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The week's question
In December 2024, in the thread "Re: BRK: Why Not XOM?", BreckHutHigh asked the members: "What about the long road trips with kids?" This week it is put to everyone again. The button below opens the small thread re-asking it - read what others have said so far, then give your own answer as an ordinary reply.
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Author: g0177325   😊 😞
Number: of 84361 
Subject: Re: In view of what's happening in Cali
Date: 05/06/26 6:47 PM
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I am not a tax lawyer, but my understanding is that these loans don't get paid off while the owner is alive. They get paid off when the owner dies. The assets pass into the estate, which receives the benefit of the stepped-up basis. Assets can then be sold to pay off the loans before distribution to the beneficiaries.

So not even the interest has to be paid off during the life of the billionaire? The lenders are just fine being out the 200 million that a new superyacht might cost? And might not be able to collect anything for 50+ years? Where can I get such a sweet loan?!
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This community has written 84,309 posts about US Policy. The article-length ones it recommended most:
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