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Totally avoidable/non issue for families who actually sit down together and plan, regardless of wealth.

I have noticed that lots of (extended) families are reticent to do this for a variety of reasons. For some reason, just like 'salaries should be kept secret' permeates throughout companies to allow execs to reap and pillage... many people have bought into the idea of not discussing family finances because it's morbid/rude/private.

Again, another reason why rich people are rich.

 

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20 minutes ago, Frugal Git said:

Totally avoidable/non issue for families who actually sit down together and plan, regardless of wealth.

I have noticed that lots of (extended) families are reticent to do this for a variety of reasons. For some reason, just like 'salaries should be kept secret' permeates throughout companies to allow execs to reap and pillage... many people have bought into the idea of not discussing family finances because it's morbid/rude/private.

Again, another reason why rich people are rich.

 

You are kidding.   I know of so many situations where the old gits will not discuss or do anything sensible at all whatsoever with regard to transferring wealth, title deeds etc because they are so effing stupid and think they are never going to pop their clogs (that's only for other people! )

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14 minutes ago, Shea VanHaven said:

You are kidding.   I know of so many situations where the old gits will not discuss or do anything sensible at all whatsoever with regard to transferring wealth, title deeds etc because they are so effing stupid and think they are never going to pop their clogs (that's only for other people! )

Well, yes - quite. That's one part of what I was saying with rude/morbid etc. In some cases, its the kids who don't want to broach the topic with the folks, and in others vice versa out of selfish/ostrich or other reasons.

I am extremely lucky to have parents who aren't shy or silly around discussing this stuff. Like I say, that's part of how some families get - and stay - rich, whilst the others sleepwalk into handing over everything to the state. Ironically, part of this culture of openness that we have stems from the they are as disgusted as I am about the actions of central banks and the state over the last 20 years (even though said actions have made them well off) and the legacy it's left for the young. I'm fine with my very strange life - my sibling on the other hand has their own family now and despite earning well as a family unit, the situation they are in is nowhere near what my parents had on a much lower relative income. My parents, unlike the ones you mention - recognise this.

They like me would prefer a systemic reset to make things fairer. However, in the absence of that, we're sure as sh*t not going to hand it over to pay for bottles of bolly for the city boys or interest payments on debt. It's a kind of cognitive dissonance. 

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So this £20k fee only applies for estates over £2 million? Poor diddums having to pay £20k in fees when they are inheriting £2m for doing nowt bar having a wealthy relative.

58% of estates will pay zero in probate fees, and those inheriting between £50k to £300k will pay only £300.

As has been said - what is 45% tax on £2m you actually earned? £900,000!

Surely the best taxes are those you pay once you die -  you aren't in a position to care are you?

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Christ, are we really bothered about the taxes that people pay over two million bloody quid! It's unearned wealth, screw them harder I say.

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Listening to the radio last week whilst driving to a visit for work. I can't remember the channel, either lbc or radio five. Anyhow, the discussion was about death duties and how tptb had got the populace into a froth about having to pay it.  Except it is a tiny minority that actually has to cough up.  It's a tax on the wealthy upon death yet the poor plebs get themselves all in a lather about it.  Just show how hard of thinking the ordinary person can be   

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If I were running the country I'd have IHT as far above 50% as humanly possible, then plough the whole lot into a first class education for all... That's a fair start for everybody, regardless of who their parents are.

I don't think I'd get many votes though somehow.

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20 minutes ago, Maynardgravy said:

If I were running the country I'd have IHT as far above 50% as humanly possible, then plough the whole lot into a first class education for all... That's a fair start for everybody, regardless of who their parents are.

I don't think I'd get many votes though somehow.

You would get mine.

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3 hours ago, Shea VanHaven said:

You are kidding.   I know of so many situations where the old gits will not discuss or do anything sensible at all whatsoever with regard to transferring wealth, title deeds etc because they are so effing stupid and think they are never going to pop their clogs (that's only for other people! )

That tells me you know lots of effing stupid people. 

Perhaps you shoyld hang around with intelligent people. 

try it some time and let us all know how you get on

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2 hours ago, Uncle_Kenny said:

Most people love their spouse and kids

And yet half the money they earn to pay for them is taken away by the government. 

Inheritance is income, it should be taxed as income, there's simply no justification for anything else. 

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1 minute ago, BuyToLeech said:

And yet half the money they earn to pay for them is taken away by the government. 

Inheritance is income, it should be taxed as income, there's simply no justification for anything else. 

Inheritance is savings. 

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1 minute ago, knock out johnny said:

Inheritance is savings. 

Who's savings?

The recipient has not "saved" it from income nor realised it from capital in their own name.

Like the poster above said, should be taxed as income IMO.

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1 minute ago, Drummer said:

Who's savings?

The recipient has not "saved" it from income nor realised it from capital in their own name.

Like the poster above said, should be taxed as income IMO.

Great. Give the poster above whatever amount of money you wish. 

I prefer the model where families stick together and those families that dont need to rely on the state don't rely on the state. 

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2 minutes ago, knock out johnny said:

The issue therefore is hpi not inheritance

Go away and think of something else

I would like cgt on property, with an indexation allowance. But that is not going to happen. I presume you are happy to see property wealth passed down by right?

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14 minutes ago, Drummer said:

Who's savings?

The recipient has not "saved" it from income nor realised it from capital in their own name.

Like the poster above said, should be taxed as income IMO.

Are you an orphan?

Proper families pull together. You obviously dont understand and i feel sorry for you. 

Just because onlu mum and dad are on the deeds (hence currently no iht on transfer from spouse to spouse) doesnt exclude children and others from having equity in said estate. 

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2 minutes ago, Dorkins said:

Inheritance tax is a bad tax, the government is charging you for demographic turnover.

No its not. If implemented properly it prevents the rich from getting richer and can provide better opportunity for social mobility.

Problem is its probably the easiest tax to mitigate.

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3 minutes ago, knock out johnny said:

Are you an orphan?

Proper families pull together. You obviously dont understand and i feel sorry for you. 

Just because onlu mum and dad are on the deeds (hence currently no iht on transfer from spouse to spouse) doesnt exclude children and others from having equity in said estate. 

Not sure if you are a wind up merchant or not?

I've no problem with sons/daughters inheriting equity in an estate, as long as the value is added to their income and taxed accordingly.

As an extreme example, Mark Zuckerberg is a worth $56,000,000,000. Are you saying the next 20+ generations of his family need not work because he started facebook?!

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