10-30-2020, 01:35 PM
(10-30-2020, 01:19 PM)Apoc Wrote: FWIW, most people I've known in Seattle that didn't have family near and had a kid returned back home. They do it because they realized kids are fucking terrible without grandparent help, but that also means adult children are around to help parents when they age.
(10-30-2020, 01:18 PM)D_Eclipse9916 Wrote: one of the main reasons is the "step up" basis for realty is an extremely easy way to avoid taxes and pass on wealth for my kids.
My dad's dad, who died in 1991, did this. He had both land and property in PA and VA that landed in his adult kids' lap. Honestly, it's the basis for most of the wealth my parents had when I was growing up.
Not to get political, but this is why ownership of property is a big deal in building generational wealth and why historical redlining policies remain harmful to this day.
Unfortunately Biden's tax plan wants to get rid of Step Up Basis. I still voted for him but hoping it doesnt make it through to reality.
2020 Ford Raptor
2009 Z06
1986.5 Porsche 928S
2009 Z06
1986.5 Porsche 928S