Ut Oh! Another MUST HAVE Machine!

[joejones]

It seems that there is a METAL welding and cnc cutting machine coming out soon.

You KNOW I will have one.

Joe

XTOOL WELDER CUTTER.jpg

[Gillman]

Joe? You don't have any heirs right?

[joejones]

Joe? You don't have any heirs right?

Nope. I have plans for whatever is left over after I croak, but I have done a LOT for those people I love already, and I told them that I would rather give them money NOW, than have them pay huge inheritance taxes on the money later.

Joe

[dovetaildan]

Joe? You don't have any heirs right?

Nope. I have plans for whatever is left over after I croak, but I have done a LOT for those people I love already, and I told them that I would rather give them money NOW, than have them pay huge inheritance taxes on the money later.

Joe

To avoid inheritance taxes is a simple solution. Move out of Kentucky. Then there should be no taxes owed by the beneficiaries. Giving money now, could be subject to a gift tax however, depending on how it's done.

[joejones]

Did you forget about the FEDS?

Joe

[dovetaildan]

Did you forget about the FEDS?

Joe

Not at all.

I'll be dealing with this in the not so distant future with parents and an in-law myself, not to mention my other half and I recently put our estate plan together as well. But to be sure, I looked up the inheritance tax. It is just a state tax, and only 6 states at that. Of course yours is on the list. Gift tax however is Federal, but if done properly can be avoided also. There is also a Federal estate tax, but that is easy to avoid, if the recipients sell the property right away as that is only on the gain between the date of death and when the property is sold. Edit: That may actually be called "Capital Gains tax" instead. Either way, look into it.

Charitable organizations are also generally exempt from paying taxes on this as well.

DISCLAIMER: I am not a tax professional, so do not rely solely on above info as legal advice.

If you haven't already, I'd suggest at least look into it and would recommend sitting down with an estate planning lawyer who can explain your options and point you in the right direction. The cost for this is not terrible either. By putting a plan in place you can definitely make things easier on the beneficiaries, and prevent the Government from claiming any of the spoils, especially by keeping the estate out of probate.

[joejones]

It won't be long now ....

If this thing slices through 14 ga. cold roll steel, I will NOT be able to wipe the smile off of my face

Joe

XTOOL METAL CUTTER

[joejones]

and ... I received a demo today! I WILL be buying one of these machines, and maybe two of them!

Joe

X-TOOL METALFAB DEMO AGIT LOGO.jpg

[KnightRid]

and ... I received a demo today! I WILL be buying one of these machines, and maybe two of them!

Joe

That looks nice! What gauge steel is that?

[joejones]

and ... I received a demo today! I WILL be buying one of these machines, and maybe two of them!

Joe

That looks nice! What gauge steel is that?

16 ga. It took about one minute to cut it, with no clean up.

Joe