Absolutely true, ribit ... it most certainly is a way of transfering family wealth (and creating future family wealth generating skills) to your kids without getting slammed by the tax code. If I simply transfer family wealth to them in the form of cash or a house, then ... depending on the amounts ... the gift tax can come into play.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence