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So when they do finally pass on and leave their wealth the government takes it and mismanages it?

The government takes it to pay for the benefits they got in excess of what they paid in while they were alive. Look at the chart in the article.

Good thing none of them will think of spending it or giving it away before they die.

Really, while there are arguments to be made for and against estate taxes, using it to correct a generational imbalance is incredibly silly.