Be Patriotic. Spend down your assets you hoarders...

[Sunset]

Well, we really screwed up.. we spent $10K on a river cruise in Europe

Wonder if I can deduct from taxes, since it didn't benefit folks in USA

 

[Fedup]

It was not clear, but since you are clever, I'm thinking you are saying $28K per child since each of you can gift $14K.

It's clear to me and I'm not clever. Each parent can donate $14k per child.

 

[Mdlerth]

The author of the Bloomberg article says that inheritances contribute to inequality in the economy. That is simply mistaken. Inheritances almost always proceed from a richer "decedent" to some one or more persons who are less wealthy than the dear departed. This is even more obviously true when the estate is split among multiple heirs. Thus it is mathematically necessary that inheritances have a strong tendency to REDUCE inequality in the economy. That would still be so if the death tax dies. The author's unexpressed beef, probably, is that the "wrong" people are inheriting assets.

+1 (To Ted's comments, not to the article)

Inequality, schminequality. Johann Strauss, Archie Manning and Christie Brinkley got to bequeath to their children musical talent, athleticism, good looks. I can't pass on any such genes. All I can give to my kids is a few bucks and some nuggets of wisdom (which they'll probably ignore). Why single out $$ as the metric of unfairness?

 

[Alan]

It was not clear, but since you are clever, I'm thinking you are saying $28K per child since each of you can gift $14K.

Exactly