“Traditionally, unrealized capital gains have not been taxed, allowing wealthy individuals to transfer stocks, bonds and real estate investments to their children and grandchildren without the recipients being taxed.”
Terrible, shoddy “journalism”. Do they not have editors? Have they not heard of the federal inheritance tax? Yes, it has a large exemption at present but it still exists and has for a very long time. Perhaps they mention it later in the article but the part excerpted is flatly false.
The federal estate tax already catches “the richest”.
This is squarely aimed at the middle class.
We have a modest 2 annuities, our modest IRA’S which we take the minimum mandated amount, I have my own checking account for SS. Hub has his own for his USN pension, Jr College Prof’s pension. Paid for house and cars. Neither of which are large. Wrong time frames.
We tied everything into 2 trusts, Family issues from our 2 sets of kids forced that. Marital for the 1 who passes first. Enough for me to live modestly. He’s nearly 81, I’m nearly 73. 2nd trust go to our kids, weird spilt as We are a blended remarried family. His is property mainly, money is mine, mainly left over life ins. and the small IRA from my late husband.
What does this death tax do to that?