Posted on 11/18/2012 6:59:19 AM PST by SeekAndFind
“The smart rich don’t pay these taxes. Blind trusts and other instruments keep that from happening.”
Oh, yes, they do pay those taxes even with several excellent tax attorneys.
The government beaurocrats work full time making sure there are very few loopholes left for you to figure out a way to allow your family to keep any of your estate.
I have worked on three large estates in the last couple of years and it is sickening at what these hard working people have to sell to pay taxes to the damn government to waste. Worked their asses off all their lives and lived very frugal lives unlike the damned government. One estate will be selling assets of over $20 million to pay the extortionist Fed. government.
That $20 million COULD have been used to hire more people. Now, it will MAYBE pay for one of Moochelle’s overseas trips.
They had excellent tax attorneys but there is only so much they can do within the law. And believe me it was a complicated mess just to be able to keep what they were allowed to keep.
And unless you are Warren Buffett or Bill Gates a family foundation will be ripe for an audit.
it’s a tax on things already taxed., and in many cases , have been paying taxes all along, like family businesses.
In order to speak about the death tax one must also talk about the gift tax. Transferring money to people starts that calculator running.
$20 mill??? That sucks. In some siutations there isn’t the ability to discount that money, such as one time selling of a business, but usually if a person/family is willing to let go of some of the control over monies/property the taxes can be spared.
The best part?
The IRS does the assessment of the value of ranches, farms, etc.
The heirs have just 90 days to pay the taxes or the IRS liens the property...no delays.
Yes, $20 million. It was an unexpected death but the family still had excellent tax palnning in place. There is just only so much one can do to avoid the death tax.
I understand the family still has plenty left but it is outrageous for the government to confiscate that much money just because someone died!
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