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they make it nearly impossible to pass on a farm or business to your children
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NDCommodities
Posted 11/21/2012 08:44 (#2708988 - in reply to #2708668)
Subject: "The Estate Tax is a voluntary tax"


My old boss in IA complained about the poor farmer and the 'estate tax' that was going to break every farm in the country... It's a load of BS.

"The Estate Tax is voluntary tax"

I have heard that quote in my subject heading spoke by quite a few estate planners at Ag meetings or places we have spoke in partner with them.

Trusts, and such make it so simple that there is likely never a penny paid in tax when someone dies and they pass everything onto the next generation.

My very first boss in the trading world belongs to an Ag family spread out between these states Colorado, California, Nebraska, Wyoming, Arizona, and Oklahoma (and probably more that I didn't know about, but that was the main production areas). They spent a couple months working with lawyers, estate people, and accountants. Their probably low 9 figure net worth will not pay a penny of tax if all the owning partners were to die in a plane crash simultaneously. And the next generation will pick up the next minute without a moments hiccup in probate, or any of the litigation that the conspiracy theorists scream about.

I have also heard this spoke by many farmers who have been to different conferences. Gulke has an estate guy he drags with him everywhere to prove this.

You need to remember when you read on some sites, they are pressing a certain point. "The economic collapse blog" is probably trying to make everything look like they are stealing all the wealth possible... I will stand by the statement that the Estate tax is VOLUNTARY. If you paid it, you then successfully built around 5M in net worth and never spent a day with any good legal minds to protect what you built.

Edit* - Don't forget, many millionaires are the ones that made these laws.... They weren't going to let their wealth get taxed.


Edited by NDCommodities 11/21/2012 08:45
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