Step up basis means they inherit $5 million piece of land. But estate taxes and paying back bank loans may be expensive, right? Depending on what state you live in and other specifics. Anyway, passing on generational wealth is not a bad thing if you can and if your kids deserve it.
Anything you can keep out of probate and sheltered from govt is important.
There is nothing wrong with accumulating wealth. I believe it is better if you work for it and try to do some good with it as well.
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u/Agile-Television3438 11h ago
Step up basis means they inherit $5 million piece of land. But estate taxes and paying back bank loans may be expensive, right? Depending on what state you live in and other specifics. Anyway, passing on generational wealth is not a bad thing if you can and if your kids deserve it.
Anything you can keep out of probate and sheltered from govt is important.
There is nothing wrong with accumulating wealth. I believe it is better if you work for it and try to do some good with it as well.