With their votes against cloture on the Death Tax repeal Aug. 4, Senators Daniel Akaka and Daniel Inouye (D-HI) condemn thousands of Native Hawaiian families to turn over 30 percent to 50 percent their property to the United States federal government when the inevitable occurs.
Under the Death Tax a lifetime of property accumulated through hard work is forcibly transferred to the United States government — unless one knows the tricks to avoid it.
It is well known that many native Hawaiians die without writing a will. The failure to write a will results in property being divided amongst several surviving children. Rural Hawaii and even Honolulu is dotted with such properties. They often become run down because any investment in or sale of the property requires the consent of all the owners. Some lots and buildings are owned by more than 30 descendants as one or more generations die without a will.
In contrast, rich liberals with names like Kerry or Kennedy make it their business to know tax law inside and out — or if their brains are a bit soggy, they hire attorneys who do it for them. In fact many observers believe wealthy liberal elected Democrats purposefully write the tax law in the most complex possible manner in order to give themselves an advantage in otherwise useless knowledge, which then translates into an advantage in wealth.
The Death Tax is no exception. For those in the know, it can be avoided by legal tax strategies such as: Credit Shelter Trusts, Marital Deduction Trusts, Generation Skipping Trusts, Lifetime QTIP Trusts, the 2503(c) Minor’s Trust, the Irrevocable Life Insurance Trust or the Crummey Power Trust.
Hire an estate planning attorney to implement one of these strategies and ”’voila”’ — no Death Tax — for those with the inside track on the law. Of course if Tutu isn