Makes sense to me.
DH and were thinking along those same lines. Probably Obama & Co. want to let seniors wither up and die, then confiscate all of their estates.
Scary and sad.
the estate tax laws are set to expire after this year. The exemption for this year is $3.5 million.
You’re definitely on to something, but of course, some of that wealth disappeared with the “economic down turn”.
http://www.insurancejournal.com/magazines/west/2004/02/23/features/37126.htm
Baby Boomer Wealth Transfer
Today’s planners sit on the leading edge of what is expected to be the greatest transfer of wealth in the history of America. The economic boom of the 1990s created an unprecedented amount of personal wealth in America—currently estimated at more than $33 trillion. At the same time, today’s retirees constitute one of the wealthiest segments of the U.S. population with more personal wealth than any previous generation.
Economists believe that bequests of this wealth will significantly boost the resources of the 76 million Baby Boomers. That means by the year 2052, an estimated $40.6 trillion will change hands as Baby Boomers and their parents pass on their accumulated assets to their heirs.
It isn’t just the estate tax or death tax, but medicare, medicaid and social security are all bankrupt, the government will save billions and make money at the same time by just denying health care to those who need it.
Exactly what I was wondering. Government access to savings/checking accounts, government rationing of healthcare especially to the elderly, both at a time when there will be the largest transfer of wealth between generations ever, and who will be the beneficiary the government and it’s minions with out stretched palms or the lawful heirs? I’m all for charity but if a person works hard, scrimps and saves their life savings should go to whoever they designate and not be, for lack of a better word, “stolen” by the government. (Somedays I just can’t find the word I know is located somewhere in the chaos of my mind.)