This Is A $200,000 Mistake

[@allisonbutlerj]

Biggest lesson i've learnt in 2024 in the stock market is that nobody knows what is going to happen next, so practice some humility and follow a strategy with a long term edge.

[@jessieyoung-szn]

Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.

[@eliseduffyfxx]

Such market uncertainties are the reason I don’t base my market judgements and decisions on rumors' and hear-says, it got the best of me in the year 2020 and had me holding worthless positions in the market. I had to revamp my entire portfolio through the aid of my financial advisr, before I started seeing any significant results happens in my portfolio. Been using the same advisor since then and I’ve scaled up almost a million within 2 years. Whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.

[@lukefisherDD]

Who is this person guiding you and how can i reach he/she?

[@eliseduffyfxx]

NYCOLE CHRISTINA VANNATA a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@calvinlewis-h2]

I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon.

[@GAFB1122]

I'm the oldest, and my Dad made me the executor of his will. He divided everything equally between my brother and I. Well, my brother died of a drug overdose 2 years ago. The last thing on my Dad's mind is his will. If he didn't change it, I would get 100% because my brother is passed and no one has standing to challenge. Well my brother has an adult daughter. I told my Dad that I do NOT want 100% and the right thing to do was give her my brother's half. The greed among so many, including some in the comment section, is NOT something to be proud of. Doing what's honorable and right should overpower greed but sadly for many they do not.

[@JarettHerder]

My mother passed 4 years ago. No will but I was listed as beneficiary of her 401k. My mother wanted my brother to have her car but nothing was written out. My stepdad took the car, wrecked it and my brother got nothing. There wasn’t much in the 401k but I ended up cashing it out, paying the taxes, and giving my brother half of it. There are enough greedy people in the world I refuse to be another one.

[@cohort6159]

If the lawyer who drafted the will were worth his salt, there would be a provision in there that the process would be divided per stirpes. That is to each heirs children if they are deceased, get his share. People don't always have time to fix wills so the lawyer should anticipate such circumstances and prompt the client on what they want to happen in these instances. If the will doesn't say, it MAY NOT be a mistake. The will really should be the last word. It is the only document that speaks for the deceased.

[@GAFB1122]

@cohort6159 My Dad's will did not have that provision in it. Maybe it should have, but it didn't. No matter, though, at least I was not a greedy blank hole trying to get 100%.

[@thaipham2276]

We need more human being like u sir. That is the right thing and that’s what ur brother would want. A lot of people choose money over being a good human being

[@o0usf0o]

I tell my parents all the time… spend everything you got living your retirement to its fullest! My siblings and I are all on the same page for sure

[@adamarcher8359]

I’m glad my family kept it easy and just never had anything to fight over 😂

[@veramae4098]

My Mom left the farm and land to all 3 of us jortly. What a mess! (The farm originally cost my Grandparents $3,000.)

[@shameekasimon]

😂😂😂😂

[@kbanghart]

​@@veramae4098 wow that's good money. Did you all just decide to sell it and split it three ways?

[@eunicemeekins]

Is the wrong administration Trump? Not voting for him

[@user-hz2hk5mu2i]

Rich people complaining about taxes. Whomp whomp.

[@InfiniteVelocityUSA]

Get a Trust that spells out everything. Much better than a will.

[@Frankjacob387]

So how precisely can we protect ourselves from the impending 2024 financial reset? For example, what are the most effective tactics to ensure that our portfolio is resilient to the impending financial crisis? Concerned about my $110,000 stock portfolio

[@Jasonshelton-]

Knowledgeable Investors know where and how to put money during a crisis in order to reduce risk and maximize returns. See a market strategist with experience if you are unable to manage these market conditions.

[@Olivia-z5c]

I agree, having the right plan is priceless. My portfolio is well-suited for any market and recently doubled since early last year. My CFP and I are aiming for a seven-figure goal, which might take another year to achieve.

[@Thompson-e7h]

Great gains! Can you share your CFP details? I'm gaining more cash flow from my job and want to invest in stocks and alternative assets to build wealth.

[@Olivia-z5c]

'Jessica Lee Horst' is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.

[@berniceburgos-]

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@BREEZYM6015]

My dad, to my surprise, left me his mobile home and 1979 El Camino when he passed away in 2022. I'm the youngest of 6 children and none of the other siblings were in his will. He lived in Arizona and I live in Las Vegas. The home was in terrible condition so me and my older brother decided that it would be best to sell the home rather than me try to take over the mortgage and live in it. I have a good job in Vegas so it made more sense to stay here. After selling the home I bought a townhome with some of the money that I got from selling the home. I brought the El Camino back to Vegas and drive it as my primary car. It's been a blessing and I'm doing my best to make my dad proud for what he did for me.

[@lot2196]

El Camino is Spanish for "The Camino"😂

[@LadyCaroline123]

You could not have gotten much for a mobile home in terrible condition.

[@Oglulubell]

@@LadyCaroline123maybe there was land included.

