Wakeforest22890
Snowpom
Sell the property and then you have money.
My aunt bought a bunch of property for relatively cheap in northern CA AND built a bunch of houses on it herself. Now her estate is valued ar more than 5mil even though she put around 500k into it over 40 years. Now she won't be able to pass the land down to my cousins because they won't be able to afford the taxes, or at least that's what she was saying.
Sell the property and then you have money.
My aunt bought a bunch of property for relatively cheap in northern CA AND built a bunch of houses on it herself. Now her estate is valued ar more than 5mil even though she put around 500k into it over 40 years. Now she won't be able to pass the land down to my cousins because they won't be able to afford the taxes, or at least that's what she was saying.
My aunt bought a bunch of property for relatively cheap in northern CA AND built a bunch of houses on it herself. Now her estate is valued ar more than 5mil even though she put around 500k into it over 40 years. Now she won't be able to pass the land down to my cousins because they won't be able to afford the taxes, or at least that's what she was saying.
she earned that money for her family by investing in and developing property to create jobs and make the community stronger.....oh, wait, she just bought it and it happened to become more valuable
She needs to talk to a competent estate planning attorney. I don't even do estate tax and I know this game. Step 1, put the land into a family limited partnership, step 2, start making gifts of non-voting minority LP interests to kids that can be valued below annual gift tax threshold, if she gets started early she can get most of it out of her estate before she dies.
also remember that even if she does nothing, the first 5 million passes tax-free. You said the land is worth "more than $5 million" but not how much more. If it's worth $5,000,001, the estate tax applies only to the $1.
The estate tax is so easy to plan around that only the truly filthy rich ever pay it. The number of these alleged woe-is-me landowners and "family farmers" who will ever pay it is miniscule. Don't fool yourself, what this is really about it not your aunt, it's about getting people like Don Jr. and Eric Trump an even bigger pile of Scrooge McDuck money when their dad kicks the bucket.
I'm not saying a family shouldn't be able to reap the rewards from an investment that becomes valuable. But they can do that by selling it or paying the taxes on the inheritance and keeping it.
She needs to talk to a competent estate planning attorney. I don't even do estate tax and I know this game. Step 1, put the land into a family limited partnership, step 2, start making gifts of non-voting minority LP interests to kids that can be valued below annual gift tax threshold, if she gets started early she can get most of it out of her estate before she dies.
also remember that even if she does nothing, the first 5 million passes tax-free. You said the land is worth "more than $5 million" but not how much more. If it's worth $5,000,001, the estate tax applies only to the $1.
The estate tax is so easy to plan around that only the truly filthy rich ever pay it. The number of these alleged woe-is-me landowners and "family farmers" who will ever pay it is miniscule. Don't fool yourself, what this is really about it not your aunt, it's about getting people like Don Jr. and Eric Trump an even bigger pile of Scrooge McDuck money when their dad kicks the bucket.
Because it is not about the money but about our families property.
Some are saying the upstart steelworker who is going to run against Ryan has a real shot at winning. Because of this Ryan is thinking about "retiring" to avoid having lost his last election before running for POTUS in 20 or 24.
i think Ryan's shot may have passed him by with Trump and this fiasco. he is tainted now and would be surprised if he got a shot in 2024.