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Proposed "death tax" may kill the family farm?
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<blockquote data-quote="Jogeephus" data-source="post: 967964" data-attributes="member: 4362"><p>It really needs to be higher than the $3 million. This was instigated as a form of social engineering as well as to pay off war debt. If you look at the demise of the middle class in this country I think most will agree its because of the death tax. If someone builds a business it is hard to pass this on to the children with the death tax looming over their heads. This forces the business owner to make financial decisions based on lowering the value of the business rather than building the business. This isn't good for the family nor is it good for those who work for the business.</p><p></p><p>LLC's, Trusts and all those things do little to shield you from the death tax. They do make attorneys wealthy and when an incompetent attorney constructs one it can leave the family in worst shape than they would have otherwise been because you can be painted in a corner. There is a very simple way to avoid the death tax completely and this doesn't require anything more than trust in your children, time and the acceptance to the fact that you will die. For obvious reasons, I won't put the details on the board but if anyone has a serious need to know the details I'll share with them in a pm but only to long time members of CT.</p></blockquote><p></p>
[QUOTE="Jogeephus, post: 967964, member: 4362"] It really needs to be higher than the $3 million. This was instigated as a form of social engineering as well as to pay off war debt. If you look at the demise of the middle class in this country I think most will agree its because of the death tax. If someone builds a business it is hard to pass this on to the children with the death tax looming over their heads. This forces the business owner to make financial decisions based on lowering the value of the business rather than building the business. This isn't good for the family nor is it good for those who work for the business. LLC's, Trusts and all those things do little to shield you from the death tax. They do make attorneys wealthy and when an incompetent attorney constructs one it can leave the family in worst shape than they would have otherwise been because you can be painted in a corner. There is a very simple way to avoid the death tax completely and this doesn't require anything more than trust in your children, time and the acceptance to the fact that you will die. For obvious reasons, I won't put the details on the board but if anyone has a serious need to know the details I'll share with them in a pm but only to long time members of CT. [/QUOTE]
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Proposed "death tax" may kill the family farm?
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