Sure but what’s the actual action there? Implementation of a wealth tax? What property counts for that? Is there some other technique he/you are talking about? Taking a loan will now count as income?
Making a loan count as income will mess up legit home purchases. If you went that route it couldn’t be that simple.
A big benefit to the buy borrow die strategy is the step up basis for your children. Realizing the gain will move the basis up and cause a taxable event.
I don’t know all the details, much less if this plan is perfect, but I think that’s the idea.
Maybe removing step up basis is enough, to help reduce generational wealth. IDK
Sure but what’s the actual action there? Implementation of a wealth tax? What property counts for that? Is there some other technique he/you are talking about? Taking a loan will now count as income?
Making a loan count as income will mess up legit home purchases. If you went that route it couldn’t be that simple.
A big benefit to the buy borrow die strategy is the step up basis for your children. Realizing the gain will move the basis up and cause a taxable event.
I don’t know all the details, much less if this plan is perfect, but I think that’s the idea.
Maybe removing step up basis is enough, to help reduce generational wealth. IDK