There is no animosity. You stated we didn't know your situation after you posted it. I don't care if you get money or not... you are simply NOT guaranteed it back. You MIGHT get it back, but then again there is no promise you will get it all back. I just think blowing around 50% of your networth on a wedding is a bad idea.
Dissipate
Diamond Member
- Jan 17, 2004
- 6,815
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- 0
Originally posted by: dtyn
My family used to own half of rural Tennessee, so it was divided up between the males upon each owners death, and it gets less and less. However many male decendant I have, it will be split up eavenly between them. That's the tradition. Women get nothing
LoL, that's great. Nothing for the women, sounds like my kind of will. Aren't death taxes incurred every time the property is handed down though?
Originally posted by: Dissipate
Originally posted by: dtyn
My family used to own half of rural Tennessee, so it was divided up between the males upon each owners death, and it gets less and less. However many male decendant I have, it will be split up eavenly between them. That's the tradition. Women get nothing
LoL, that's great. Nothing for the women, sounds like my kind of will. Aren't death taxes incurred every time the property is handed down though?
I'm not exactly sure how it works, but it's set up as some sort of company, and each male decendant is added as a partner. The land technically always belongs to the company, but it's divided between each family member. Again, I don't really understand how it works, I just know I own 100 acres of land at the appraised value.
Originally posted by: dtyn
Originally posted by: Dissipate
Originally posted by: dtyn
My family used to own half of rural Tennessee, so it was divided up between the males upon each owners death, and it gets less and less. However many male decendant I have, it will be split up eavenly between them. That's the tradition. Women get nothing
LoL, that's great. Nothing for the women, sounds like my kind of will. Aren't death taxes incurred every time the property is handed down though?
I'm not exactly sure how it works, but it's set up as some sort of company, and each male decendant is added as a partner. The land technically always belongs to the company, but it's divided between each family member. Again, I don't really understand how it works, I just know I own 100 acres of land at the appraised value.
Is the land producing any kind of income? Who pays the property tax? It would suck to have to pay property tax out of pocket on 1.25 million and not have income from it paying the tax. Can you sell any of the land. Does the company pay the tax?
Originally posted by: dtyn
My family used to own half of rural Tennessee, so it was divided up between the males upon each owners death, and it gets less and less. However many male decendant I have, it will be split up eavenly between them. That's the tradition. Women get nothing
why dont you sell it and have 1 million dollars? Stick that oen million into a mere 3% return account and you could live on it!
I can sell the land anytime I want to, as long as I have the signatures of my father and my uncle (the other two holders of land owned by the company set up). We rent the land out to a paintball place, a shooting range, and a hunting lodge, and we use that money to pay the property taxes. Whatever is left over is income, and we all take an even cut. I need to learn more about it, but I just came into this so I don't know too much about it.
Originally posted by: Mill
Originally posted by: dtyn
Originally posted by: Dissipate
Originally posted by: dtyn
i was wondering about property tax as well... can you do anythign with thel and??
My family used to own half of rural Tennessee, so it was divided up between the males upon each owners death, and it gets less and less. However many male decendant I have, it will be split up eavenly between them. That's the tradition. Women get nothing
LoL, that's great. Nothing for the women, sounds like my kind of will. Aren't death taxes incurred every time the property is handed down though?
I'm not exactly sure how it works, but it's set up as some sort of company, and each male decendant is added as a partner. The land technically always belongs to the company, but it's divided between each family member. Again, I don't really understand how it works, I just know I own 100 acres of land at the appraised value.
Is the land producing any kind of income? Who pays the property tax? It would suck to have to pay property tax out of pocket on 1.25 million and not have income from it paying the tax. Can you sell any of the land. Does the company pay the tax?
Dissipate
Diamond Member
- Jan 17, 2004
- 6,815
- 0
- 0
Originally posted by: dxkj
Originally posted by: dtyn
My family used to own half of rural Tennessee, so it was divided up between the males upon each owners death, and it gets less and less. However many male decendant I have, it will be split up eavenly between them. That's the tradition. Women get nothing
why dont you sell it and have 1 million dollars? Stick that oen million into a mere 3% return account and you could live on it!
Obviously because this land means something to his family. Also, 3% return would hardly keep pace with inflation. There are much better investments out there including starting a business.
rh71
No Lifer
- Aug 28, 2001
- 52,844
- 1,049
- 126
Ok, asshat. We're cool then.
