What you need to know about the transfer of wealth

Рет қаралды 73,183

17 күн бұрын

Asset protection attorney Ann-Margaret Carrozza discusses how Baby Boomers are leaving more than $70 trillion to millennial and Gen X heirs.
VISIT the GMA3 homepage: bit.ly/3kNlst8
FOLLOW GMA3: Facebook: / abcgma3 Twitter: / abcgma3
X: / abcgma3

Пікірлер: 85

@dougk2932 12 күн бұрын

Lesson learned if you want to be a millionaire make sure you have millionaire parents

@rack9458 6 күн бұрын

As said by every lazy POS

@Miranda3730 12 күн бұрын

Meanwhile most Americans are really not getting any transfer of wealth except the funeral bills. 🙄

@TyWerks 8 күн бұрын

exactly💯

@shaymalchione809 5 күн бұрын

All I got transferred was, good luck out there kid.

@pubmeatman 4 күн бұрын

Not necessarily. My grandfather had a million dollar estate. Quite an accomplishment back then. His estate was divided between 4 children including my father. My father’s estate was just under a million dollars. Divided between 3 children. My estate will be into 7 figures. I have one child. She has multiple advanced degrees and makes more money than I ever did even inflation adjusted. Her only child (my granddaughter) is college bound and has universities fighting for her admission. I admit I was born on third base but I did contribute to our families generational wealth.

@Me97202 12 күн бұрын

It’s shameful that by taking 40%, we’re ripping off families just as they’ve lost a loved one. It’s literally a death tax.

@wreckim 7 күн бұрын

Just plan right. The laws are there to protect the rich.

@user-hf2dr7sh4y 6 күн бұрын

Boomers literally put America $23 trillion dollars in the hole and have condemned our government to the brink of bankruptcy. It is a lie to call it a death tax, because it is what boomers owe to American taxpayers after putting our country in such a deep hole.

@rack9458 6 күн бұрын

@@user-hf2dr7sh4ypoliticians did that, not boomers as a whole!

@VulcanLogic Күн бұрын

99.75% of Americans pay no estate taxes. The 0.25% who do are getting so much money that no one needs to cry themselves to sleep over it.

@wreckim 18 сағат бұрын

@@VulcanLogic Get real. You're only exempt from the first $13.5 Million. As I drive to McDonald's for second shift, and dream of owning my dad's 1998 toyota, I can tell you just how alarmed I am at these prospects.

@pubmeatman 12 күн бұрын

I’ve hired 4 probate attorneys. 1 was incompetent and the other 3 were thieves. Probate attorneys feel entitled to their cut when someone dies. I hired one to draft my estate papers, he drafted the Enhanced Life Estate Deed so it would have to be probated. I called him on it refused to sign. He said I would have to pay for it since he drafted the document. He didn’t even offer to amend the document. I guess his boiler plate software wouldn’t let him do that. God forbid he actually create the proper document himself. He was the owner of a small firm. I asked him if the $800 was worth all of the bad reviews I was going to write in every possible forum I can find. He decided not to charge me.

@jbranche8024 10 күн бұрын

Thank You. This detailed contribution should educate and help many.

@ashleydaniels2717 4 күн бұрын

Good on you, and yes thank you for sharing your story with all of us.

@flyinglibrarian99 3 күн бұрын

Lawyers are like any service - and they’re a dime a dozen. Good on you for calling him on his BS.

@jackieburleson342 15 күн бұрын

Trusts are only as trustworthy as the people who manage the trusts… That includes the attorneys involved…

@777hc777 3 күн бұрын

A friend of mine mom sold her house at 81 years old and rented a small apt and uses those funds on the rent. Whatever is left when she passes she leaves to her kids. She avoided the government taking 40%

@davidcantor293 13 күн бұрын

Okay but I am sure that most of the $70 trillion is owned by the top 1% lol.

@wreckim 7 күн бұрын

Yes, as it should be. They worked for it.

@thenewbanker1225 4 күн бұрын

@@wreckimlmaoooo worked for it what a clown comment

@SidewalkCitizenLA 15 күн бұрын

There SO much more than just theft in Trusts that need to be thought through. My aunt passed away last year leaving a mess of the title because she never took it out of Trust when Grandpa died 30 years ago. We got it fixed, but it was a hassle and VERY expensive.

@jennycamitchell6421 10 күн бұрын

You shouldn’t have to transfer what money youhave it should go to your kids ,if that’s what my will says … and I already paid taxes on it’s not right.

@daralynx2 13 күн бұрын

Homes are inherited at a stepped-up basis, not the price the parent paid for it. Horrible misinformation from the start.

@benjaminscott285 12 күн бұрын

She was talking about parents putting the home in the kids name before the parents were deceased. If a parent transfers ownership prior to passing away, the children would not inherit the property (because they already own it) and would not get the step-up basis.

@jbranche8024 10 күн бұрын

My understanding stepped up basis upon death and transfer. Advice order a Appraisal to determine the transfer price, A lot of city/county real estate information is Not Fair Market Value Price. Need to know if depreciation is transferred at Stepped up basis/price

@Clintsessentials 7 күн бұрын

This is a very good segment, thank you!

@user-kr6gw8bq4o 13 күн бұрын

Not much money to be transferred in my family. My family isn’t rich. Anything that does gets passed down has to be distributed between family members so lots of family really thins the amount. Shocked so many boomers have so much money.

