02-08-2012, 09:56 AM
Few Wealthy Farmers Owe Estate Taxes, Report Says
Story is old, but since Obama hasn't changed much regarding the tax laws, it should still be relevant.
If you have $40 million in assets, you should be doing significant estate tax planning. Once you are in that category, managing your money is a full-time job. If you aren't doing it, you should be paying someone else to do it.
Personally, I shed no tears for the beneficiaries of multi-million dollar estates that "only" inherit $5 million tax free and 65% of the rest.
Story is old, but since Obama hasn't changed much regarding the tax laws, it should still be relevant.
cbelt3 wrote:
Any family that owns a business of significant value (> $5M) would have to mortgage or sell it outright in order to 'keep it in the family', unless they do significant estate tax planning.
If you have $40 million in assets, you should be doing significant estate tax planning. Once you are in that category, managing your money is a full-time job. If you aren't doing it, you should be paying someone else to do it.
Personally, I shed no tears for the beneficiaries of multi-million dollar estates that "only" inherit $5 million tax free and 65% of the rest.