Posted by rrlund on February 12, 2016 at 15:36:11 from (162.250.24.64):
In Reply to: Re: Estate tax queston posted by 1948CaseVAI on February 12, 2016 at 15:04:15:
Can I play the devils advocate for just a minute? Like Dave says,there are plenty of ways to set up an estate or partnership to avoid it. If a family is in any kind of family partnership,it's just plain irresponsible not to get it done. I didn't inherit anything. I'm third generation here,but my dad bought it from his dad,I bought it from him. Land contracts in both instances,it wasn't handed down. The home place wasn't enough,I bought four more places on bank mortgages. I paid 2x assessed value for the home place and two others,more than 2x assessed value for the others because the owners said they could get more for development,so I had to pay what they wanted. I've managed to make a living farming and pay it all off. Just a question,but in a way,kind of a serious one. If I could pay for all of mine,why can't somebody get a good chunk of theirs free and pay half price or less for the rest?
I know,the government doesn't own it,and I'm not a fan of taxes. The question is,I guess,with that large of a headstart,and the fact that it can be avoided with some proper legal planning,why can't somebody make a go of it without having it all just handed to them?
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