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Elder millenial here. I expect no inheritance from my mom or grandparents and no social security. I'm one of the lucky ones though. My dad died ten years ago and left me just enough to make a down payment on a house.
The moral of the story is, give your parents cigarettes and hope the cancer kills them quick before the bills can pile up.
They summoned a new inheritance tax over here, they sold it to us in the shape of: to get more taxes from the rich.
But those idiots don't run around giving away money, they hand out businesses and stocks to their family or other assets.
So who are once again ending up paying even more money? Hmm? Yeah that's right, if my dad manages to have some money left the goddamn tax criminals will gobble that up even though i probably need it to pay for his funeral.
Only 1 in every 500 Americans is affected by the inheritance tax.
You need more than $5 million to pay for a funeral? Because there won't be any taxes on the first 5 million.
I'm not talking about your american taxes, i'm not an American.
Maybe state where you're from tho
If that's in the US there's a very good chance there's not enough money in the estate or inheritance to trigger it. We're talking in the several millions.
In the US the threshold is 13 mil before inheritance taxes kick in, so basically never.
The ultrarich still dont pay it here. The con they use is setting up a charity that they dump hundreds of millions into and then give their children outrageous lifetime salaries and full discretion to throw parties/events/travel/etc in the name of the "charity." Since no one else actually donates, no one cares about how thr money is spent. They kids get the same ultra wealthy life style with none of the downsides, with media accolades and "Charitywashing" rarr rarrs to boot.