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It is time to add up all of your possessions, house or apartment, furniture, cars, savings, stocks and bonds-everything you own. If your total is more than $200,000, forget leaving it all to your children or others.
Hidden in a proposed new law 4,766 lines long, there are 20 lines that will allow the government to tax anything over that amount at 32 to 55 percent. If heirs can’t come up with the tax, property could be seized and sold. Farm land values could force heirs to pay huge taxes or sell their family farms. The present $600,000 exemption will be history.
