FLU wrote:
If you think income taxes are bad, wait until you die and the inheritance tax kicks in.
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The estate tax limit it now $2 million. It’ll be $3.5 million in 2009. There’s talk about repealing the estate tax altogether.
It’s not the estate tax that affects most people. It’s the cost of probate. Probate is a bigger issue than estate taxes for most families.
The probate process is notoriously corrupt with judges and lawyers eating up a big chunk of a legacy.
It’s best to transfer your assets during your lifetime so you control who gets what and you get to enjoy seeing your hard work benefiting a loved one or a worthy cause.
I recommend reading a book first so you understand the process. Then after you have an understanding, talk to a tax professional.
