04-03-2013, 04:06 PM
The definition of 'merit' is quite fungible. I'll discuss wealth through inheritance only.
The whole concept of an inheritance tax (or 'death tax') was designed to avoid dynastic accumulations of wealth in single families over generations. However, the conceptual limits have not kept up with actual valuations, and trusts are most definitley the way to deal with that. My extended family has spent significant time and energy in avoiding the destruction of the family business through inheritance taxes when my uncles and aunts eventually pass away. Enormous insurance policies were taken out to pay the eventual taxes, etc...
I'd be interested in an analysis of the accumulation of wealth based on inheritance versus earning. Many of the top billionaires got that title by their own efforts. Some of course (Waltons) inherited from their parent, but again, through trusts and whatnot, or the US government would own half of Wal Mart by now.
http://www.forbes.com/billionaires/list/
The whole concept of an inheritance tax (or 'death tax') was designed to avoid dynastic accumulations of wealth in single families over generations. However, the conceptual limits have not kept up with actual valuations, and trusts are most definitley the way to deal with that. My extended family has spent significant time and energy in avoiding the destruction of the family business through inheritance taxes when my uncles and aunts eventually pass away. Enormous insurance policies were taken out to pay the eventual taxes, etc...
I'd be interested in an analysis of the accumulation of wealth based on inheritance versus earning. Many of the top billionaires got that title by their own efforts. Some of course (Waltons) inherited from their parent, but again, through trusts and whatnot, or the US government would own half of Wal Mart by now.
http://www.forbes.com/billionaires/list/