Please take some time to have the hard conversation with your parents about their assets. COVID took many loved ones. People were blindsided both emotionally and financially. You can eliminate the financial headache.
Due to hyperinflation, your parents assets are going to increase in value. The simple one is there house. Property values in CO have risen between 14% - 20% last year ALONE. The median sale price was north of $600,000.
But due to Biden's plan to increase taxes, you are about to be screwed. You see, when your parents pass, you inherit the house in today's values. Let's assume $1 Million at time of death. According to the step-up law, that $1 Million would be exempt from taxes. Even if you sell the house at time of death. If you wait to sell the house and now it's $1.25 Million, you have to pay taxes on that $250,000 difference. (Which Biden is looking to increase the tax rate on you.)
But screwing is not over. Biden wants to repeal the step-up law. Let's say your parents paid $300,000 for the house. Biden want to hit you with a tax bill against the gain on that house at time of death. ($1 Million minus $300 K = $700,000). So you have to come up with $280,000!! Thus, you are forced to sell or find other means to save the house.
What if your parents own a business that they pass to you? You're even more screwed....
So sit down with your parents and have that hard conversation. Bring in a tax advisor. You may not consider yourself or your family wealthy, but you are.
Here is some more info:
I've had this question for a long time. I know the USA is printing money like crazy. But also, countries around the world are doing the same thing with their currencies. So isn't it a wash? Why does it matter?
Preston Pysh answered this for me:
https://threadreaderapp.com/thread/1470792736626331659.html
As the fog of war billows, we see truths and carnage that make little logical sense. This is not a story by Stan Lee. There are evil men on both sides. There are innocents on both sides.
The puppet masters have what they want. You’re afraid. You’re angry. You hate. And eventually you’ll suffer. They will reap the reward of your enslavement.
It doesn’t have to be this way. Remove yourself from the machine. Take back your life. Make no mistake, though. It won’t be easy. They need you fat, dumb, and happy. They will do whatever it takes to stop you.
Start slow and covertly. Unsubscribe from the media and tech they use to control your emotions. Verify their claims on reality. Assume the narrative is false until proven true. Unplug.
Find your community. Build trust in the service of others. Act locally.
Remove the yolk of fiat. This above all else. The masters main tool to control you is the bit and bridal of a corrupt money. Money that only they control. ...