[@772amanda237]

El Camino is my dream car. I saw so many in Florida growing up. Since I moved to TN 15 years ago I've only seen 5. The best one was a clean red interior all black exterior 1984.

[@Josh-lp2ng]

@@772amanda237the ones built up until 1972 are much more beautiful and better performance as well.

[@JameyLane]

Taxpayers typically only pay gift tax on the amounts that exceed the allotted lifetime exclusion, which was $12.92 million in 2023 and is $13.61 million in 2024. Gift tax rates range from 18% to 40%.

[@bjkarana]

True, unless a Bernie Sanders type gets into the Oval Office and goes after those limits.

[@tymowens718]

You have to file the gift tax form to use your lifetime exclusion.

[@JameyLane]

@@tymowens718 There is also an annual "filing" exclusion. If under 18k for 2024 you don't have to file. So no, your lifetime exclusion is your lifetime exclusion, filing or not.

[@HardlineSoul]

Plot twist...Dad outlives all of them!

[@tonyn3123]

I've been involved in a situation similar to this. The attorney stated that if they choose, the surviving beneficiary can do the "right thing" and make it equitable to all siblings to keep peace with their family, whether stepsiblings or whatever. This is after the will is executed. Money is just that and can help or completely ruin a family. When this is not done due to greed, it can bring about family issues for generations.

[@SeanOBrien77]

It’s completely unprofessional and unethical for the attorney to say that. He has no idea why a testator chose to do what they did, the right thing is to follow the wishes of the testator. What that person does later is a completely separate issue, but it’s not the right thing to do something, that’s completely contrary to the wishes of the testator.

[@tonyn3123]

@@SeanOBrien77 I know that my comment about the situation was grossly abbreviated to make a point. Our situation was quite different but totally split my wife's entire family due to the testator's mental illness. The "right thing" wording should not have been used because that was paraphrased to simplify the discussion among all in attendance. I'll choose my comments and word choices better next time. Thanks.

[@SeanOBrien77]

@@tonyn3123 understood, thank you.

[@alexsteven.m6414]

Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

[@antoniaribeiro8073]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@MarcyLoccy]

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

[@NorthCarolinaForward]

I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?

[@MarcyLoccy]

'Rebecca Nassar Dunne’ is the manager I use. Just research the name. You'd find necessary details to set up an appointment.

[@PennyBernadette]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@alinatamashevich3354]

Trust me, the siblings will contest any and all things in the will.

[@fourdayhomestead2839]

& tie it up in court for years. Been there done that.

[@alinatamashevich3354]

@@fourdayhomestead2839 And spend way more than one would have gotten. All because they are upset at the dead guy.

[@aolvaar8792]

The whole point of a Beneficiary Deed is to avoid a will and Probate. Never pass real estate with a will>>must be probated. Two death Certificate and $30, move the property into his name.

[@itguru2037]

That’s why you should get POA and move all of dads assets to your name

[@allenpriest8985]

​@itguru2037 well the POA dies with the person. Raiding all the assets from a person while they are alive is theft. If you have a POA you have an obligation to do what is in the best interest of the other person not you.

[@sconnell1791]

Please do not use online forms for estate planning documents. Just don't do it. Unless you want to pay a lot more in legal fees to clean up a mess. Signed, an estate planning attorney.

[@DakotahMe]

You also aren't factoring in if his dad or mom needs nursing home care they will take the farm. Medicare only pays when the assets are gone. At $10,000 a month they will slowly eat it away. UNLESS you deed it away 7 years before needing the care. Also your dad " raised" your siblings meaning they have been a part of his life for a very long time. And you're mom put up with his shit for decades and now her children will get nothing? What about all the work, sweat and tears she put into their assets? She needs to immediately change the will the second he dies!

[@bradycone]

Absolutely. It is her estate too. She has 3 kids, and she should be able to leave it to all 3.

[@JeganBedpal]

Thanks Mate, the sad truth is that no one has a clue, we all react to what happens as it happens and try to analyse it but can’t predict an iota of what is going to unfold in the markets… content creators are like amplifiers, when times are good they affirm it and try to tell you why it’s good and that it’s looking bullish but then all of a sudden the market turns bearish and everyone affirms it again and try to analyse why.. it’s so sad that many are so powerless and it's not about guessing the market's next move; it's about playing it smart and steady during trading...managed to grow a nest egg of around 2.3Bitcoin to a decent 19Bitcoin in the space of a few months... I'm especially grateful to Kerrie Farrell, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape....

[@decorviet9207]

I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...

[@jhonatanascimento364]

As a beginner, it's essential for you to have a mentor to keep you accountable..

[@CatherineOliver-c7d]

Kerrie Farrell program is widely available online...

[@AlbertBurton-c3d]

Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience..

[@abacapital9824]

The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways...

[@roberteltze4850]

My grandfather gave a chunk of his farm to my mom and her sister. He passed away 364 days later. Since it was under a year they were able to roll it back and make it part of the inheritance instead of a gift.

