Granny
Gold Member
The government does not take your home. The value of your financial assets at your death is what is taxed to the beneficiaries/heirs to your estate. Estate planning laws vary from state to state, but a good estate planing lawyer can recommend actions that can cut down on estate taxes, i.e., "gifts" of money or property can be given to each heir up to a $10,000 max per year. So, if a man has 4 children and 15 grandchildren, he could give out a total of $190,000 at $10,000 apiece. His wife can also do the same thing each year. Smart children don't spend this money - they invest it into interest bearing trust accounts for themselves and each of their children. Once the heir owns these "gifts" it is no longer a part of the giver's estate and not subject to estate taxation.
Likewise, if a person has a multimillion dollar home (maybe even a couple of homes), he can transfer to his heirs a certain % interest in any of those properties in a year (thus eventually making the heirs joint owners of the property and avoids estate taxation).
You don't need to be richer than Rockefeller to make these kinds of financial arrangements.
Likewise, if a person has a multimillion dollar home (maybe even a couple of homes), he can transfer to his heirs a certain % interest in any of those properties in a year (thus eventually making the heirs joint owners of the property and avoids estate taxation).
You don't need to be richer than Rockefeller to make these kinds of financial arrangements.