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
“Collateral for loan is realized gain” targets the “Buy Borrow Die” strategy.
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