[@Jim_Curtis]

The guy should call an estate planning attorney instead of wasting time talking to the Ramsey show.

[@ddirt80]

Yes some of the advice on this show borders on legal advice

[@Zachary_Setzer]

​@@ddirt80 Wrong legal advice in this case.

[@jasperflontes4289]

My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.

[@ivarlast2966]

I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.

[@annddyyy-6920]

I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.

[@dominicleong4385]

I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.

[@leticiaenraz8514]

I'm new to this and have heard that now is an excellent time to buy. However, I currently have cash sitting in my bank account that I would really like to put to good use because inflation is at an all-time high. Who is this coach that you mention, and do you mind if I look them up?

[@fred5528]

I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.

[@graymanbushcraft8633]

First time i heard Ramsey say something completely incorrect. if the farm was gifted to his son (valued at $1 million per Dave's example), it would exceed the annual limit of $18K. However, that would trigger a required gift tax return and go against the lifetime gift tax exclusion of $13 million. there would be no gift tax, just a return that would need to be filed.

[@AaBbCcDdEeF]

The very first time? 😉

[@Seidylasker]

Also the Farm is in a trust so the basis would be the market value upon death

[@allenpriest8985]

It is not a estate/gift tax issue. It is an income tax issue. The gift tax will probably be under the exclusion. Dave specifically said capital gains tax.

[@allenpriest8985]

​​@@Seidylaskerwell he did not say it was in a trust. He said it was transferred to the son with a life estate. The gift tax will fall under the exclusion if his estate is less than 11 million.

[@michaelmeinberg2696]

Man I hate when Dave is wrong, he is normally pretty spot on, but this rant on Gift Tax is FALSE: You only need to pay a gift tax if you give someone more then 11 million in your lifetime. Before you reach 11 million, there is NO gift tax. However the second thing he said is spot on: There is a loss of the "Step-up" in basis for taxes, meaning that you pay capital gains on the amount of profit from when your parents BOUGHT the property. If you get the step-up in basis, the tax basis gets moved to the value at the time of your parents death, so if you sell right away there is no taxes at all. It really pays to have the property put into a trust and inherit it, rather then get it right away.

[@lkj0822g]

Having gone through this twice in the past six years, I can tell you that there is some incorrect information in what Dave just stated. Probate and inheritance law is state specific and there are a lot of nuances when you start talking about inheritance laws with blended families with step-parents and step-children. In general, assets such as 401k, brokerage accounts, insurance policies etc, etc, have named beneficiaries. Whoever name is listed as the beneficiary, upon death, that is where the money goes. It does not go through the probate process. Since Dad has deeded the property over to Junior, that also is outside the probate process as it is no longer an asset of Dad.

[@bradycone]

Yes, that is correct. But...I'm not convinced that it was actually deeded to JR. He said they get to live their until they die. Which sounds more like a life estate or Trasnfer upon Death deed. In both of those situations, the it's not actually deeded to him yet. Dave didn't ask enough questions to get clarity.

[@AStanton1966]

If it ain't written down, it didn't happen!

[@SeanOBrien77]

Regarding the cost basis, it’s possible in a will or even in a deed to create a future interest, a remainder interest, that takes effect at the death of the life tenant or the life interest. When that is done properly, the cost basis will be the value at the time of the death of the life tenant or the holder of the life interest. I hate taxes and it should be done properly, but it’s worth noting that the entire thing is a gift that is not “deserved” or earned and so at the end of the day you’re still making out no matter what.

[@nebraskajoel7838]

There is also a potential HUGE problem with switching the deed back to the dad. Assuming that they can switch the deed back to dad, then that means that stepmom gets the property when dad dies. Stepmom now owns the property and can will the land to her daughters and leave the caller out of the loop entirely.

[@sidwhiting665]

Unless you set up a Beneficiary Deed. It gets recorded at the courthouse just like any other deed and clouds the title unless it is removed by the Grantor (dad in this case). If dad does that, then upon providing a death certificate to the Recorder of Deeds, the son would receive ownership. It passes outside of his estate. You can also do the same thing with bank accounts, life insurance contracts, cars, boats, and retirement accounts using a Transfer or Title on Death beneficiary. Most people's estates can be almost fully settled without a Will by using these common, very inexpensive methods of pre-planning who gets what. You should still have a Will to take care of any residuals affairs, but most items of wealth can be passed using these strategies and cost next to nothing to set up. I may be wrong about this next part, but I'm not sure if switching it back to the dad matters at this point. Once it's done the first time, I think the tax basis goes with it, and the son might get hit with gift tax as well if he deeds it back to his dad, and the basis will carry along with it.

[@aolvaar8792]

@@sidwhiting665 No on the tax because He does not own the property Beneficiary Deed "Live there while they're alive, when they pass it's mine"

[@veramae4098]

Happened in my family, the Striker Farm didn't go to any Strikers. Went to the 2nd wife's daughter.

