I have seen many people on my doorstep having to sell family heirlooms to pay and appease the estate tax and granted, some of that could have been prevented with advance planning, but we all think we are going to live forever. And if you think this won't apply to you, think about your home, your savings and suddenly you could be close to $1 million. I don't think it is fair to re-tax the things you have already paid sales tax and income tax on.
The estate tax was initially intended to break up the transfer of large fortunes which passed from generation to generation. However, it has come to be a burden on small businesses and families. In a 2006 report, the Joint Economic Committee found that in addition to slowing economic growth, the estate tax is also the leading factor in the demise of many family-run businesses.Estate tax planning has become key to the survival of many businesses. While wealthy individuals can afford to spend money on lawyers, accountants and estate planners to help mitigate their estate tax burden, small business owners often cannot afford to hire such experts. These taxpayers face an estate tax burden which often forces them to "sell the family farm" to pay the tax, after generations in business.
And that's my opinion on the subject!
