Rich don’t get richer: update

Last month I commented on a ploy used by the very rich to avoid inheritance taxes through a technique involving odd insurance policies. I’m glad to report that the IRS has finally ruled on these schemes and in fact ruled that they are not legal. “I think a lot of people will be in deep yogurt,” said one prominent tax commentator. He expects lots of litigation over this ruling, meaning, as so often is the case, the big winners will be attorneys racking up the hourly fees. Surprisingly, the two men most responsible for devising and spreading the use of this scheme were not available for comment but one can expect them to be prime targets of the lawsuits., fair enough considering the fees they’ve raked in over the last five years