[@bradycone]

She is not the stepmom. He said several times that she is his mother. She is the mom of all 3 of them. She already had two daughters, so the dad is their step dad. I would divide it amongst the 3 of them. They have been married for decades. It is just as much the moms estate as it is the dads.

[@aolvaar8792]

Dave does not understand>> Beneficiary Deed or Transfer on Death title. His name is not on the current TITLE Beneficiary Deed "Live there while they're alive, when they pass it's mine" Beneficiary Deed

[@tianareeves9326]

Or it could be a Life Estate.

[@bradycone]

Yes, this is a huge detail. Dave should have asked questions to see of it was actually deeded or TOD.

[@Desertbiker617]

Divide equally. Case closed.

[@tom4115]

Don’t be so sensible

[@allenpriest8985]

I can do what I want with my money. I might have reasons I don't want to split evenly. My personal estate is split evenly but I understand folks that don't want to.

[@AllertonSlayden]

The incompetence and corruption of this government are becoming increasingly ridiculous. I feel for people with disabilities who don't get the help they deserve. Thank you Laura Jennifer Reeves for keeping us financially informed! No matter how bad the economy gets, I'm so happy that I've been receiving $64,000 from my $15,000 investment every 14 days.

[@Garcia891]

Wow, that is huge, how do you earn that much in 14 days? I am 37 years old and have been looking for ways to be successful, please how??

[@AllertonSlayden]

I thank Laura Jennifer Reeves who has always been there to help me with detailed analysis and recommendations that I would not have had access to otherwise.

[@ВалентинаКрылова-б1п]

YES! That is exactly her name (Laura Jennifer Reeves). I saw her interview on CNN News and so many people highly recommended her and her trading skills❤️

[@Harryjack153]

I googled her and yes, she has captured my heart. She just got a new client

[@Mathilda668]

After raising 325k from trading with her, I bought a new house and car here in the states and also paid for my son's (Oscar) surgery, Glory be to God. Shalom

[@jimmymcgill6778]

Gift tax is like 13 million. So their is no tax. His tax is going to be the same, no matter if he got the house in a will or tax.

[@drcazeddog]

There is probably a pretty good second side to this story......

[@jonathanmunz]

Dave Ramsey typical work day: Call One: Caller: Hi Dave, how are you? Dave: Better than I deserve, what’s up? Caller: So I recently purchased a new car and Dave: Good lord dewd, sell it! *ends call* Call Two: Caller: Hi Dave thanks for taking my call Dave: Sure, what’s up? Caller: I’ve recently come into a small inheritance of $50,000,000 and I have to pay $20,000,000 in taxes, what do I do? Dave: I’m so sorry you’re going through that I’m going to put you through Financial Peace University and send you some books. *ends call* Call Three: Caller: Hi Dave, so I Dave: Better than I deserve Caller: uh okay, right sorry, how are you? Dave: Better than I deserve Caller: Okay awesome so I’m $100,000 in debt and my sister is asking me for $10,000, what should I do? Dave: Never loan your family money, ever! Give it to her instead. *Ends Call* Call Four: Caller: Hi Dave, so I’m calling because I recently completed med school and Dave: BeAnS aNd RiCe!!!!

[@sandro297]

😂

[@MiaDobre-b3e3e]

Each of your videos is a little piece of magic. Keep inspiring us with your creations!😊💯💿

[@JoeRNNE1]

The trouble here is that nobody can, or should, force the father to do anything. It's fundamentally his choice to do whatever he wants with the property in terms of estate planning. That said, these situations can get very sticky and many times one "side" of the family (natural children or step-children) winds up getting the short end of the stick. Remember, Mom can always change her will after Dad dies (or vice versa). I agree with Dave that the caller should encourage his parents to seek legal help, but I would not get my hopes up.

[@bjkarana]

This is why I have a revocable living trust ...at 40.

[@RealMenCry]

You can circumvent the tax liability for capital gains via a "lady bird deed." Simply an announcement, No tax stamps necessary. The property will transfer to John Jane Doe the as soon as the owner passes and then the tax liability will commence on that date.

[@jaysleeper264]

My grandparents were convinced grandma would pass first. Well November will be 5 years since grandpa passed and grandma, albeit still not in the best of health, is getting by.

[@MsJhook]

A deed on death is not a mistake and there revocable

[@aolvaar8792]

I agree, Plus, no probate death certificates and $30 to file new Title.

[@bradycone]

Yes. Dave didn't ask enough questions. I don't think it was actually deeded to Junior yet.

[@kbanghart]

If one sibling gets more than the others and doesn't like it, simply show them the paperwork and give them the extra. 🤷

[@Zachary_Setzer]

If Dave gave estate planning advice more often, I'd have to start a channel just to correct everything he gets wrong. The only thing he got right was the recommendation to call an estate attorney. First and foremost, what the caller described (the deed to him but the parents can live there the rest of their lives) is a life estate. Assuming he is correct about what they did, he will get a full step-up in tax basis exactly as if he inherited by will. He will not owe capital gains when he sells (unless he holds it long term and sees additional gain post-inheritance). So much for the thumbnail on the video. Second, the top gift tax rate is 40%. It hasn't been 55% since 2001. Third, even if it was a taxable gift, the donor doesn't owe any tax until total lifetime giving in excess of annual exclusions exceeds the applicable exclusion amount (currently $13.61m), and each spouse gets a that amount, so $27.22m total in gifts for married couples. Fourth, because the life estate is included in the taxable estate, any tax effect of the lifetime gift of the remainder interest is retroactively negated on the estate tax return (still irrelevant if they don't have a massive estate over the exemption levels.)

