Economy
Related: About this forumAn Expensive Surprise for Rich Heirs Lurks Inside the Democrats' Tax Plan
The latest plan released by House Democrats scales back many of President Bidens proposals to hike taxes on corporations and rich investors, as moderates and progressives tussle over how far to go to address inequality. But they included an element the White House left out.
The package by the Ways and Means Committee calls for a revamp of the U.S. estate-and-gift tax, a levy on the countrys largest fortunes which has been greatly weakened over decades. If House Democrats have their way, rich Americans will soon be scrambling for new and probably more expensive ways to pass wealth onto heirs.
The 881-page legislative proposal cracks down on a number of strategies that have made the tax easy to avoid if you hire the right advisers. That could upend how the top 0.1% manages their fortunes and whether they can move millions, sometimes billions, of dollars worth of assets outside their estates tax-free.
Thats a huge sea change in our world, said Brad Dillon, a senior wealth strategist at UBS Group AG in New York. It eliminates a very large majority of transactions that we would typically advise clients to do.
Read more: https://www.bloomberg.com/news/articles/2021-09-14/democrats-target-grantor-trusts-the-rich-use-to-pass-on-fortune-tax-free
questionseverything
(9,631 posts)Their heirs have already had every advantage and the dead guy doesnt miss it
in2herbs
(2,942 posts)almost impossible task to get a lawyer to write a will and trust disinheriting all human beings. You're right, I won't need the money after I am dead but animals always will.
PoindexterOglethorpe
(25,750 posts)Some states do have rules requiring some particular percentage to a spouse and possibly children, so you need to check your state's laws.
in2herbs
(2,942 posts)last penny I have to charities/orgs that benefit wild, exotics, etc.
PoindexterOglethorpe
(25,750 posts)every single penny to those organizations. Hooray for you.