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quote from wake:
It's not difficult. All these sob stories about people having to sell their grandpappy's farms to pay the tax bill are bullshit.
I answered with: "the Segerstroms"
The Segerstroms are just one living breathing example. To say it doesn't happen is naive.
Please try and keep up. You have a history of misreading posts or confusing what each post is answering or what thread it belongs in.
This post was edited by sec13graphics 17 months ago
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
If someone is worth tens of millions and then has not planned for tax issues upon their demise, I have no empathy for their heirs. Most people would love to trade places with those poor heirs that only get half of their parent's tens of millions, not to mention the benefit of an upbringing with the benefits of the best schools and tutoring if necessary. Again, so? Obviously, I just do not understand the empathy for those heirs that are still getting a lot, but no empathy for the poor kid that needs a little help because he did not win the wealthy parent lotto.
Again, you miss the point. Please try and keep up.
The point was that they have to liquidate the business in order to pay the taxes.
So? The issue was not whether ANYONE had to liquidate to pay taxes. The issue was whether Buss would have to. Buss is too smart to set up that scenario.
I really wish you would try and keep up! Wake's comment was a general comment about claim(s) (note the "s" means its plural) being made about losing the farm due to the estate taxes being bullshit. He had already moved away from whether the Buss' would have to do it. Also, just as a side note that might help you. Usually when you start a new paragraph it begins a new thought.
It is impossible to "keep up" with what you are imagining. I can only respond to what is written on this board. Wake wrote: Anyone with an estate large enough such that it would be significantly affected by the tax should certainly have the resources to hire an attorney to work around the tax and perhaps avoid it completely. It's not difficult. All these sob stories about people having to sell their grandpappy's farms to pay the tax bill are bullshit."
Were you "keeping up" with what he actually wrote? He wrote "this" referring to my post that said that the Lakers would have to be sold if Buss was an idiot and he is not. He never claimed that no one loses their farm. He wrote "certainly have the resources to hire an attorney to work aroud the tax and perhaps avoid it." That does not mean that no one screwed up. It means that they do not lose it unless they screwed up. He then mentioned that these sob stories are bullshit. I have never toured Wake's cranium and I don't read minds, but in context it appears that he believes whining about losing the family farm because of estate taxes is your own fault. You screwed up. If you have so much in assets, you should have planned ahead. Again, it does not mean that people did not do something stupid.
Were you "keeping up"?
This post was edited by Morethanafan 17 months ago
I don't recommend it.
Anyway, re: people losing their family farm. 1) I am 99% sure that there are special protections in place for farms, if one is being specific. In the more general sense, there are protections against a forced liquidation mentioned in the article I posted, including delayed payments, payment plans, etc. 3) Even in instances where someone does liquidate part of the estate, there are often other factors in play - e.g., perhaps the beneficiary of the estate has decided that he would not like to run his father's farm and would rather cash out.
Again, from the little information I can find on the Segerstroms, the liquidation of their assets seems to have been precipitated by a tax bill that was larger than they had expected or planned for due to the IRS assessing some company/companies in the estate at a higher value. We are talking about an estate worth so much money that the difference between two presumably good-faith valuations produced a significant-enough tax bill that the beneficiaries were forced to liquidate SOME of the estate to pay that bill. This is unique both in terms of the amount of money involved AND in that it wouldn't have happened except for an error or misinterpretation of some aspect of the tax.
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