- Joined
- Jul 31, 2009
- Messages
- 2,605
- Reaction score
- 1,349
- Gender
- Male
- Political Leaning
- Independent
Don't you think it is a bit presumptuous to say what is the proper use of an estate established whatever the purpose. It could be charity or it could be to provide a better life for ones children.
I know a bunch of people who have continued to work to save enough so their children would be fine. In one instance the person has a child is autistic. He and his wife have been thinking about the well being of their child for much of their adult life, sad. He can stop working when he has enough money not only for his savings but also to insure his child will have somewhere to libe and pay for whomever will take care of him.
You should also know that what this does is create a sort of full employment deal for tax accountants and lawyers. People who have saved any real money will find ways to legally skip generations through trusts etc.
The people who usually really get screwed by this type of tax is someone who has most of his/her assets in a profitable small business. Oftentimes those businesses have to be sold off because of the tax.
It would be great if people thought through real issues versus spewing slanted dogma when talking about things that impact people's lives.
You do bring up a good point about a successful small to medium size business. If/when the government is entitled to 30-40% at the death of the owner, that business would be challenged to survive. On a similar note, a large family farm would face having to be parsed out to accommodate a large estate tax bill.
Never read the details of how the proposed estate tax legislation is written. Would hope they have a lot of exceptions to account for those type situations....:thinking
.