[@bradycone]

100% agree. This call was way off. And, Dave kept referring to his step sisters. They are actually his half sisters and they all have the same mom. But that detail is minor compared to what you pointed out. When he said that they live there until their death, I knew it had to be a life estate.

[@skepticalmechanic]

Just leave it to me and I’ll pay the taxes on it… problem solved!

[@mr.f8420]

They should really be doing a trust, not a will.

[@thomasdalton1508]

They've already done a trust for the farm.

[@mr.f8420]

Mmhmm ok and? There’s a lot more to it than just “a trust for the farm” 😂

[@thomasdalton1508]

@@mr.f8420 Presumably they had a reason for doing a trust for the farm and not for the rest.

[@Seidylasker]

​@@thomasdalton1508 Then Dave is wrong as the tax basis will be the market value. Dad needs to throw the other assets into the trust too.

[@thomasdalton1508]

@@Seidylasker Dave is often wrong. He thinks he is an expert on trusts, but even what he says about his own trusts doesn't make a lot of sense...

[@dizzyfingers7180]

My parents cut 2 children out and gave everything the other 2 children, prorated based on their number of grandchildren. I worked in estate and probate law in a law firm for 10 years, and I never saw anything like that. By the way, the two children who got nothing, don’t speak to the two children who did, and vice versa. What A Legacy!!!

[@sonicpentatonic]

I hate when Dave lets his politics get in the way of giving correct advice. It is factually incorrect to say that the gift giver will pay 55% gift tax when they transfer assets before death. That only applies once you’ve exceeded the lifetime gift tax exception (currently at $13.61 million USD in 2024). All gifts given up to that $13.61M limit are TAX FREE from the feds. The cost basis point is correct, but the gift tax is so commonly misunderstood that Dave does a disservice by spreading misinformation. If you’re going to give advice, do it with correct information.

[@kennyg63]

Stepped up cost basis

[@joelarson3528]

Feel like I’m listening to the Jerry Springer show

[@chazzkramer7676]

1.) Find out where your step-siblings heads are. 2.) Set up a combination will/ irrevocable trust.

[@sconnell1791]

Very few people need an irrevocable trust. Very few. - Estate Planning Attorney

[@Seidylasker]

If its in a trust, he'll receive a stepped up basis to market value so no there will be no taxes due on the Farm which is what I believe is what he stated. Also, there won't be any gift tax as there is a lifetime exclusion.

[@davinasquirrel7672]

If I follow that correctly (I am not in the US) to avoid the CGT would mean holding onto the farm for entire lifetime, and pass it onto children up his death. It does seem like Dad curtailed a lot of options.

[@cyoohoos]

Kids are greedy. At the end of the day it is NOT YOUR MONEY. Anything you get is a GIFT. And this is why everyone needs a WILL and it’s nobody’s business what is in it because you get “death plotters” like this son.

[@benjaminhough8804]

How is the son greedy? He called it trying to figure out the inheritance. His dad was leaving him EVERYTHING and he was (rightly) concerned it would cause issues with his siblings. He was trying to find a way to work it out more fairly for his step-siblings and avoiding arguments later.

[@phil-2725]

Would you call it death plotter to encourage your parents to have a well-prepared and proper will in place? Sheesh.

[@AlexKaehler-qc8kd]

Yeah. Very. And he said "it's a lot of money". There are surgeons that make that much in a year. It's just so cringe.

[@nugsin4]

@@AlexKaehler-qc8kd It's worth more than 10 years of work on the average Kentucky salary

[@S.Morgenstern]

The father is/was abusive. In that case the inheritance may be viewed as some sort of compensation for all the pain the father caused. It is not about greed, it's about fairness.

[@n.w.414]

Yea, if everything goes to him, he can do what he wants with it. He can still divide everything between him and his step-siblings if he wants to.

[@bradycone]

The problem is that he can't just give them part of his inheritance, because it will count as a gift and be taxed. Just as if he wrote them a check today over the gift allowance of 17K. Since it sounds like the dad is an abuse jerk who probably won't cooperate, it sounds like the best case is that he dies first, his wife has everything, and then she has a trust or will that divides it amongst the 3 kids.

[@FlyWithVeiga]

The ultimate thing is to be grateful of whatever you receive from your parents when they pass

[@tkdevlop]

you won't be grateful if captial gain is 100% tax

[@oceansky6207]

I received debt haha

[@fourdayhomestead2839]

Be greatful for debt.

