The Soapbox

81_Hokie

Joined: 03/16/2005 Posts: 16392
Likes: 28628


Seriously? So Bill Gates's kids and Steve Jobs's kids should inherit


billions tax free? Of course, they would never have to sell 99% of that, so they could just pass it on tax free?

I take the opposite view: Close the books on your life upon your death. At that point all gains are realized and taxed, even if not actually sold. Other than to a spouse there should be no way to bequeath assets tax free. No trusts or similar vehicles. You die, you pay the taxes that are due at that point. I'm fine with a modest tax free amount... a couple of million dollars, say. I think the nearly 6MM that we are at now is too high.

For those that argue about "family businesses" that must be liquidated to pay taxes I say that's a perfect scenario for life insurance with the recipient of the business also the beneficiary of the life insurance policy.

(In response to this post by Stimp)

Posted: 08/14/2020 at 3:19PM



+1

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