Some of my friends are throwing "inheritance parties"

not looking forward to it wrote:

Dead Inside wrote:

You are likely what we call "prole rich"

What I mean by that is, your parents probably acquired wealth through lottery winnings, class action lawsuits, owning land with oil under it, etc. Not a prestigious, value-building enterprise such as finance or law.

I'm not rich at all. Did you not read my post?

You're right. $5 million may seem like a lot to the filthy proles of LetsRun.com, but in reality it's nothing.

Hmmm..... wrote:

Unfortunately, my inheritance party consisted of hotdogs, chips, and BYOB.

You sound more fun than the OP.

Thanks for heads up. I think a Charitable Remainder Trust will be on the agenda.

Hopefully Clinton will get elected and pass her estate tax ... Then we'll see why kind of party they can throw

Dead Inside wrote:

This is a thing now - my rich friends are going all out on parties to celebrate their future inheritances. I went to one this weekend, it was pretty awesome. Fire-eaters, magicians, semi-famous DJs spinning, lots of booze, top-notch catering. The party must have been at least 100k. It was done under the guise of "celebrating" their upcoming inheritance. These guys come from super impressive families and will likely inherit upwards of $10 million. I just think it's tacky. I'm in Chicago BTW.

Remind me again why inheritance/estate tax is bad?

Dead Inside wrote:

not looking forward to it wrote:

This. I am not going to inherit $10m+, but my inheritance will likely be solidly into the seven figures. This certainly isn't a transaction that I look forward to. I can't even imagine telling my parents "hey, I'm so excited about the cash infusion that will accompany your death that I think we should all go party!"

You are likely what we call "prole rich"

What I mean by that is, your parents probably acquired wealth through lottery winnings, class action lawsuits, owning land with oil under it, etc. Not a prestigious, value-building enterprise such as finance or law.

I laughed out loud when you called finance or law value-building enterprises. Good one.

Analyzerr wrote:

Dead Inside wrote:

This is a thing now - my rich friends are going all out on parties to celebrate their future inheritances. I went to one this weekend, it was pretty awesome. Fire-eaters, magicians, semi-famous DJs spinning, lots of booze, top-notch catering. The party must have been at least 100k. It was done under the guise of "celebrating" their upcoming inheritance. These guys come from super impressive families and will likely inherit upwards of $10 million. I just think it's tacky. I'm in Chicago BTW.

Remind me again why inheritance/estate tax is bad?

I don't think it's bad. I don't think it's necessarily good either. I just think the rule should be the same whether the transfer of wealth is made before or after death. It's foolish that there is a difference.

Oh. I received $0 and debt collectors to stick my tongue at as my inheritance.

Just curious-how old are the parents/kids?

Dead Inside wrote:

This is a thing now - my rich friends are going all out on parties to celebrate their future inheritances. I went to one this weekend, it was pretty awesome. Fire-eaters, magicians, semi-famous DJs spinning, lots of booze, top-notch catering. The party must have been at least 100k. It was done under the guise of "celebrating" their upcoming inheritance. These guys come from super impressive families and will likely inherit upwards of $10 million. I just think it's tacky. I'm in Chicago BTW.

Already paying for mom's housing and she's only 61. I'll have a liability-shedding party.

Not really - I'm impressing on my son how important it is to take care of Nana to guilt trip him into providing my future "van down by the river"

I'm giving a 0/10 for excessive trolling, but just in case:

poke holes in all of their condoms while they're doing stupid entitled schmuck things and ruin their lives through children. Or at the very least, they won't sleep well.

[quote]RI red wrote:

Just curious-how old are the parents/kids?[quote]

Most are 20s/early 30s. Parents range from late 50s to late 70s, most are in the mid/late 60s.

People like this make me ill. One can only hope their parents catch wind of this and drop them from the will and instead give everything to the UNCF.

So, when are you and your friends receiving your inheritance - in another 30-40 years or so? If your folks live to 90+ (not unusual these days) it will be a while till the real partying starts. [quote]Dead Inside wrote:

I love having sexy teen guidos in my broken down ford focus.

The thing I don't get is the title.

Instead of "inheritance" parties, why don't they just call them "being rich" parties?

It is not like they are actually getting the inheritance at this point.

This is why the idea of the one percenters as being a fixed, exclusive group is a fallacy. A parent works his ass off, strikes it rich and enters the ranks of the wealthy. His work ethic may trickle down a generation, where his assets and success may be maintained, but the next generation who only knew of wealth will inevitably blow their wealth and die penniless.

There's no reason to go after the wealthy or penalize those busting their ass to succeed. They are a mercurial group and eventually the assets find their way into the hands of fools and redistribute themselves on their own.

$10 million is not a lot of money for a careless spender.

Analyzerr wrote:

Remind me again why inheritance/estate tax is bad?

I am not rich, but doesn't everyone want a great life for their children? A life easier and "better" than their own? this would seem to be a universal truth. So while the very very wealthy have "made it" they still have the same desires for their children.

The ethicl of "hard work" is severely over-rated.

Analyzerr wrote:

Remind me again why inheritance/estate tax is bad?

The estate tax is bad simply because it doesn't make any sense unless you think any exchange of money should be taxed. They've already been taxed on anything they've made, double taxation is wrong. Now, some of these rich people, especially the richest of them, likely paid very low taxes on the money they've made due to our flawed tax system, so in that case the estate tax would basically just make up for all the tax breaks they've gotten as a wealthy person. But you can't just arbitrarily decide things based on maybe they've gotten away with paying much lower taxes than they should have. Bottom line, estate tax is bad, but it should be part of fixing the whole tax code.

Also, yes people with all the money and power often talk about hard work, but once you get to that point (and if you inherit your wealth then you were always at that point) you no longer have to work hard. Wealthy business owners pay people to work hard for them so they can bring in more wealth. Hard work is to keep the masses inline while the wealthy throw inheritance parties.

zohan wrote:

The ethic of "hard work" is severely over-rated.

This - it's basically capitalist brainwashing to keep people from rising up against elites and continue producing shit for them. "Hard work" is a lie