[@oceansky6207]

@@fourdayhomestead2839 haha debt and funeral expenses.

[@arielsea9087]

Some second spouses walk away with everything under the guise they will be fair with biological children from the first marriage. If you truly want your child to get something put it in writing. Even small things like family photos. Otherwise, it can even pass on to New relationships or get destroyed.

[@mariorta5017]

I learned something new today. ❤

[@starrystarrynight6281]

His Dad sounds like an old farmer who doesn’t want to deal with this and he’s probably not going to do will or a trust. The exact same thing happened with my husbands father.

[@ChaimBixenspan]

I'm not sure why you are saying that his father has to pay gift tax, he can exclude 12.9 Million from gift and estate tax.

[@E.GuzMarkn6272]

I've seen alcoholics over-live us "Healthy People" 😆

[@flygirl2447]

“You have voted people into office who have promised to tax you into oblivion and they’re good at it”. SAY IT LOUDER FOR THE PEOPLE IN THE BACK DAVE!!!

[@ethiopian6561]

Why don’t you take it and share it with your siblings?? After all he was abusive to them and you can at least to make something right for them

[@JoelWende]

Easy solution - split everything 3 ways. This dude simply wants everything. He says he feels uncomfortable about getting more than his siblings…well nothing is actually forcing him to.

[@bradycone]

He doesn't say he wants everything. He wants his siblings to get something too. You said that nothing is forcing him to get more than his siblings. Um yes, his dad is. That's the whole point. He doesn't want his dad to leave him everything, but if it happens he can do nothing about it. All he could do is take it and give some cash to his siblings if he wants, in which case it is taxed as a gift.

[@PierceTrey]

Are we sure that isn't Theo Von on the phone?

[@danieldoucet9121]

I don't think I'd be crying over losing $200K if I got to keep $800K when the day before I had NOTHING.

[@Chele-nm4qx]

We put all of our properties in a lifetime trust for our son. He is our only son so he will end up with it in the end anyways- this way we know for sure as we don't know what will happen in this life.

[@JimmInOz]

Shit that’s a high gift tax.. 0% here in Australia still..

[@772amanda237]

It's 0% in the US too, he got it wrong

[@PaulaHarris-ki6nj]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart.

[@KellyMcDaniel-fd7yd]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

[@BrendaPawlak-eu2md]

She is my family's personal broker and also a personal broker in many families in United States, she's a licensed broker and a FINRA AGENT in United states

[@SummerSmith-i4u]

You trade with Michelle Stewart too? Wow that woman has been a blessing to me and my family.

[@Marcusbuttler]

I'm new at this, please how can I reach her?

[@lucasadkings4868]

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much

[@Reddit1872]

This is a seriously unpopular opinion in the Republican Party (which I am very much a part of) - but I have an odd taxation view. I believe unearned income taxes should be raised big time. Right now, contrary to Dave’s point of view, very very few people have to worry about estate taxes. Even these guys can get around this so easily with a simple filing form 709 and then this is taken out of your lifetime exclusion eventually. This dude’s dad is not gonna be above 23 million net worth so there will be no estate tax implications here. Dave’s point of view is different simply because HE is at the point where estate taxes are a thing. So - lower thresholds! Why should anyone inheriting 500k not owe a dime of tax on it, when a doctor working their tail off has to earn 1 million bucks to take home that same thing?! Lower estate tax thresholds to generate more tax dollars. Lower earned income tax rates on these behemoths in our economy that are currently funding our entire government. Flat 20% tax rate across the board would be beautiful.

[@COLOMBIANSTICKUPKID]

I can answer this for u cuz! You’re not getting anything!

[@pampa0331]

What if the son gives to back to the dad and the dad puts it on his Will for the son??

[@gunmetalblue7714]

$700K in the bank? They trust the banks more than me (bank failures/inflation/government). I'd have it in gold. Thumbs down ramsey.......gold is not "just a rock"!

[@rafaelgonzalez4175]

The world is full of greed. Just let it go. Everyone will die...

[@chazzkramer7676]

@@rafaelgonzalez4175 Can't take it with ya

[@Todjcam]

You realize how much you were loved when you die and people fight over your nickels.

[@kenichi407]

wrongo... a will can go to probate, meaning siblings can still go at it in the courts and turn it around. it's not fully binding. the winners are usually the lawyers. what you want to do is create some irrevocable trusts. dave's pretty good at investing and retirements, but clearly shows his weakness in estate planning knowledge here.

[@georgewagner7787]

Can Garrett deed the farm back to the dad and put it in the will to correct the mistake?

[@cherrypieforbreakfast1499]

I don’t understand how some people can accumulate that level of assets but be so dumb in how to manage it

[@webfreakz]

Stubbornness is one heck of a drug..

[@zackarykelsay3349]

I think the same thing about anyone that claims to be democrat. I think how can you be that dumb and still be wealthy knowing they don’t even want you to have it and want to tax it away

[@sidwhiting665]

Some people are geniuses at making money (i.e. rock stars, pro athlete), but clueless about growing or even keeping it. How many times have you heard about the broke NFL player who "made it rain" money, sports cars, and lavish parties when times were good only to be broke 5 years after quitting the game? Making income and managing wealth are two separate skills.

