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NW MN | If your transferring over $5 million to your kids tax free congratulations to you and I hope they are smart with it.
We all know the old saying “farmers live poor and die rich” it’s not as true today as 20 or 40 years ago. I think our lifestyles equates pretty closely with non-farming citizens that have similar income and work similar hours with similar responsibilities. Are there exceptions sure but broad strokes it’s close.
It took decades to stair step up the estate level to $5 million+ and then Trump and republican Congress doubled that in one bill. Over aggressive and easy to campaign or speak against.
I’d have to do more research but I believe the baby boomer generation holds the most wealth in this country and they are now at a age that they are dieing every day at a increasing rate. I’ve read numbers anywhere from $30 to $68 trillion that will be transferred upon their death over the next decade give or take a few years. I know that’s a huge number with ridiculous range but google a little and that’s various articles.
Government wants their share of it. Investment banks want to maintain their share of it they currently manage. The heirs want their share of it. Everyone has their own reasons for adjusting this estate tax number so we will see plenty of pro and con articles and opion pieces all with a agenda. | |
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Biden estate tax
