Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Taxboy who wrote (853)	3/30/1998 11:51:00 PM
From: OtherChap	Read Replies (1) of 5810

>the only people paying estate tax are those who are too foolish not >to do some planning. incorrect.. for very large estates, paying estate tax is unavoidable without getting gigantic insurance polices or establishing a foundation.. there is really no good way to give it to your children.. witness the Biltmore estate in north carolina, america's largest private home.. the last direct heir is like 89 years old, and when he dies the taxes due on his estate will be in the 30 million dollar range.. there is no way his children can come up with that kind of cash, so they are going to be forced to convert it into a public estate.. "oh, but the rich can get around the estate laws" is not true by a longshot.. when forbes died, his family was in a heap of tax-pain because his company was privately held and the taxes were hundreds of millions.. nobody would give them life insurance for such a huge amount..

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