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re: I don't understand inheritance tax
Posted on 1/19/16 at 11:32 am to LSURussian
Posted on 1/19/16 at 11:32 am to LSURussian
quote:
Too often they have to sell the asset they inherited in order to pay the inheritance taxes.
That seems unfair to me. (Yeah, I know, "life is fair" is not printed on birth certificates.)
My disdain for the tax not withstanding, this is avoidable in plenty of cases and is used he result of poor planning and/or an incredibly untimely death. I've met with clients who had estates north of $35M due to small businesses and they're just now starting to make arrangements. The fact that things got that out of hand from a planning standpoint is usually because the didn't give a shite, didn't get any competent advice, or some combination of the two.
The tax doesn't seem to be going away so I don't have a ton of sympathy for someone who is worth more than $5M yet finds a way to be caught off guard.
1
Posted on 1/19/16 at 11:44 am to slackster
quote:I agree with all of that. I just wish we didn't have to plan so diligently for our death just to keep the government from confiscating what we've worked hard to accumulate and only want to pass along to our children even if it does keep financial planners and tax CPA's employed.
this is avoidable in plenty of cases and is used he result of poor planning and/or an incredibly untimely death.
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