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WY, OK | You can also gift one time up to around 2 million tax free. I've seen plenty of Farm and Ranches get broken up beyond any real sustainability. The real killer is capital gains tax, for instance Steinbrenner by dying this year may have bypassed estate tax but he has a capital gain of over 1 billion dollars on the Yankees, this is also what gets farms and ranches that were started 100 years ago for a few dollars an acre and are now worth thousands an acre.
Frankly as far as I am concerned the Gvt. should never be allowed to take more than half of anything you make and shouldn't be allowed to take anything just because you die.
There are also different caps on what is taxed depending if you are single or married, and an person can get around a lot of it with a Trust. It also doesn't matter who gets the inheritance it is taxed no matter what after this year. | |
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Season for greedy American heirs.
