Time kiting vs age and economic boost from relatives

homerun · Since 12 Jul 2008 22 Posts

This is an addendum to the topic "How many days do you get out a year?"

I would be more curious about the relationship between kiting time to age, as well as economic boost/support from relatives.

Imagine getting $12,000 per year tax free from you mother, your father, your mother-in-law, your father-in-law and your wife getting the same from each ($96,000 annually tax free, plus other tax free $12,000 gifts from other relatives and perhaps polically connected friends of your family) plus 2 million tax free from each deceased parent. Plus taxible gifting from each and perhaps other relatives and taxed inheritance above 2 million. One could start a business or businesses or inherit the business and pretend one made all the money oneself and have plenty of receation time.

The above is more to provide thought rather than be though of, as I am not a tax accountant and am using information my financially independent girl friend provided in a casual conversation, and she does not always provide accurate information, and I did not research its accuracy. However, I did find this link:

http://law.freeadvice.com/tax_law/gift_tax_law/limit_gift.htm

Yours truly,

Envious

blowhard · Since 26 Dec 2005 2027 Posts Windward

i wouldn't be too envious,

free money is no way to live a successfull (happy)life
no sense of purpose or accomplishment.

getting into a business with no background is super easy

making it work would be another story Embarassed

(expierence)

Inheritance is the oldest form of making money.

but I would say nowadays,
the serfs have passed the royalty in so many ways

jcohenx · Since 28 Aug 2007 250 Posts Portland Obsessed

WTF?

Screw the taxes and how you'd invest it. I'd be kiting 8 days a week I had that kind of cash flow Confused

Other than a wild and crazy dream, what does this have to do with one's age and days out kiting?