A young (and kinda broke) person might look at these numbers and scoff, wondering why someone who has $3.5 million would be so distressed to pay this tax. The problem with that logic is that the $3.5 million is not liquid money. This worth is tied up in assets, which allows a company or farm to operate. This includes land, equipment and merchandise. If the owner dies unexpectedly, the family is put in a bind where they need to liquidate their assets very quickly in order to pay the IRS. This leads to fire sales and the families very frequently end up losing all or most of their company to a less than fair price. It also creates unanticipated and sudden unemployment for many employees.
Posted on: Thu, 18 Jul 2013 13:11:37 +0000
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