If you’re not too old, and intend to live a good amount of years yet you may lean towards a revocable trust.
At this point I have three, one for each of my sons.

Osky

Seems pretty simple when I die my wife controls the trust when she dies the kids get it. As they grow up and i see how they turn out I may need to make changes.

They all 3 may want to live on the farm or all 3 may want nothing to do with it. It may be sold or it may stay in a trust with self funding investment that cover the expences so it will be avaliable for future decendents that want to take advantage of it an use the farm.

At least thats some ball park ideas I have had. With the price of land kide wanting to get some land and grow food are being priced out. I like the idea of there always being a place avaliable for my descendants to do so. But that opens up a ton of potential issues as well.

$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

Don't forget about Pay on Death for monetary accounts and transfer on death for property. Automatically transfer tax free after death. You can change them anytime you want also.

Few people in the country consider people that will be inheriting 15 million as average. And thats per person. Receiving not the person that dies wealth Split the estate in half or quarters and reduce it pretty fast. The real banger to your statement. People with that much money generally are educated and know how to utilize the tax codes and pay much less % than the general w2 employee.

340 million is the US population 400,000 is average% wise? Thats not even close to median. .2% of the population will inherit enough to need to worry about paying inheritance tax with a brief Google search. If they are not studying tax, hiring advisers, and planing for it I would be suprised and if they dont I cant feel sorry for them

That inherits tax is be absolutely bs . But I stand by my statement the average person won't need to worry about it. . But along the lines of the poor wanting to tax the rich or yotetrap geting worked up that I get a fat tax refund each year. I also have end of the year meetings with my tax lady and run through everything to be sure its optimized. This year i did a roll over from trad to roth ira since the ot tax credit , farm deductions and child tax credit keep me in a low tax bracket. I will get a smaller return but it will be a lareg tax advantage in the long run. Not a lot of people give tax, estate and retirement planing much thought and it cost them greatly in the long run.

. The rich utilizes the tax codes and pay very little in taxes and now and than an average Joe gets educated and does the same.

I've kind of got a mixed bag when it comes to trusts. I have two properties that are currently Transfer on Death deeded to myself as I am the sole beneficiary. Up until my parent's pass they have full say on that property and I have nothing to do with it.

I am part of a family trust that has been in place for a long time, the trust is written so it passes down the line based on death to the oldest child. (as far as I know I haven't gotten into the specifics of this trust the spouses aren't necessarily involved at all). The oldest living member on that side of the family is the shareholder essentially. Yearly meeting and briefing on the trust's income, taxes, and concerns for the year. This is my mother's side of the family. There were four now three siblings. My aunt passed away and her son who is slightly older than me is now the shareholder. My grandmother is still the matriarch and final say on that trust. There is a clause written into the trust that the ground can't be sold unless all parties agree. My immediate family did purchase an 80 acre parcel out of this trust a number of years ago at a discount but it's written in that it must be offered back to the trust/shareholders before it can ever be sold to the general public.

Then my parents have set up a family trust with other property and assets. I will be the direct inheritor of this but then my children are also written into the trust in case something happens to me. There is a clause that they cannot make any changes or directly control the trust until they are 27 years or older.