Jim Bob and Michelle Duggar

[Salacious Kitty]

Jinger has raised her standards since then. 😀

[all fall down]

I can't read (or hear) tracts of land without thinking of Monty Python and the Holy Grail. 

It would be nice if JB shares some of that profit with the kids, but they won't see it until he dies, if even then. 

 

 

[GeeGolly]

4 hours ago, merylinkid said:

Well Jim Bob and Michelle have a nice retirement all set up I see.   The money to originally buy the land came from exploiting their kids but they will never see a dime of profit.

It would be interesting to know the date they purchased the land and line it up with where they were in kid count and season of the show.

[Heathen]

I read that article on Yahoo yesterday. Jim Bob and Michelle may be awful parents, not to mention bible-beating bigots, but they did have a work ethic once upon a time and they did make sound business decisions. 

[EmeraldGirl]

Well, just for that deal alone all 19 kids would inherit over $250,000. But I’m sure there are many more millions somewhere that they are going to have to play with.

[merylinkid]

11 hours ago, EmeraldGirl said:

Well, just for that deal alone all 19 kids would inherit over $250,000. But I’m sure there are many more millions somewhere that they are going to have to play with.

Depends on what the Will says.   I would not put it past JB to give it all to the Felon as the "eldest son" and the rest of the kids get nothing.   

[StPatricksDay]

Based on this article about long term capital gains on real estate:

https://smartasset.com/taxes/avoid-capital-gains-taxes-on-land-sale

$4,700,000 - 600,000 = $4,100,000. For easy math take off $100,000 for closing costs/any improvements done to the land. 

The tax on the 4 million gain is either 15% (600,000) or 20% (800,000) depending on seller's income.

[Article details ways to minimize or defer this. ]

4.7 million - 600.000 = 4,100,000.  Divide by 19 =  215,789 per kid.

4.7 million - 800,000 = 3,900,000.  Divide by 19 = 205,263 per kid.

The 2025 amount you can gift a child tax free is $19,000 a year. You can also gift his/her spouse the same amount tax free.

Nothing to sneeze at but illustrates why even Rockefeller descendants have jobs.

[Albanyguy]

1 hour ago, merylinkid said:

Depends on what the Will says.   I would not put it past JB to give it all to the Felon as the "eldest son" and the rest of the kids get nothing.   

I could very easily see that happening. I’m also sure that, despite all the lip service paid to women living under male authority, Michelle has made sure that she will have a huge amount of control over JB’s estate if he dies first. Money is power and Michelle has no intention of spending her golden years doing her daughter-in-law’s laundry.

Edited Friday at 12:48 PM by Albanyguy

[lookeyloo]

49 minutes ago, Albanyguy said:

I could very easily see that happening. I’m also sure that, despite all the lip service paid to women living under male authority, Michelle has made sure that she will have a huge amount of control over JB’s estate if he dies first. Money is power and Michelle has no intention of spending her golden years doing her daughter-in-law’s laundry.

Wondering if Michelle is the brains/power behind all of this, but in her way making JB think it is all him.  And then, wondering if who goes first will show how much if any which kid gets what.  I can see a scenario where favored ones get more.  Case in point.  Father in law told me to my face he didn't include me in his will because he "doesn't want my money going to your line".  I had kids before Mr lookeyloo and I were married.  Funny thing is, I never needed, wanted, asked for, counted on any $$ from him but still thought he thought of me as family after over 40 years of marriage.  But, alas, no.  That part was more hurtful than no $$ I didn't want/care about/look for, etc.  Anyway, this is very possible I am thinking with the Duggars. As in who still follows Gothard - bonus.  Dillards, zero.  Plus a trust for Anna with a trustee who will dole out $ to her based on their approval of what it is for.  Thoughts?

PS Father in law is paying for private school for his caregiver's son (which I think is wonderful.  He is a disadvantaged youth) and is leaving caregiver a hefty sum.  But, she apparently means more to him than I do.  Hurtful.  Tolerable.  Slightly off topic, but, relates to what I'm wondering about the JB/Michelle estate.

Edited Friday at 01:38 PM by lookeyloo
To add

[Minivanessa]

I assume JB would hate the idea of having his estate go through probate, which is why I think he and Meech have their major assets in one or more trusts. I'm not at all expert in that area (bored me to tears in law school and still does), but they can be set up in any number of ways. It's possible that if the significant marital assets are in a trust, the surviving spouse just gets it all when the first spouse dies.

[StPatricksDay]

I think if he skipped Jill and Derick he would give directly to their children.

[Absolom]

I don't think the kids will see more than "gifts" that the parents see fit to dole out until both parents are gone.  They're both on the controlling end of the scale and it's a very normal way of doing things. 

[GeeGolly]

Seeing as JB&M are not yet 60, there is no telling how much money they'll have left when they go. They could live another 30 or 40 years.

[merylinkid]

Oh my post was on the presumption that JB and Michelle have mutual Wills -- first one to go, the other gets everything.   (and anything titled with rights of survivorship passes OUTSIDE the estate, same with life insurance/IRA, goes to beneficiary).    Then they have provisions in their Wills for what happens after both are gone.    

So JB goes first, Michelle gets everything , then it passes to how they decided it should be distributed to the kids, and vice versa.

Of course, nothing prevents the survivor from changing their Will after the first one goes.

[Zella]

Per Washington County property records, the land purchases for Jim Bob were fairly recent, from 2021 and up, via his Shiloh Properties LLC. Jim Bob and Michelle also have a revocable trust, again per how their land appears in online property records.  

[EmeraldGirl]

6 hours ago, GeeGolly said:

Seeing as JB&M are not yet 60, there is no telling how much money they'll have left when they go. They could live another 30 or 40 years.

I think Jim Bob is still very frugal. You don’t see any of the remaining children (or them) wearing anything beyond Walmart looking clothes. And he has always been big into buying cars at auction. Except for their few vacations, and there haven’t been that many, they don’t seem to spend money anywhere. Plus, we don’t know how many millions they have already pocketed in all these years. I think they’ll be just fine even if they live to be 100.

It’s hard to believe that they’re still that young, in my mind anyway because they've been around forever. And all those many grandchildren. I feel like they should be about 75. Ha.