It shouldn’t be illegal but heavily taxed, why should some dude get a pass in life because his grandparents were gangsters? That’s how you get kings (/billionaires).
So, you can just distribute your wealth to your offspring shortly before your death. Inheritance system is just convenient extension set up just in case you won’t be able to distribute it before your death. It all comes from right to own private property.
So, you can just distribute your wealth to your offspring shortly before your death.
And they would pay income tax on it, just as they do if you were to give your wealth to them before you die today. That is fine. Having property rights when you are alive is fine. Having rights to a dead person’s property with tax avoidance is not.
Not in my jurisdiction. All direct wealth transfers between parents and children are tax free here. You can literally give your house to your kid, and they are new owner for free.
Same with inheritance. Closest members of family pay no inheritance tax at all.
In the U.S., the gifter has to pay federal gift tax. If you transfer a million dollar property, it will be taxed at 40%. Federal inheritance tax has an exemption up to $14 million.
It’s fucked up that you can inherit say, apartment after your parents and you can’t just give that apartment to your children so they can start their families. If they want their own they have no choice but to get long term mortgage.
That’s a Robin Hood logic. It’s childish…
It shouldn’t be illegal but heavily taxed, why should some dude get a pass in life because his grandparents were gangsters? That’s how you get kings (/billionaires).
Inheritance is fundamental consequence of private ownership - you have right to do whatever with things you own.
When you’re dead, you are incapable of making choices. Giving rights to dead people is an awful idea, and we should stop pretending it makes sense.
So, you can just distribute your wealth to your offspring shortly before your death. Inheritance system is just convenient extension set up just in case you won’t be able to distribute it before your death. It all comes from right to own private property.
And they would pay income tax on it, just as they do if you were to give your wealth to them before you die today. That is fine. Having property rights when you are alive is fine. Having rights to a dead person’s property with tax avoidance is not.
Not in my jurisdiction. All direct wealth transfers between parents and children are tax free here. You can literally give your house to your kid, and they are new owner for free.
Same with inheritance. Closest members of family pay no inheritance tax at all.
In the U.S., the gifter has to pay federal gift tax. If you transfer a million dollar property, it will be taxed at 40%. Federal inheritance tax has an exemption up to $14 million.
It’s fucked up that you can inherit say, apartment after your parents and you can’t just give that apartment to your children so they can start their families. If they want their own they have no choice but to get long term mortgage.