[@webfreakz]

@@sidwhiting665 more money than brains

[@Johnny.Natural]

He's old, it's a farm, any large assets bought 50 yrs ago is going to be worth millions in today's money

[@july713x3]

I am going to give this video to my friend. she is older and refuses to do a will or a trust as I advised her. And family is very dysfunctional. They steal from all the time. And some of her grandchildren live with her. I am like if u don't protect them they will be homeless.

[@freebird7284]

sounds like dad needs to watch leaving las vegas

[@bbkyjohnson]

This guy is going to get nothing if the dad dies first. The lady will leave everything to her kids and nothing to him in my opinion. Good thing he’s already got the land and house in his name because he’s not getting any of the money.

[@bradycone]

What makes you think that she would cut her son out of the will? He gave no indication that his mom would do anything like that or would have a reason too. Obviously the abusive drunk dad isn't going to do the right thing, but he never gave any indication that his mom was shady at all.

[@bbkyjohnson]

By the way he made it sound to me it was his dad their mom. When it comes time to distribute the cash who do you think she is going to lean towards? I felt like that was the entire point of the phone call. Then again maybe I misunderstood the situation. I wouldn’t trust a second wife to handle my money after I’m gone. That’s just me.

[@bradycone]

​@@bbkyjohnson He kept referring to her as "my mom" and "my mother." So I guess he didn't give any indication that she was his step mom, instead of his biological mom. So it seems she already had too kids when she married the dad, they they had him. Personally, if I was leaving one child the real estate I would divide the cash and other assets between the other two. But, it's hard to predict how much cash will be left. A few years of nursing home care can eat up a nest egg pretty quickly.

[@jesusbowls]

This is a silly call. It's none of OP's business. He'll get what he gets when they both pass away based on his parents' planning or lack thereof. If his half-siblings don't receive anything, then so be it. OP can decide to gift them money if he wants to at that time.

[@godsdozer]

glad im leaving nothing but debt. 😂🤣

[@johnSmith-uz8nl]

I am getting EVERYTHING and don't want my step bro and step sister to get anything.

[@justhere3794]

Good luck with that. As soon as the cemetery find out they will contact them more than likely and hold up the burial or cremation. It’s law I believe.

[@bradycone]

That isn't the case at all. First, they are his half siblings, not his step siblings. And the dad wanted everything to go to him, but he wanted his siblings to be included.

[@2frenchies777]

​@justhere3794 thats not true in every state. My father passed away i tried calling the funeral home to get more information and they wouldn't even talk to me unless they called and asked my brother first. I wasn't a part of planning his funeral. I was left out of everything. Mind you, my brother hadn't talked to our dad in years or even seen him. But since he was the oldest he was in charge. There was no will or anything.

[@justhere3794]

@@2frenchies777 true that it may not be in every state. But just something to be aware of as it happened to a friend of mine in FL.

[@Strikeforce246]

Sounds like it’s just all about the money for himself.

[@sammystephens7823]

Please don’t use freaking so much. You’re a great influence on a lot of people.

[@dobia4486]

This was a reddit post this morning

[@pamt3915]

When the stepmother dies, her children are the next of kin. They would be legally entitled to her assets. The caller would only be eligible for the deeded land and any assets in which he’s named.

[@arthrodea]

It sounded like the caller is also fully her child though. She had three kids. Two with one guy and then the caller was born to get via another man.

[@pamt3915]

I listened to the beginning again & you’re correct. If the mother then dies intestate, all 3 children are the next of kin & would inherit the estate equally. This Probate Judge will appoint the administrator of the estate. NEVER TAKE A FAMILY MEMBER TO A LAWYER OR ASSIST IN ANY WAY TO DRAFT A WILL THAT WILL NAME YOU AS EXECUTOR OR SOLE BENEFICIARY.

[@yvetteleonard3782]

Is the Deed in his name, or did the parents sent up a TOD? I'm not 100% sure this kid knows what actually happened 4 years ago. A TOD would get the positive results Dave described.

[@bradycone]

Absolutely. He didn't make it clear if it was actually deeded, TOD, or it sounds like it could have been a life estate, which is why they both get to live there until they die. Those details are so important to be able to figure this out.

[@Atomic.101]

Mistake, darn I thought you said STEAK 🥩

[@therationalistparty9742]

"Idk what to do". Stop being an entitled child. Build your own wealth.

[@mrsh2167]

are we sure both parents are in good mental/cognitive health?

[@queen.kristal8395]

Yeah tell them to get a lawyer

[@johncameron4194]

Get an attorney

[@New-bw4kz]

So the house and farm are going to him but he still wants some of the cash??

[@bradycone]

Actually, he didn't say that at all. His dad wants to leave everything to him. But he wants them to leave part of it to his sisters.

[@tombkk1322]

Isn’t this a repeat video?

