Abolish inheritance

Quote from peilthetraveler:

I have heard they will leave them about 10 million dollars. Just enough money that they could blow it in 5 years and be on the streets.
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I'm thinking that number is gonna get bumped-up for inflation - unless they just happen to kick the can tomorrow.
 
Abolish inheritance, eh? So, the govt. gets all of my wealth when I die? And what are they going to do with it? Give it to undeserving assholes? I'd rather pick my own undeserving assholes, thank you every much.

Signed,

Undeserving asshole
 
Quote from Debaser82:

Are you saying the only reason people want to become rich is so they can pas it on to their children?

I thought people wanted to become rich so they could get hot chicks and drive sweet cars.
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Only the sub-60 IQ, entertainment-absorbed, parasitical crowd think like that. People with character want to pass something to future generations so they can continue to build on it.
 
Quote from eternitysgarden:

Only losers like you would think like that, i build wealth so my bloodline will not have to work in the future.
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Somewhere I read, I think on ET itself, that it takes 4 generations for most of the wealth to be blown up...............by atleast 80% of the inheriting generations.
 
Quote from peilthetraveler:

I have heard they will leave them about 10 million dollars. Just enough money that they could blow it in 5 years and be on the streets.
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Infact the actual figure is 5% of the net worth. so at $50B, both should leave $2.5B to their kids.
 
Quote from MarketMasher:

That's an interesting assertion. Are there big Trusts that have lots of people with the same name or familial connection?

If you could monopolize something important and have the gov't protect your monopoly using connections, that would ensure a nice future flow.

There was an example of some Calif wine mogul who used his political connections to get the inheritance tax or something like that waived for a year so he could pass on his wealth. Nice trick.
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Because many people blow their inheritance, many of the very wealthy set up trusts that only allow the future generations to take out the gains and keep the underlying amount/investments intact.
 
Quote from MarketMasher:

Both Warren Buffett and Bill Gates have said they are not leaving their mega-billions to heirs. They will leave them enough to be comfortable, but just passing it all on to them violates what they consider a core American idea - that it is a meritocracy, not what Buffett called "winning the ovarian lottery".

Of course, that's what they SAY. Will they actually do it? Will have to wait and see.
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One of the main reasons they are not leaving the bulk of their wealth to their heirs is the current inheritance tax, as the government would get about half of it unless they keel over before the end of this year. 2010 is a tax free inheritance year. We'll see how many pull the trigger or pop the pills for the family this year. They support this tax because it forces many wealthy folks to go the charitable route so the gov. does not get it.

Gates has already moved a large portion of his wealth to his charitable trust, so this portion should no longer be included in his net worth. The morons that publish this info still include it in his net worth I believe.

Buffett has pledged $3B per year to the Gates foundation and will continue as long as he is satisfied with the way they distribute it. I believe he made his first contribution in 2009.
 
Quote from toc:

Somewhere I read, I think on ET itself, that it takes 4 generations for most of the wealth to be blown up...............by atleast 80% of the inheriting generations.
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Well if you think about it, thats alot of kids. Assuming that the average family has 2 kids, by the 4th generation you are looking at wealth being split up 30 ways. Add in wives & husbands of the kids and there are 60 people spending that money.
 
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