5 ms·

Having been through the death of both my parents, my observation is that there is death industry engaged in a giant transfer of wealth from dying people to the

Having been through the death of both my parents, my observation is that there is death industry engaged in a giant transfer of wealth from dying people to the medical establishment (who are already very wealthy). Long term care insurance is a scam. Don't bother. They will find any excuse not to pay. You'll need to go to court or arbitration and the legal fees will eat up any settlement. When it's my time, I plan to go expediently. No heroic measures, no experimental drug trials. I'd rather my kids inherit what I've worked for in my life than hospitals, doctors, or nursing homes.

javert 6y ago
Aww, sounds like you're an American. Well, I have news for you... > my kids inherit what I've worked for Almost certainly that will also be taken away by the US government by the time you die.
- tyingq 6y ago
  The federal estate tax exemption amount is $11.7 million for individuals. Life insurance payments are not treated as taxable income, beneficiaries do not pay income tax on them.
  - tesmar2 6y ago
    > $11.7 million for individuals Should be 0. Death taxes are horrible.
    - elric 6y ago
      Would you care to elaborate why? Estate tax (which IMO seems way too low in the US) makes it harder to accumulate generational wealth, and is a good way help prevent inequality.
      - javert 6y ago
        We should not want to prevent inequality through government intervention. We should want to live for our own ends, not for the sake of other people.
        GavinMcG 6y ago
        > not for the sake of other people By that measure there should be no objection to eliminating inheritance altogether.
        javert 6y ago
        Loving your children can be one of your chosen "ends." What is abhorrent is when the government choses your ends, for you. We should not want that. We should not want government-forced sacrifice instead of giving an inheritance to a beloved person according to our own choices. I would argue that people who want to ban inheritance love their "brothers" (random and probably non-deserving strangers) too much, and love their children too little.
        geofft 6y ago
        Can hiring only white people be one of my chosen "ends," which the government has no business interfering with? Can serving food to only white people be one of my chosen "ends"?
        javert 6y ago
        Yes. Freedom does not work if we are not also permitted to make irrational choices. What if the state thinks it's stupid to not only serve white people? That was true in my home state within living memory. What if the state thinks it's irrational to not be a Christian? What if the state thinks horses are "good enough," and cars are too dangerous to be allowed? Today's America would never allow the automobile to be invented. And Big Candle would probably lobby against the creation of lightbulbs. Places that practice the kind of racism you are talking about will be the subject of ridicule and will face economic stagnation. Whether on the level of a single establishment, or a country. Rightly so. The civilized world--if there is one--will move on, and will help the discriminated relocate to free societies. (It's a shame we are not doing this for the Uigyurs--we should.)
    - deleted 6y ago
      [deleted]
- frongpik 6y ago
  Can't you move all your savings to a trust that would pay only to your kids?
  - javert 6y ago
    Not that I'm aware of.
  - throwawayboise 6y ago
    Yes. You need an estate attorney to set it up properly but you can put all your assets into a trust with designated beneficiaries. This also has the advantage of greatly simplifying the probate process compared to a simple will. IANAL but I think this is because the trust does not "die" so all the assets the trust owns are excluded from probate.
    - javert 6y ago
      > has the advantage of greatly simplifying the probate process Which is why people do it. I have seen no evidence that trusts can reduce inheritance taxes. It you have specific examples, I'd appreciate that. I've always been told by wealth management people that trusts are for managing inheritance, not for reducing taxes on it. Maybe I don't have good enough people. Some of the articles online use a lot of weasel language. For example, consider: https://www.bankrate.com/finance/taxes/estate-taxes-trusts-1.aspx https://www.bankrate.com/finance/taxes/estate-taxes-trusts-1... It says: "... An amount up to the estate tax exemption is placed into a trust ..." Yeah - so not helpful! Also says: "... Shares of a privately held company that are assigned a low value are placed in the trust and allowed to grow, so that appreciation passes to the heirs tax-free..." Yeah, but appreciation passes tax-free anyway. If your children inherit stocks from you, they get a cost basis step-up to the value of the stocks on the day of your death. The article is written as if this has something to do with the trust, but it doesn't.
eeZah7Ux 6y ago
> death industry engaged in a giant transfer of wealth from dying people to the medical establishment This is the problem: in US the first priority for medical care is profit. All other aspects are not the first priority, including ethics and psychological health of the patient and the family. Combine it with a litigation-happy society, greedy insurance companies, and a culture that treats longevity as an entitlement. Then add the poor focus on prevention and the egregiously lax standards for food/air/water/housing health and safety.

