The old law required that one must skip a generation. That is, you couldn't leave it to your children; only your grandchildren. You also had to guess when you would die. It had to be after a certain number of years since the establishment of the trust. I don't remember the number but it had to be long enough that no one could assume you were planning on beating the tax by setting up the trust.
Obama wants to ensure no one has any wealth when they die. The entrepreneur and the farmer will have a tough time passing on his business to his children. One reason why the death tax was being repealed was the hardship on farmers. The children had to sell their farms to developers in order to pay the inheritance taxes. The only wealth they had was in the land; there was no cash or stocks. We were losing enormous amounts of farm land over the past fifteen years. ----- Original Message ----- From: "Pete Theisen" <[email protected]> To: "ProFox Email List" <[email protected]> Sent: Wednesday, April 08, 2009 9:10 AM Subject: Re: [OT] Tax the wealth > Nicholas Geti wrote: >> Today the Dems announced they will bring back the death tax: 50% tax on >> inheritances. They want to grab everything they can from anybody who has >> some money. Talk about redistribution. >> >> There was a report on CNBC last week about how a country gains wealth. It >> is because wealth is passed on to the next generation. For whatever >> reason blacks have not been able to pass any wealth on to their children >> and so in general they are not rich. On the other hand whites accumulate >> wealth then pass it on. Now Obama and crew want to grab the wealth of our >> children's children. For shame. > > Hi Nicholas! > > There was a loophole, and probably will be again. You transfer your > wealth in the few years before you die, or put it in a "living trust", > PITA, but it does the job. Kind of like using Winders. > -- > Regards, > > Pete > http://pete-theisen.com/ > http://elect-pete-theisen.com/ > [excessive quoting removed by server] _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/004d01c9b853$6039b200$6701a...@dual ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
