I don't know all the ins and outs, but they can definitely shield some of the asset vallue through trusts, especially if the shares went to Virginia's grandchildren and not her children. How much, I don't know. I would imagine that the estate has life insurance or cash assets in place to help cover the tax as well.
All interesting! I am watching people inherit in England, where the estate tax starts somewhere over the £350000 mark (I can’t recall exactly the amount) , which means people who scraped and saved to get, for example, a very modest home, now increased in value, leave a taxable estate. Seems punishing to me. They’ve never (or rarely) adjust for growth, etc…
In the U.S. when it was lower, it forced a big industry of A/B trusts and more-complex than necessary estate planning for people like Babbettefeasts is talking about.
I love speculating on the financial incentives of the rich and famous! Instead of a publicly funded stadium, maybe the McCaskey's will donate the team to the city of Chicago instead of selling it. With that ownership, the Bears will surely compete with the (publicly owned) Packers!
It's an interesting idea. Some people have made donations instead of paying taxes, most notably John D. MacArthur. His only interest in charity was keeping his money away from the feds!
This showed up on a bears estate tax google question. Thank you. May I ask if they are able to delay or shield anything via a trust.
I don't know all the ins and outs, but they can definitely shield some of the asset vallue through trusts, especially if the shares went to Virginia's grandchildren and not her children. How much, I don't know. I would imagine that the estate has life insurance or cash assets in place to help cover the tax as well.
All interesting! I am watching people inherit in England, where the estate tax starts somewhere over the £350000 mark (I can’t recall exactly the amount) , which means people who scraped and saved to get, for example, a very modest home, now increased in value, leave a taxable estate. Seems punishing to me. They’ve never (or rarely) adjust for growth, etc…
Yeah. $13.9 million is too high a threshhold, $350,000 is too low. There's a number, but what is it?
In the U.S. when it was lower, it forced a big industry of A/B trusts and more-complex than necessary estate planning for people like Babbettefeasts is talking about.
I love speculating on the financial incentives of the rich and famous! Instead of a publicly funded stadium, maybe the McCaskey's will donate the team to the city of Chicago instead of selling it. With that ownership, the Bears will surely compete with the (publicly owned) Packers!
It's an interesting idea. Some people have made donations instead of paying taxes, most notably John D. MacArthur. His only interest in charity was keeping his money away from the feds!