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The impact of inheritance

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Her mom grew up on a wheat farm, and for years, the government had been paying her family $15,000 a year to not farm. It was an attempt to keep land from being overused, and that money was basically the extent of Megan’s relationship with agriculture: the source of a yearly gift, the money she and her mom would wait for before, say, buying furniture or making home repairs. Now Megan, who asked to be referred to by a pseudonym to speak freely about her finances, receives that money directly.

In 2019, at the age of 64, Megan’s mother died. It was expected and unexpected. Her mom had been a cancer survivor for 20 years. But chemotherapy had damaged her heart, and two years ago, she went into cardiac arrest.

On the phone, Megan, 38, runs me through the process of settling her mother’s estate. It was a ton of bureaucracy: so many phone calls, so much paperwork. After paying her mom’s bills and taxes, selling off her house and possessions, and handling lawyers’ fees — setting aside for just a second the small piece of land that makes her an agricultural scion — it came to just under $50,000.

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Francesco Ciccolella and Roman Buchberger for Vox

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Click the link below for the article:

https://www.vox.com/the-highlight/22320272/inheritance-money-wealth-transfer-estate-tax

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