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Chat Thread: biff brings board balance

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I married a telephone lineman's daughter. But hey, at least she's hot and I'll get to hang out in his beach house whenever I want!
 
mako1331 said:
As a side discussion, what obligations towards inheritance to parents have towards their kids? My folks worked their asses off for 30 years, paid for undergrad degrees for their three kids so we wouldn't have student debt, and then retired, and have now made it their stated intention to blow through all possible inheritance save for their house through traveling and enjoying the hell out of themselves in their twilight years, which makes me very happy. As my two little ones are pretty young, it does make me wonder what my outlook on what I leave behind will be as I get older though. Thoughts on the responsibilities of passing down wealth?
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Need to spend before you die or before Elizabeth Warren wins the presidency.
 
Speaking of punchable faces... ted cruz and mini ted (grayson allen) have to be near the top of the list.

ronnie wellman is up there as well.
 
mako1331 said:
As a side discussion, what obligations towards inheritance to parents have towards their kids? My folks worked their asses off for 30 years, paid for undergrad degrees for their three kids so we wouldn't have student debt, and then retired, and have now made it their stated intention to blow through all possible inheritance save for their house through traveling and enjoying the hell out of themselves in their twilight years, which makes me very happy. As my two little ones are pretty young, it does make me wonder what my outlook on what I leave behind will be as I get older though. Thoughts on the responsibilities of passing down wealth?
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An interesting question that's greatly affected by circumstances, though I would hesitate to use the word "obligations" when looking upward (as child to parent, as opposed to as parent towards child). Both sets of my grandparents earned a ton of money (Mom's dad was a surgeon, Dad's was a grain trader in Kansas). They all lived beneath their means and passed large sums to my parents (don't know the specifics, but would guess several million) upon their passing. My parents certainly did not earn as much (public school teacher and HR for Wachovia) as their parents. However, they also lived beneath their means--which meant a comfortable middle-class lifestyle--and were able to retire early even before their parents passed. They were also able to put my brother and me through college, and would have covered grad school if necessary.

My wife's parents, on the other hand, immigrated from Peru. They came here with absolutely nothing, crossed the border on foot, and were undocumented. For fourteen years, they lived in a 1 bedroom condo with my wife, her brother (after a few years), and often any one of a number of relatives from Peru. Both my FIL and MIL worked multiple jobs, with long hours, and consistently sent money back home both to support their parents and to help their relatives obtain visas. Eventually, they went from cleaning houses to hiring people to help them clean houses to owning a small business. I have not and would not ask if they're millionaires, but I would expect they have around that much in assets, and were able to pay virtually all of the undergrad tuition for my wife and her brother.

Again, while I wouldn't use the word "obligation" as a child regarding a parent, I do have very different expectations for my parents and my wife's with regard to inheritance. My parents have talked about building generational wealth, and I expect to receive a large sum of money from them, which I in turn will feel an obligation (in my role as a parent) to steward and protect for my forthcoming child and any others we may have. I don't want to be the one to squander the work of my grandparents and screw it up for future generations. From my wife's parents, I would feel almost guilty about receiving an inheritance. They worked so hard to get to where they are, they should feel free to spend every penny they've earned. My wife, likely as a result, also wants to have money for us to pass down to our children, but I don't think she feels the weight of that obligation as much as I do.
 
this is all a tricky one for me, very much like school/education choice

on the one hand, as I see it, there is nothing wrong -- in a vacuum -- with passing along an inheritance and providing for your children

however, on the macro level, it does nothing but further exacerbate the wealth gap

there is, unfortunately, a zero-sum component to this all
 
I’ve recently heard of financial advisors telling their clients they could give with a cold hand or a warm one, and that lifetime giving gives them the benefit of seeing how such giving benefits their kids.
 
JuiceCrewAllStar said:
this is all a tricky one for me, very much like school/education choice

on the one hand, as I see it, there is nothing wrong -- in a vacuum -- with passing along an inheritance and providing for your children

however, on the macro level, it does nothing but further exacerbate the wealth gap

there is, unfortunately, a zero-sum component to this all
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Income should be taxed as income. It doesn't matter if you made it on hourly work, dividends, stocks or inheritance. There should be no way to hide or dilute family wealth.
 
Grabs Turds Bare said:
Define? I understand stripper Daddy issues, but I'm not familiar with the male equivalent. Is that like being a pussy or something?
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I think it normally presents with symptoms such as talking about women with punchable faces and still using the word retard.

Also, I am sorry your dad is a stripper.
 
Shooshmoo said:
I think it normally presents with symptoms such as talking about women with punchable faces and still using the word retard.

Also, I am sorry your dad is a stripper.
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Think about the ways that having a father who is a stripper benefitted GTB in terms of business, connections, and who you know. Not everyone has access to that network.
 
BiffTannen said:
Think about the ways that having a father who is a stripper benefitted GTB in terms of business, connections, and who you know. Not everyone has access to that network.
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I can put the nature versus nurture argument to rest. It's absolutely nurture that I'm able to tie a cherry stem into a knot with my tongue, and do an upside-down split while simultaneously doing a push-up. The old man worked hard at the all male review.
 
RJKarl said:
Income should be taxed as income. It doesn't matter if you made it on hourly work, dividends, stocks or inheritance. There should be no way to hide or dilute family wealth.
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Since you are talking about family wealth I assume you are focused on the inheritance aspect here. The question is not whether that money is taxed, it is how many times you want it to be taxed. It was already taxed when it was originally earned. Any of that income that was invested has had its investment earnings taxed - you can question whether that rate should be the same as regular income or at a special capital gains rate - but in any event it was taxed. Any real estate that was bought with that money has been taxed via property taxes. And there are already estate taxes that apply to very large estates. What else did you have in mind?
 
scooter84 said:
Since you are talking about family wealth I assume you are focused on the inheritance aspect here. The question is not whether that money is taxed, it is how many times you want it to be taxed. It was already taxed when it was originally earned. Any of that income that was invested has had its investment earnings taxed - you can question whether that rate should be the same as regular income or at a special capital gains rate - but in any event it was taxed. Any real estate that was bought with that money has been taxed via property taxes. And there are already estate taxes that apply to very large estates. What else did you have in mind?
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RJ also wants to ban life insurance. And institute a mandatory "Giving Pledge" for all.
 
Oh FFS, jimmies already rustled. I didn't mean that seriously. At least I hope not.

ETA, thanks for the negrep RJ! It's not worth responding in kind (I don't negrep anyways), since you successfully bitched too much about rep to prevent your 93 red bars from showing.
 
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