javert 6y ago

Aww, sounds like you're an American. Well, I have news for you... > my kids inherit what I've worked for Almost certainly that will also be taken away by the US government by the time you die.

tyingq 6y ago
The federal estate tax exemption amount is $11.7 million for individuals. Life insurance payments are not treated as taxable income, beneficiaries do not pay income tax on them.
- tesmar2 6y ago
  > $11.7 million for individuals Should be 0. Death taxes are horrible.
  - elric 6y ago
    Would you care to elaborate why? Estate tax (which IMO seems way too low in the US) makes it harder to accumulate generational wealth, and is a good way help prevent inequality.
    - javert 6y ago
      We should not want to prevent inequality through government intervention. We should want to live for our own ends, not for the sake of other people.
      - GavinMcG 6y ago
        > not for the sake of other people By that measure there should be no objection to eliminating inheritance altogether.
        javert 6y ago
        Loving your children can be one of your chosen "ends." What is abhorrent is when the government choses your ends, for you. We should not want that. We should not want government-forced sacrifice instead of giving an inheritance to a beloved person according to our own choices. I would argue that people who want to ban inheritance love their "brothers" (random and probably non-deserving strangers) too much, and love their children too little.
        geofft 6y ago
        Can hiring only white people be one of my chosen "ends," which the government has no business interfering with? Can serving food to only white people be one of my chosen "ends"?
        javert 6y ago
        Yes. Freedom does not work if we are not also permitted to make irrational choices. What if the state thinks it's stupid to not only serve white people? That was true in my home state within living memory. What if the state thinks it's irrational to not be a Christian? What if the state thinks horses are "good enough," and cars are too dangerous to be allowed? Today's America would never allow the automobile to be invented. And Big Candle would probably lobby against the creation of lightbulbs. Places that practice the kind of racism you are talking about will be the subject of ridicule and will face economic stagnation. Whether on the level of a single establishment, or a country. Rightly so. The civilized world--if there is one--will move on, and will help the discriminated relocate to free societies. (It's a shame we are not doing this for the Uigyurs--we should.)
  - deleted 6y ago
    [deleted]
frongpik 6y ago
Can't you move all your savings to a trust that would pay only to your kids?
- javert 6y ago
  Not that I'm aware of.
- throwawayboise 6y ago
  Yes. You need an estate attorney to set it up properly but you can put all your assets into a trust with designated beneficiaries. This also has the advantage of greatly simplifying the probate process compared to a simple will. IANAL but I think this is because the trust does not "die" so all the assets the trust owns are excluded from probate.
  - javert 6y ago
    > has the advantage of greatly simplifying the probate process Which is why people do it. I have seen no evidence that trusts can reduce inheritance taxes. It you have specific examples, I'd appreciate that. I've always been told by wealth management people that trusts are for managing inheritance, not for reducing taxes on it. Maybe I don't have good enough people. Some of the articles online use a lot of weasel language. For example, consider: https://www.bankrate.com/finance/taxes/estate-taxes-trusts-1.aspx https://www.bankrate.com/finance/taxes/estate-taxes-trusts-1... It says: "... An amount up to the estate tax exemption is placed into a trust ..." Yeah - so not helpful! Also says: "... Shares of a privately held company that are assigned a low value are placed in the trust and allowed to grow, so that appreciation passes to the heirs tax-free..." Yeah, but appreciation passes tax-free anyway. If your children inherit stocks from you, they get a cost basis step-up to the value of the stocks on the day of your death. The article is written as if this has something to do with the trust, but it doesn't.

eeZah7Ux 6y ago

> death industry engaged in a giant transfer of wealth from dying people to the medical establishment This is the problem: in US the first priority for medical care is profit. All other aspects are not the first priority, including ethics and psychological health of the patient and the family. Combine it with a litigation-happy society, greedy insurance companies, and a culture that treats longevity as an entitlement. Then add the poor focus on prevention and the egregiously lax standards for food/air/water/housing health and safety.