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Billionaires have trusts and foundations and lawyer knows what else. It doesn't touch them at all. Also a 700 acre farm, which is an at most medium size family
by User23 3y ago
Billionaires have trusts and foundations and lawyer knows what else. It doesn't touch them at all.
Also a 700 acre farm, which is an at most medium size family farm, could easily have a nominal value north of 10 mil even though there's no way it's returning 1 million a year net. Same for a modestly profitable small business.
- eppp 3y agoShouldn't small businesses and farmers plan ahead and create a plan for divesting before they die or purchase life insurance with a payout large enough to cover the taxes at death? It seems like these problems are easily dealt with.