I thought he explained that there is no gift taxes if you keep to $16,000 per person giving and receiving.

Every time it changes hands. Sickening.

It is related to the inheritance estate tax. Gifts are not taxed if it is under 16 thousand per 2022 year. Gifts over 16 thousand per gift receiver are under the giver's inheritance-estate-tax-life-time exclusion of 12 million for 2022 are not taxed on the giver, when the total life-time "over 16K per this year, and 15K last few years etc" gifts plus the estate at the time of death are not over 12 million, although a gift-tax-form has to be filed to keep track of the over 16K per year gifts. This is to prevent some multi-millionaires and billionaires from giving their above 12 million dollar estate to heirs without paying the inheritance tax on above 12 million dollar estates. For example, if gifts are totally tax free, some billionaire can "gift" all his billions just before dying to heirs without having his estate paying inheritance taxes, as after giving away all of his money and possessions just before dying, his estate is worth zero. So, the question is whether there should be an inheritance tax on estates above 12 million? On the one hand inheritance tax is a rip-off, as dead people cannot fight back. Inheritance tax is especially bad for large farmers, as their large farms may have a big chunk sold off to raise money to pay for the inheritance tax, or large mortgage have to be made to raise money to pay inheritance tax, both of which can essentially destroy the farms as a viable farm for the heirs. Because of the destructive nature of inheritance tax for large farmers and large ranchers, they all been voting for the Republican Party which is more anti-inheritance taxes, even though the Republican Party is dominated for oil and coal barons, who are contributing to Global Warming that promotes droughts, and severe weathers that may destroy many farms and ranches due to the droughts produced by Global Warming. Thus, the next generation of heirs of large farms and large ranches have a bleak outlook. If they don't vote for Republican Party, their inheritances may be severely taxed away, while at the same time by siding with the CO2 and drought promoting Republican Party, they may keep more of the large farm and large ranch through inheritance, but they may be inheriting lands that may have turned into dried out unproductive deserts. Thus, it may be better for society to reduce or even eliminate inheritance taxes for large farmers and large ranchers (farms and ranches under 12 million do not pay inheritance taxes, excepting for the amount accumulated as large gifts of over the 16K limit during the lifetime of the large farmers and large ranchers.) This is to lessen the growth of Co2 and methane greenhouse gases from being emitted which will make dry regions dryer, and wet regions wetter, that can create severe droughts and floods and the like, which may end in global famines, and hyper-inflation on foods that are akin to the descriptions of the End Times in the Book of Revelation of the Bible.

@@golfscienceguru Thanks. That is what I understand.

Government has their hands out to take our $ at almost all points, horrible

Awesome!

where are you both located?

@@americasestateplanninglawy1946 10th

.@@americasestateplanninglawy1946

Parma OHIO OHIO

Repent to Jesus Christ “Seek the Lord while he may be found; call on him while he is near. Let the wicked forsake their ways and the unrighteous their thoughts. Let them turn to the Lord, and he will have mercy on them, and to our God, for he will freely pardon.” ‭‭Isaiah‬ ‭55:6-7‬ ‭NIV‬‬ G

@@getonthecrossanddontlookba5004 MUTED

@@getonthecrossanddontlookba5004 invisible demons encircle you...bow to Anton

Thank you for your info. This clears up the notion for So many people, who automatically believe, gifting is illegal.

ME TOO!

Here too!:) I will then gift it to my kids.

This is one of the biggest reasons people hate to pay taxes. The money will be spent on things it should not be spent on.

What are you talking about?

Ed, u sound like a bitter old boomer the sooner u leave earth it will be a better place

You mean like the $428 Billion that was in the last Farm Bill. Surprising how many people think they don’t get anything from their taxes when in fact they get quite a bit.

Farmers need this money because the government pushes big business farm like Monsanto that make farming near impossible without the government handing any money out. I say all us farmers big and small stop let these mfers starves. If it isn't the cows farting to much or their poop stinking to much it's the horable runoff from the farms. Well buddy you want steak there is going to be cows and I bet you have a greener yard than your neighbor because you use 10 x the fertilizer than needed. While the farmer can't even afford enough fertilizer to meet minimum requirements for his crop. So who's the problem now. Live the life of a farmer before you bitch about how farmers get handed everything.

It was the politicians, they make the laws.

We are double, triple taxed on money all the time. It's just done in sneakier ways.

They tax money whenever it changes hands. Back in 2012 I transferred the bulk of my mom's assets into my name or made sure I was a joint account holder, because after Obama got elected the estate tax exemption was scheduled to go from $5 million down to $600,000. I made sure all of the transactions were done in the 2012 tax year. I think Congress ended up passing a new law stopping this from happening, but I wasn't taking any chances. When she died, it all went to me with no probate. Fortunately, I have no brothers or sisters to fight with over her assets.

@@LoveClassicMusic0205 Hey, did this include real estate of any sort. I am worried about tax changes, and thinking of doing a refinance with my mom to make me a joint holder on her house, instead of inheriting it....

@@DrugTalkTV I really can't answer that question because my mom listed me as a co-owner when she bought the place. It was a condo. She previously had a house, sold it, and moved into an apartment. She hated apartment living and bought a condo and I was a co-owner from the start. I don't know if adding you as a joint owner would be a taxable event or not. I would still recommend it because it's an easy way to avoid probate.

Hello Michelle How are you doing?

TITLE 26 was never passed into law. IT HAS NO POSITIVE LAW CITATION. THE ONLY FEDERAL PAWS FOR INCOME RAX IS IN TITLE 5 WHICH IS FOR FEDERAL EMPLOYEES. I explain a lot of this and show proof on my 📺‼️‼️

Hello 👋 There How are you doing?

Same to you Denise!

