Comment on Borrowing money against their stuff to get more stuff to borrow money...
mechoman444@lemmy.world 4 weeks ago
Buy borrow die is a very real economic strategy.
Acquire assets, never sell them, use them as collateral for bank loans, use that capital as collateral for further bank loans. Never sell, no capital gains tax.
Bank loans aren’t considered income therefore not subject to being taxed.
Die rich, your kids inherit the money Scott free.
wabasso@lemmy.ca 4 weeks ago
Don’t the unpaid loans get collected from the estate upon death, and the inheritors get the difference?
mechoman444@lemmy.world 4 weeks ago
I was being concise so as to keep the comment short. But I recommend you look into it. It’s a very real thing and it’s completely legal.