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Reply to "Why do so many of you NW adults have Trust Funds or get parental help?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you amassed wealth and knew it would be taken largely in estate taxes, you would be looking for ways to transfer the money now before you die too. [/quote] +1 and parent had trust fund (and worked even though they didn't have to).[/quote] Nah. A good estate lawyer can protect the money through trusts and other means, and rich people can afford good estate lawyers who get them under whatever the taxable amount is for the year in question (it's been changing since 2001). Plus, there are limits to how much you can transfer to your kids every year before it becomes taxable. Finally, "old money" as a PP called it is all about preserving the capital and instead spending out of income, which hopefully is significant.[/quote]
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