I started the stock plan back in 2000 expecting to spend it on a wedding. I planned everything from the start. We're in our 6th year together and already have a house. Putting a small portion of my paycheck in there since day 1 specifically for this purpose wasn't a problem for me so even if I get $10k back now, it was worth it to me. It's not like I'm pouring all this money into a one-time deal and getting nothing back in return (not only monetary). Goal is accomplished, unless the stock crashes.
BurnItDwn
Lifer
- Oct 10, 1999
- 26,353
- 1,862
- 126
hmm ..
Car ... worth about 15K, still owe about 9500
Profit Sharing ... Worth about 5 or 6 thousand (haven't checked in a few months so not sure)
Stock ... Worth about 15K
Stock Options ... Worth like $1000 or so
If I ran into a bad situation and had to ebay things ... I own about 500 CDs (some of which are out of print, or somewhat rare imports) and about 200 DVDs. All of My PCs and Electronics are probably worth about 5 K as well
My checking accound has a positive balance, but only a couple grand
My cc balance will soon be zero.
I'm far from wealthy, but I think OK for a 23 year old college drop out.
Car ... worth about 15K, still owe about 9500
Profit Sharing ... Worth about 5 or 6 thousand (haven't checked in a few months so not sure)
Stock ... Worth about 15K
Stock Options ... Worth like $1000 or so
If I ran into a bad situation and had to ebay things ... I own about 500 CDs (some of which are out of print, or somewhat rare imports) and about 200 DVDs. All of My PCs and Electronics are probably worth about 5 K as well
My checking accound has a positive balance, but only a couple grand
My cc balance will soon be zero.
I'm far from wealthy, but I think OK for a 23 year old college drop out.
Originally posted by: rh71
No choice. I'll get most of it back as evidenced by other asian weddings. I wouldn't "blow" $20k on anything except a nice car.Originally posted by: Dissipate
Originally posted by: rh71
I'm not a finance guy so I don't know what home equity really means, but we bought a $330k house we're paying mortgage on. And I have $22k in company stock I'm saving for our wedding. Our vehicles are all paid already (~$15k value now). Other than that, I live paycheck-to-paycheck.
You are going to liquidate your stocks and blow $22,000 on your wedding?
That's fvcked up. No choice? $22k on a wedding is :Q.
Originally posted by: fyleow
Originally posted by: Dissipate
Originally posted by: rh71
No choice. I'll get most of it back as evidenced by other asian weddings.Originally posted by: Dissipate
Originally posted by: rh71
I'm not a finance guy so I don't know what home equity really means, but we bought a $330k house we're paying mortgage on. And I have $22k in company stock I'm saving for our wedding. Our vehicles are all paid already (~$15k value now). Other than that, I live paycheck-to-paycheck.
You are going to liquidate your stocks and blow $22,000 on your wedding?
No choice?! That sucks. Better hope you get some serious wedding gifts....
Asian weddings usually means cold hard cash as gifts...He will most likely break even or make money.
Doesn't sound like a wedding. Sounds more like a purchase LOL!
But hey, good luck.
Well, hell, you find a way to bring my grandfather back, and I'll give you cash == to my net worth.
Two cars... about 1800.
Bank acounts... 500
If the sh!t hit the fan, I could probably get 2k for all the crap I've got lying around (a ford 9 inch rear from a 77 Lincoln I could pull if I was REALLY in the sh!t would get me a few hundred at least...)
So total it up and you get $4300. I'd say its about par for a 17 year old.
Bank acounts... 500
If the sh!t hit the fan, I could probably get 2k for all the crap I've got lying around (a ford 9 inch rear from a 77 Lincoln I could pull if I was REALLY in the sh!t would get me a few hundred at least...)
So total it up and you get $4300. I'd say its about par for a 17 year old.
Savings: $2817.70
Various investments of my own money: $14,237.27 (as of market close today)
College money invested in my name even though through various scholarships I get about $500 a semester: 107,xxx.xx (as of last visit home) I can do what ever I want with it, but law school is pretty expensive, so kinda hangin on to it for now heh.
Total: $124,054.97
Oh and a honda, but its still in my parents name heh so can't count that
Various investments of my own money: $14,237.27 (as of market close today)
College money invested in my name even though through various scholarships I get about $500 a semester: 107,xxx.xx (as of last visit home) I can do what ever I want with it, but law school is pretty expensive, so kinda hangin on to it for now heh.
Total: $124,054.97
Oh and a honda, but its still in my parents name heh so can't count that
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