If boomers have significant wealth won't a good portion be transferred to younger generations?
As far as taxes the federal government does not impose an inheritance tax. However, six states do: Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania.
I find it hard to believe boomers will be able to spend all their wealth even if they reach their planning age (i.e. expected year of death).
All my uncles wealth is going to go to me since he has no children or family. We're kinda his only children.
Most 4channers grew up in single parent homes or otherwise shitty families.
The reason they're so rigid about social conservatism is they get all the bad things about "free love" like single moms and bad marriage material but they don't get casual sex either.
I grew up in a stable and loving home and have had gf's and sex. People like you are just shitty, mean people who like trying to bring other people down
Funny enough I grew up in a middle class home, Since half of my family is jewish, many of them are cheap and hardly spend any money. My uncle lives alone but he is the cheapest human being on the planet. In other words he's the most sterotypical jew on the planet.
Boomers don’t have savings. They expect you to pay their social security and pensions.
>inheritance tax
This would cause me to chimpout. I am the first gen that can give my children something that I worked for my entire life, and already payed taxes on taxes. I would have nothing to lose.
>what is estate tax
That wasn't an insult, but it seems to be the most common case when family is brought up. Of course, there are also plenty of us like myself who have had good upbringings and want to keep good white families alive
Estate tax is property, I think transition of liquid money is taxes by the fed (at least any differently than income)
Casual sex is pointless
Property, sure. And then the property taxes jump due to transfer of ownership. As for money, inflation already eats it up.
I fully expect to receive nothing from my later era boomer parents who once owned 3 properties. They'll spend it all on organic vegan cancer treatments and meme holidays
I inherited a bunch of money.
I'm finding conflicting reports on Boomers financial situation. I'm not just talking about savings but wealth as a whole.
Well granted my brother is autistic yet he has a much more vibrant social life then I do. Plus it's not like people don't have issues even if they grow up in a "loving and fuctioning" house hold because in reality it's never really completely perfect.
Hell I'm quite anti-social and I can't stand in a party or a room filled with people for more then 10 minutes. I have to take brakes and step outside to just not lose my shit. I get "panic attacks" if I remember a bad enough mistake from years ago or I try and write a paper. When I say "panic attack" I don't mean I freak out and start crying, It's more of a my brain get's so stressed out it just stright up stops working and I'll just start having random and sharp convulsions for hours.
But ya living in a middle class house with a fuctional family unit really has allowed me to prosper in life. Like I don't fucking stare down a bottle of Advil every night for hours wondering if I should just fucking do it.
The medical field has been developed and refined to suck every last penny of wealth from any boomer in his last days. Keep him on life support for a few weeks at 10k-30k per day and the children get nothing.
They received inheritance and loans from their parents, but make sure to squander and spend every last penny on themselves. They will sell the family home to buy a cruise and a gold coffin.
The money ends up somewhere eventually. Federal Estate Tax is 40% over $11.2 million.
Until he marries some gold digger with four kids while he's living at the senior center and you get nothing.
Most boomers are spending it all on medical expenses and gambling. Dont bank on an inheritance.
>he doesnt know about reverse mortgages
lmao, so many pissed of gen-x are gonna an hero
Apparently OP has never heard of the reverse mortgage!
my parents don't have savings/ they've lived check to check. they are 63 now, im fucked
No life or death consequences from failure to save for old age. Food stamps, Medicaid, etc. Who needs money?
Nah he's been married twice already and both went horribly. The man is 60 and is in no condition to be in any relationship with a female... Also it should be noted he cross-dresses.
I am a son of wealthy boomer parents, as are all of my friends.
The current Boomer generation appears intent on spending every penny before they die. I do not expect any inheritance from my parents, I expect they will spend the entirety of their small fortune on travel, vacation, and gambling. I find it regrettable and have vowed to not treat my own children the same way.
Its like have been made to feel so guilty about 'privilege" that they appear to not even want to help their kids start a decent life; and feel no sympathy for the difficulties of millennial life.
Estate tax in on the entire value of the estate, there is no difference between cash and property, in the eyes of the IRS. If you have 500k in cash and a $500k house, the estate is worth one million.