[@braceyourselvesfortruth2492]

Dad cares about nothing but spiting his stepchildren. That's why he deeded it to his son, so he would have that satisfaction while he's still alive. If I was the caller, I would let Dad know I'm going to split the proceeds from selling the farm with my half siblings. He can't stop it because he's already transferred ownership.

[@BobDobbs681]

Three words: Revocable living trust.

[@penguin12902]

This. I'm in my early 40s and I haven't "owned" my own house since the month after my first child was born. My house is owned by the trust. The beneficiary on all of my accounts is the trust.

[@greggpurviance7252]

In CA & some other states absolutly. Other states, maybe

[@thomasdalton1508]

I think you mean irrevocable. A revocable trust isn't worth much.

[@penguin12902]

@@thomasdalton1508 No, he was correct. A revocable living trust allows you to make changes as you go through your life, adding kids, houses, cars, other assets, etc.

[@thomasdalton1508]

@@penguin12902 Yes, but it doesn't achieve anything. You might as well just keep the assets yourself. If you want to avoid estate tax, which is the usual goal, it has to be irrevocable.

[@marc-andredery9807]

But his dad would have pay his taxes upon death... no?

[@cooltkll]

can't son & dad put property back in father name & do it the way david said that way he could save the 200k??

[@sidwhiting665]

I don't think so. Once the benefit is transferred, I don't think you can take it back. Dave's been doing this long enough that if that were an option, I'm pretty sure he'd know about it and recommend it. That's a good question for a tax expert though, just to be certain.

[@thomasdalton1508]

Not if it is an irrevocable trust. The whole point is that you can't revoke them.

[@anthonylamura8600]

And that 200k Joey will send to Ukraine !

[@lindawilson4625]

My bet is his dad won't do crap and it will be a sh-tshow when he passes.

[@markhasenour12]

It's 10 acres... It's not a farm.....

[@optimalsavage]

I was cut out of my father's will because I married a transwoman. Even after we divorced and I found Jesus and married a real woman, I'm still out of the will. Oh well.

[@bradycone]

So sorry man. But praise the Lord that you found Him! That's all the inheritance you need. I was LGBTQ, then turned my life around and have a wonderful life with my wide. God is good.

[@optimalsavage]

@@bradycone Amen brother! I will never go back. I do feel sorry for my ex because HE is obviously mentally unwell - as much as HE tried to be a SHE, it was never going to happen. Even when he cut off his member and created a receptacle. My pastor told me I wasn't really even married because God doesn't approve two men marrying, much less the unnatural things my ex was doing to me.

[@Outrageousconduct]

Sounds like this dude is money grabbing already

[@ginoturano6821]

Who's the mom of the kids

[@bradycone]

His mom is the mother of all three. So they are actually his half sisters, not his step sisters. The caller said the dad was abusive. He probably hated having stepdaughters. I hope that after he passes, the mom leaves something to all 3 of them, even if it's the land itself that goes to the son. Sometimes, abusive people use an inheritance to give a final stab to the ones they don't like.

[@zanneizzo8113]

So the other siblings are the father's step children. But they are half siblings to the brother.

[@Whitericeinmysalad]

There will be no greater mistake than voting this current administration back into office after the four-year shit show we all witnessed.

[@HOLDXSTEEL]

So you’re willing to let an evil person take a stab at it eh?

[@xsgtxbigboy1655]

@@HOLDXSTEELtrump2025

[@drn13355]

Stock Markey way up. Less border crossings than when trump left. Economy doing amazing and is the envy of the planet. Most lethal military on planet earth. What "s how" are you talking about? I also have standards of behavior. Listening to a silver spoon draft dodger felon whine 24/7 about how "unfair" his life is im over it. My daddy raised me to not whine like a b**** and feel sorry for myself.

[@MarkYeung1]

Voting for a felon will fix our problems, right?

[@justliss1827]

This is still trumps economy. He caused it!

[@DirkChristian-w2e]

I'll need help if I'm going to make it through this. The ETF and stock markets are still pretty volatile. What's left of my $170,000 portfolio now isn't looking good; how can I capitalize on the market?

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[@jimmymcgill6778]

And the problem? The house is deeded to him. By law, when someone passes, it goes to their spouse. And then when they pass, it goes to their next of kin.

[@greggpurviance7252]

Much more complex & state specific if death is intestate. Some states 1/2 goes to wife & 1/2 to children. Point: Get an estate plan with a will & maybe a trust.

[@analyticalchick3064]

Her next of kin isn't him. It's her own kids. That's the problem.

[@bonniemcmaken3966]

​@@analyticalchick3064 He is the biological child of both parents. His siblings are from another relationship of his mother's. So he is also next of kin in that situation.

[@aolvaar8792]

It comes down to how the house is Held, The TITLE. Tenants in common>> each party has a will for their share. Community property (married) can be with or without the right of survivorship. Joint tenancy tenancy by entirety Sole and separate>> by will (I bought a house, and my wife signed a quit claim)