could go on and on.

Lastly, whomever inherits anything, whether it be real property or money, they then start paying a multitude of ongoing taxes (such as property & sales) no matter what they do AFTER the "estate" tax is paid.

But then, I have a problem with a new car that is later sold several times as a "used" car, resulting in the repeated collection of new sales tax from each purchaser. The total sales tax paid can end up approaching half the original cost of the car!

So many, so high, and so repeated TAXES are the main reason our economy is struggling in the global marketplace. We will never be able to compete with so much of our gross national product (the fruits of all our labors) simply going to taxes and paying government bureaucracy (which is now producing almost nothing but more debt, requiring more taxes to pay the increasing debt).

The only reasonable answer to solving our economic problems is less government.

#3079031 - 12/14/12 12:05 PM Re: 526,421 Family Farms [Re: Wes Parrish]
Pic IN the Casa
16 Point

Registered: 03/18/11
Posts: 10072
Loc: TN

There's only ONE way to fix all of this and I don't think many in this country are up for it.
Tolerance now means OBEY!!!!

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