@tvfan14 5 күн бұрын

Many boomers have/had their homes paid off, some of them for many years. That will lead to extra money.

@AnnMitt 14 күн бұрын

$70 trillion 😮?!? What the...? Who are these wealthy boomers?

@Me97202 12 күн бұрын

The top 10% of boomers. More are struggling.

@wreckim 7 күн бұрын

The ones that worked for a living. Not the ones that rent all their life.

@robertthompson5908 5 күн бұрын

If a boomer worked for 30 years at a job that offered a 401k with an employer match, and they selected mainly mutual funds or index funds, and didn’t mess with it , then they are retiring now with $1-2M. Even if they live for a few more decades, the odds are that there will be a decent balance in it when they die.

@Alison2436 2 күн бұрын

@wreckim your comment doesn't even make sense, u can work AND rent.

@wreckim 7 күн бұрын

I clicked on this post and I was sure it was about BS complaints of rich people taking all the money from poor people. Surprise...this is gold. I'm buying this book.

@gabriellechilton5902 10 күн бұрын

All good advice.

@travelseatsyellowlab 15 күн бұрын

Several months ago, my grandmother designated money to be left to her grandchildren. She wanted it divided equally. My grandfather and ex cousin co-conspired to devise a scheme to steal the money, which they ultimately did for a portion of the funds. It's inheritance hijacking.

@travelseatsyellowlab 12 күн бұрын

@donaldjohnson-wn6ps Nursing care or other expenses don't apply here. It was simply a matter of a relative stepping in because of their greed and entitlement, plain and simple.

@jeremiahwat1 22 сағат бұрын

Key words: Heirs. Wealth transfer to the heirs. Not everyone.

@bonanzatime 11 күн бұрын

She's a very beautiful woman. I especially like her hair.

@LondonCalling12 Күн бұрын

An old-school blowout... timeless!

@bonanzatime Күн бұрын

@@LondonCalling12 1970s Playmate😃

@shambhala4711 15 күн бұрын

Big subject. Lots of inheritance stolen. Quite easy to do so its done often

@chrisphilips2768 13 күн бұрын

Most Americans are wealthier than you think. Young people will eventually inherit lots of money. Most Americans are rich.

@shawbrothers18 4 күн бұрын

@@chrisphilips2768🤨 what?

@chrisphilips2768 13 күн бұрын

70 Trillion proves that most Americans are wealthy, but are very quiet about it. It’s called silent wealth The economy is still booming.

@damham5689 15 күн бұрын

Putting everything in Trust to avoid taxes, get taxpayers to pay for your nursing home care and your kids can get pell grants. 🤦 Tax avoidance to allow you to get taxpayers to support you.

@jimknarr 15 күн бұрын

The rich neighbors next door (Trump cult lovers) is exactly who you are talking about. Bragging about avoiding taxes at every turn and letting the taxpayers support them.

@metroG93 15 күн бұрын

@@jimknarr yeah-- this whole segment makes me sick.

@MeltingRubberZ28 13 күн бұрын

@@jimknarrlol

@daralynx2 13 күн бұрын

We inherit homes at a stepped-up basis, not what the parent paid for it. Nice 'tax advice'.

@chrisphilips2768 13 күн бұрын

The government and states just waste our hard earned money anyway. I don’t blame people for avoiding taxes.

@LivingAwake 10 күн бұрын

What it means is the benefactors are about to get the big one from the government.

@shaymalchione809 5 күн бұрын

All I need to know it’s never getting transferred to me😩

@Susanhartman. 5 сағат бұрын

The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?

@Grace.milburn 5 сағат бұрын

Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.

@ThomasChai05 5 сағат бұрын

Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $2m goal after subsequent investments.

@mikegarvey17 5 сағат бұрын

@@ThomasChai05who is your advisor please, if you don't mind me asking?

@mikegarvey17 5 сағат бұрын

@@ThomasChai05Could you possibly recommend a CFA you've consulted with?

@ThomasChai05 5 сағат бұрын

Yes indeed.... *Gertrude Margaret Quinto* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

@seanm3226 8 күн бұрын

So essentially the millennial game plan is to live in their parents basement, until the parents drop dead.

@Alison2436 2 күн бұрын

maybe for the rich boomers, your same news channel just aired about boomers having to go back to work because of the cost of living crisis and SSI not being enough to live off of in retirement. so how much will those boomers leave their kids? 🙄

@lydiawerner1906 9 күн бұрын

Glad I don't have to worry about this, I have no money because it all goes to golfing and traveling

@76ersALLDAY 6 күн бұрын

The government gonna take it all anyways, if you REALLY think about it. 😅

@robertthompson5908 5 күн бұрын

Only if you let them.

@Daniinthecity_ 7 күн бұрын

Whole life insurance folks!

@charlesritter6640 15 күн бұрын

She is probably the best looking attorney in the U.S.

@seanm3226 8 күн бұрын

But not the most articulate and knowledgeable.

@itsoktobehappy461 5 күн бұрын

Who wants to receive money that they didn’t earn though? Best give that money to the needy

@JohnSmith-gz5pm 2 күн бұрын

Thisbis why you don’t have wealth. They pass it down to the next generation. This is how the wealthy stay wealthy. They keep the wealth within their bloodline and donate while donating just enough to get tax deductions.