tag:blogger.com,1999:blog-5366199.post112160699828151909..comments2023-12-24T00:27:57.613-06:00Comments on Kole Hard Facts of Life: Mike Kolehttp://www.blogger.com/profile/17573721231319244630noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5366199.post-1121864269408270592005-07-20T07:57:00.000-05:002005-07-20T07:57:00.000-05:00Thanks for the clarification. Good that charity is...Thanks for the clarification. Good that charity is untaxed at death! Good that there is an exemption on lineal survivors, but bad policy that there is a 1% tax at all. And still, if I intend to leave my money and worldly possessions to a friend, I'll be departing Indiana before I depart this earth to escape that 10% rate.<BR/><BR/>The point remains: Indiana could do better. Indiana could and should become a wealth magnet.Mike Kolehttps://www.blogger.com/profile/17573721231319244630noreply@blogger.comtag:blogger.com,1999:blog-5366199.post-1121814671730554662005-07-19T18:11:00.000-05:002005-07-19T18:11:00.000-05:00You interpreted the quote from the county's websit...You interpreted the quote from the county's website as meaning that if you leave your money to your son it is taxed at a lower rate than if you left it to your grandson. Under the current law, all transfers to lineal descendants and ancestors receive a $100,000 exemption and the tax begins at 1% on amounts above that. You were correct that leaving it to your friend would be taxed at the highest rate ($100 exemption, 10% rate). However, any amount left to charity is totally exempt from the tax.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5366199.post-1121619960407279542005-07-17T12:06:00.000-05:002005-07-17T12:06:00.000-05:00I will have to look into this some. I did not kno...I will have to look into this some. I did not know that you piad a different rate depending on how you are related to a person. That is insane...LP Mike Sylvesterhttps://www.blogger.com/profile/06918776704117318033noreply@blogger.com