The Detroit Post
Saturday, 04 December, 2021

Bitlife How To Avoid Estate Tax

Carole Stephens
• Monday, 14 December, 2020
• 8 min read

I play now I think 50 generations and I never had to pay estate tax and then one live I got popular and when I died I had to pay almost the half of my money because of estate tax and I were at 1.5 billion and now I lose more money every live I'm only at 200 million now and getting broker every life but why? I had over a billion dollars and a home around half a mil, and they took 70 million from me in taxes.

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Next game I only bought a manufactured cheap home, and they still took 24 mil from me. This time I bought a house to adopt a child and sold it right away and still they took almost 20 million from me.

Posted on: May 4, 2019, Answer from: Simon YYY everyone in Singapore you don't have to pay estate tax I make sure that my family ends up there before the current character dies, to avoid the tax.

Posted on: May 11, 2019, Answer from: Dizzy Drake Also in Canada you don't have to pay estate tax either! Posted on: Jun 2, 2019 Answer from: QuickQuack Singapore also doesn't have estate tax.

Posted on: Jun 17, 2019 Answer from: Oil TUNE CHI Long story short my accumulated net worth for 3 generations is 1.37 Billion... after being wrongfully taxed on the inheritances... my current net worth is 310 Million from 230 Million after building it back up... Let that sink in... Posted on: Jun 24, 2019 Answer from: Emmy I was having the same problem living in the United States.

Posted on: Jun 26, 2019Answer from: Billie _Person In the United Arab Emeritus, you don't have to pay estate taxes. Just make sure you don't move to any other countries where you do have to pay as you will lose a lot of money.

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Posted on: Jul 9, 2019 Answer from: Megan If you go to Estonia you don't have to pay estate tax ! Posted on: Jul 29, 2019 Answer from: Meet Australia you don't have to pay anything when you die.

And if you are among those of us expecting big tax increases in the years to come, that makes it double important to dust off your estate plan, if you have one. This opens the door to will contest, criminals sniffing out targets, and all kinds of other unpleasantness.

It also won’t prevent the heartbreak of guardianship, which is where a judge appoints someone to manage your checkbook because you can no longer do it yourself. Guardianship happen if you can’t manage your affairs, and there is no legal mechanism in place to empower someone to take over.

If you don’t have a trust and, for example, and you or your spouse loses competency, then a judge calls the shots on your assets. Avoiding dependence on our children is often one of the biggest fears retirees have, right behind running out of money.

Guardianship is where a court appoints someone else to take the legal responsibility to manage your assets and make decisions for you. Unless you have planned to avoid guardianship, it can become required if you ever get to the point where you cannot manage your affairs, typically from cognitive issues like Alzheimer’s, or other debilitating accidents or conditions.

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You have to be proven legally incompetent, and you may have to sit through the proceeding while an attorney points out how broken down you’ve become. Once you lose power and control over your own affairs, the selected guardian, (again, picked by a judge– not you or your family), is overseen by the court.

Living trusts are wise choices because they give you more flexibility and precision over your assets. Living trusts are also much more acceptable to banks, brokerages, and other custodians of your money; powers of attorney can be rejected by asset custodians, who in the worst cases must be sued to recognize them, which can take a long time, during which you may become very uncomfortable.

Living trusts not only allow much more effective estate planning, but can save their cost many, many times over by avoiding needless probate fees and loss of control. Another common mistake we often see is putting bank and brokerage accounts in joint names with your children.

In fact, another big mistake we regularly see is not using a living trust as a beneficiary where you have a decent amount in plans like IRAs or 401ks. These accounts can’t be titled in joint names without triggering a massive tax blunder.

For more information on this author, including blog posts and free white papers, visit the website. To get info on the author’s free monthly online advanced wealth classes, click here.

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I started in the wealth business in 1984 as a NY stockbroker, but I hope you’ll forgive me that! Besides being a Barron’s and Forbes “top advisor,” and I’ve completed the CFP, Check, CLU®, CFS and BCM™ programs, and an active CFA investments and EA tax expert.

This is a thread dedicated to listing countries that don't take away money from your kids' inheritance (at least in Billie), serving as a guide for generational players. Donald Trump recently unveiled his tax reform plan for the country and announced that he wants to get rid of the estate tax by 2024.

One way to get around the estate tax is to hand off portions of your wealth to your family members through gifts. Just keep in mind that the $11.4 million threshold applies to both the gift tax and estate tax at the same time.

If you don’t want to leave your family members in a difficult financial situation after you die, it’s a good idea to buy life insurance. By transferring over your life insurance policy, your death benefits wouldn’t be included in your estate.

If you die within three years of making the transfer, your life insurance proceeds would still be considered part of your taxable estate. Another way to bypass the estate tax is to transfer part of your wealth to a charity through a trust.

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By donating to charity, you’ll lower the value of your estate and end up with an extra tax break. On the other hand, if you have a CRT, you can transfer a stock or another appreciating asset to an irrevocable trust.

Throughout your lifetime, you can make money off of that asset and when you die, your investment income will be donated to charity. In the process, you’ll avoid the capital gains tax and lower your estate tax burden.

If there are any family-owned businesses or assets (such as properties) that you want your children to own after you’re gone, you can set up a family limited partnership. Typically, this involves establishing a general partnership and then making heirs and family members limited partners.

An additional way to reduce the number of assets that will be subject to the estate tax is to fund a qualified personnel residence trust (PRT). Unfortunately, if you die before the end of your trust’s term, your home will still be considered part of your estate.

And while you can create a trust for your house with a mortgage, it’s easier to set up a PRT for a rental property. If all of this sounds like a lot to handle on your own, consider hiring a financial advisor to help you with estate planning.

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A matching tool like SmartAsset’s SmartAdvisor can help you find a person to work with to meet your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future.

If you’re married, you can transfer your estate to your spouse without being taxed, as long as they’re a U.S. citizen. For more advice from our Legal co-author, including how to calculate the gross value of your estate, keep reading.

The Federal estate tax can be reduced through various legitimate estate planning techniques. Following is a list of ten methods you should think about as ways to reduce your estate taxes.

Over a period of several years the amount of money that can be transferred to a couple's intended beneficiaries under this method is substantial, thereby reducing the size of the taxable estate. A Tip Trust permits a spouse to transfer assets to his/her trust while still maintaining control over the ultimate disposition of those assets at the spouse's death.

Tip Trusts are particularly popular in situations where a person is married for a second time but has children from a first marriage for whom he/she would like to reserve assets. By transferring small amounts of the estate (equal to the amount of a life insurance premium) to an irrevocable life insurance trust, a person can reduce the size of his or her taxable estate while creating a much larger asset (the life insurance proceeds) outside the estate.

It also permits taxation of partnership income at the children's lower tax rates. Additional attractive features of the family limited partnership are flexibility and revocability.

The Internal Revenue Code permits a “qualified family-owned business interest” to be deducted from a gross estate. This can sometimes produce unfair results, such as where a family farm is located adjacent to more valuable commercial real estate.

To address this unfairness, the Internal Revenue Code permits certain real estate to be valued at its “actual use” rather than its “highest and best use.” Lifetime gifts provide the added benefit of an income tax deduction.

Estate tax issues can require a sophisticated analysis of one of the most complicated pieces of legislation in American law. Contact a local tax attorney to ensure that your assets go to the people you want to have them, rather than ending up with the government.

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