As said death tax has changed and wot hit average people its in the millions now before it kicks in. .
That said if you have realstate and know the kids won't want it folks often sell it to save the kids the hassle. This is a mistake. They will have to pay the capital gains tax on the amount above what they paid years ago reducing the amount left for whom they want to leave it to.
When they inherited the property the government ses it value as what it was on the day they got possession of it not what dad or grandpa paid back in 1960. So thay can sell it for that amount and not have to pay capital gains tax on the appreciated amount like you will if you sell it to save them the hassle.
My farm is in a trust it avoids probate and adds another layer making my assets harder to find. If you have assets your a target if you look poor there is no reason to go after you for anything and not worth the effort.
$15,000,000.00 and $30,000,000.00 aren't very high exemptions. Over 400,000 hard working Americans will have their heirs robbed of 40% of what should be theirs, over those amounts, when they die. Many of those families will be forced to sell their property and businesses to pay unfair taxes. If you work harder and smarter and make more, you shouldn't have to pay more than lazy, stupid people, that make less.
People who are equal under the law, should all pay equally into the system. That rewards people who are more productive, instead of penalizing them.
Just 800 acres of prime farm land in Ohio is worth an average of $15,000,000.00. The average farm in the US is about 470 acres. Many family farms in the US will be forced to be sold when the owners die, because there's always more assets than just land.
Most medium and larger businesses will be forced to be sold too.
Most higher level executives' heirs will have their rightful money stolen as well.
Keith
