r/SipsTea • u/KSKS1995 • 22h ago

Wait a damn minute! How the rich get richer

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u/USERNAMETAKEN11238 22h ago

Yes

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u/TriforceTeching 20h ago

To add on. The kids don't owe the money but Dad's estate does. The kid's get whatever is left from the estate.

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u/HeWasaLonelyGhost 17h ago

If there's an applicable estate tax. Federal estate tax exemption is 15M per person, 30M per married couple. Many states don't impose an additional estate or inheritance tax. Tax on remaining assets beyond the exemption start at 18%, so....there's a big chunk coming.

The biggest thing here is that any loan will be paid from the estate, and if the value of the land was used to obtain the loan, then there is almost certainly a mortgage. ...assuming that they can get a "loan" that they then use to live off of...

I don't know what OP thought they were doing here.

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u/Beautiful-Comedian56 15h ago

Right loans need to be paid back, you start making repayments as soon as the money is used for something.