With tax breaks like the unified credit, estates under 4 million won't pay much in the way of taxes.
Everyone thinks they know how estates and probate works, but they don't. Been through it, both parents died, got my share, high six digits. The only tax liability is from an inherited IRA, which I have to take a minimum distribution from every year, but it's like 5k, added to my total income. Everything else, no tax. The estate paid a little in NY state and Fed taxes, selling everything off into a lump sum. I got a check, no taxes. The estate paid everything else, including the lawyers and accountant to process it all.
Gen X is going to get a good chunk of that. Stay salty millenials
icecream is pointless
No. They spend it on cruise ships and 10k a month old folks homes.
Haha he’s probably gonna cash in all his money when he’s about to die and he’ll request to be buried with it so nobody else can enjoy it.
People forget how much Boomers love the gambling Jew. Bored retirees with nothin better to do flock to slot machines. They know it's rigged, but they're like rats pushing on a bar for food pellets.
>some boomers are losers, so all boomers are losers
Excellent analysis from Puerto Negro, a real credit to public education.
this
>what is a reverse mortgage
Yeah this is true for me. Grew up with 5 siblings and only one of them wasnt a half sibling. Raised by a single father after my mother had a mid life crisis freak out and left to go "find herself". It was a hard thing to deal with but luckily i grew up in a community thats like >95 percent white. I cant imagine how hard it would have been in a melting pot community with tons of nogs and spics. Oh i actually do know how tough that is because i did live in florida for a year and went to a high school that was less than 50 percent white. That was actually my first red pill. Theres this stereotype that people believe what i believe in because they were sheltered their whole lives but its quite the opposite. The upper class kids i went to school with who never had to step foot outside of a white community are the ones who talk about multi cult being a great thing.
Dont forget to mention cashing in that life insurance policy while living! Not even going to see that check either!
How deep do you want to go down the nihilism hole? Everything is ultimately pointless, that’s why you assign meaning yourself. A strong white planet will be objectively nicer to live in, for the period of time whites exist in this universe, but ultimately everything dies. You can simply decide to make everything less shitty in the meantime.
Boomers will spend all of their money on health "care" before anyone else gets money. 90 days braindead on a ventilator even with insurance will drain all of your money.
I cringe when I hear those commercial.
>Life Insurance Policy
>Lawsuit Payouts
>Lotto Annuity
CALL US TODAY
WE'LL GIVE YOU 45% NOW
Degenerates
Fucking this.
My dad's uncle was well off. 2 houses, car, nice little nest egg. Probably close to $6-700k all totalled up. My dad was his only living relative that actually talked to him and he was going to get most of that.
Then my dad's uncle got really old and had to be in a nursing home. They took it all. We had to sell all his shit. The houses. The cars. His artwork. He was like an OG weeb back when everyone hated the Japs for WWII and had some Japanese art that was worth quite a bit. Sold that. Sold all his antique hunting rifles. Everything of value had to be sold to pay for that fucking nursing home. At the end, he had to live with us, which was fucking gross watching a guy die that slowly.
Not only that, but he kept trying to give all his money to these sleazy charities. We had to get a lawyer (expensive AF) to get conservatorship over his estate. The senile old fuck kept trying to buy his way into heaven and stick us with his medical bills. It was all bad.
TLDR that money's gone. The nursing homes/doctors/lawyers/shady charities. They gonna take it all.
It is not the Boomers, it is the Boomers parents who are dying. You will be the greatest wealth transfer in the history of the world.
T: boomer
This is what happens in UK, older overweight relative has minor fall but is too fat for spouse to pick up so have to phone ambulance, then social gets involved and says family cant care for fatty so no choice but to be put in "don't care home" Doctors agree and off they go. Local council comes round and values house checks family finances, fatty dies in care home just as the family wealth is used up in fees. Mother was infirm and dotty needed extra special care £3000 a week.
Im getting a farm with 2 houses and an apartment, maybe a second apartment down south in a high end neighbourhood from my hippie aunt if i can keep my power level hidden.
Aint my fault theire not having kids, if i can claim disability and rent out the 2 apartments im in the gravy.