When estate planners have nightmares, do they dream that estates – inheritable chunks of wealth – have ceased to exist?
Or do they dream that estate tax – the great estate-planning motivator – has been repealed?
In the wide-awake world, the first option appears alive and well for liberal thinkers. See Kevin Drum: Why Not Let the Dead Pay for Medicare?
Drum's post prompted The Atlantic's Megan McArdle to wonder, Why Do We Allow Inheritance At All?
Happily, estate planners need not toss and turn in their beds. After considering the obvious exceptions a 100-percent estate tax would require, not to mention the inevitable loopholes, McArdle ran into Chesterton's Fence.