Originally Posted by imageWIS
Estate Tax, not death tax. Jon.
Estate tax sounds nicer doesn't it? All a point of view. There are some social reasons why estate or death taxes might benefit society. However in the case of the death of one of our partners we might have to liquidate investments causing the closing of companies. Jobs would be lost... For every action there is a reaction. I (we) have planned around this situation as most do. The death tax hits small business owners mostly forcing the closing of smaller firms to pay the tax. The Walton family didn't pay a dime of estate tax when Sam Walton founder of Wal-Mart died. Neither will the Buffett families or Gates family. Granted much of the later families wealth will go to charity but it will still not be paid in taxes. Wal-Mart, Microsoft, or Berkshire Hathaway aren't going to go out of business because of estate taxes however your local small business might because the real estate the business sits on might be valued highly and the tax bill will force the sale... The death tax is the greatest problem to those that fail to plan.