Hello Julie

TITLE 26 was never passed into law. IT HAS NO POSITIVE LAW CITATION. THE ONLY FEDERAL PAWS FOR INCOME RAX IS IN TITLE 5 WHICH IS FOR FEDERAL EMPLOYEES. I explain a lot of this and show proof on my 📺‼️‼️

Glad it was helpful!

Hello@Patricia Ramsden How are you doing?

Like they say, you can't take it with you.

I need her attorneys. Mine gave both cars to my ex and he gave my and the kids car to his mistress (aka brother in laws younger sisters.). Courts should not do either party wrong. Sad and that is why I’ll never marry again! Hell haven’t dated and have had men offer to take care of me. I’m like no thanks! I just wanted was was fair. Still without a car and have health issues. I’m getting better thank God.

@@Portia620 i am so sorry for you that you had to go through all that i pray God heal you and you come better and stronger May Jesus bless you amen

Your father should also consider creating a transfer on death (TOD) document with each financial institution or stock broker that holds his assets, as that will simplify the transfer of assets when he dies, without having to go through probate and having the estate have to pay a lot of legal fees. Contact their bank or broker to have a look at the TOD forms and see if he is comfortable with that.

Anything to keep governments dirty grip off your family's money. All you have to do is spend it and they'll get the taxes they need, and whoever you buy stuff from also has to pay income tax anyway! How is that not good enough for them...

@@mark9118 Great advice!

@@daftnord4957 damn I bet you didn’t mind taking the stimulus packages though

@@danbailey96 yep,,, they gave him some of his money back,,,,

So you are not really suffering.

@@elizabethboothe2774 Not a bit. We'll be more than well fed on this Thanksgiving day! As will my wife's side of the family, who will be joining us!

May God continue to bless you and your family. God loves a cheerful giver. Stay safe out there.

Thanks for pointing out the family farm/business issue. People see the $12.6 million and think this is about the rich. My dad was a high school dropout and factory worker, my mom graduated high school and has worked 30+ years in a middle class government job. Not wealthy people, they could never afford fancy cars or cable TV, but they did acquire a large amount of farmland over their lifetimes which is technically worth a lot to developers. But to the family, the value of land is in the time we've put into it, and would like to continue putting into it. The trees we planted as kids that are now 50ft tall, the trails we cleared and fields we worked and the buildings we built. It's not about the money to us, and if it were taxed at 40% we would have to sell it for sure. That's true of most family businesses. Could we sell the land and be millionaires? Sure. But what good is money without the land? Every minute of my time and dollar I've earned has gone into that piece of dirt. Without it I'd be inconsolably lost, and no amount of money could ever make up for it.

@@jaredhaas4168 you might want to consult a tax attorney about how farmland is valued for inheritance. While the "highest and best use" value may be more than the exclusion, the Section 2032(a) offers estates an alternative special land use valuation for farmland which may result in either a lower tax liability or no liability at all.

Dave-Congress made the annual gift tax exclusion and estate tax basic exemption amounts subject to a cost-of-living index determined by the Treasury as part of the authorizing legislation. The IRS is just applying the index as Congress already mandated. The title of this KZfaq video is a tease to make you think that the IRS is independently and secretly changing the law. The whole 7 minute video is repetitive and could be set forth in a two line chart as the IRS did in the Rev. Proc.once the index for 2022 was determined.

@@richardn.ruprecht1972 thanks for your reply and have a Happy Thanksgiving to you and yours

Can you elaborate on the "gift of equity"? I don't know what you are referring to.

Dont do till after its in your name other wise will be assesed at higher value

You are being gifted a house for free and you are worried abut a $200 rental inpsection?

@@1kenodave1 , prices for inspection changed too. It is between $600-750 now days.

@@OrionConstellationHome We just paid $700 here.

I'm in the exact same position. I'd love some advice!

12 million for a poor farmer?

Fortunately it’s tax free to $12,000,000 then the 40% applies! What the heck are my kids going to do with all that money! Bwahhahaha!

Lol, like most of these policies, it’s a BIG deal if it catches you.

It’s a big deal to get taxed anything on money that has already been taxed.

That 99.9% is what the republican politicians hope most people never find out. They want you to believe even if you all you have to give to your children upon death is $100, they want you to think the Democrats will steal it. The Democrats have a lot of issues, but this is not one of them. They are after the big rich families who can afford to pay some taxes. And this money will be earned for the kids and would not have been taxed for them. A lot of my investments I will never see the actual gain on those as I probably will not need to cash them out. Add on top of that I can take out loans on my investments and that money is not taxed. Then slowly cash out the investments and paying the load off, and avoid taxes. Then add in getting a high-end life insurance policy for million/s and then taking a loan out on it. Same as the investments it avoids taxes. The rich avoid taxes in so many ways that the only way to ever tax them is the Estate Tax and they have middle class and poor people believing the Estate tax, or as republican branding goes Death tax, is bad for the middle class and poor people.

@@illslim2100 Got some news for you. You know that billionaire lefty who is all about the estate tax? The one who pretends to live a middle class life in Omaha while he quietly sneaks away on a G to his Monterey mansion every week? The one who paid people to come up with that story you just repeated? One of his companies sells financial planning services to the super rich so they can avoid the estate tax. He makes millions off the estate tax. He sees all this stuff as a big game, and he’s trying to “win” by running up the biggest score of Benjamins. The only taxes that are at all hard for the super rich to avoid are transaction taxes. You gotta make them pay when they spend.

@@nunyabidness3075 I work for a financial advisor that advises the very wealthy. I did not make up a story, those are the real ways to get around paying taxes. Every one of your favorite college or pro coaches is paid in a life insurance policy that the company/organization pays for and the coach takes a tax-free loan out on. I know, we sold some of them. So, you believe what you want about some left-wing boogie man and I will continue to believe the facts.