That way, the state would get nothing when I die. My house, my cars, my furniture, my savings, etc. would be held in trust for my benefit...but I would not own it, so it would not pass to the state upon my death. My kids would become the new beneficiaries of the NedoftheHill Multi-generational Trust. They would then start contributing to the trust. But, they would own nothing.
I don't think it is possible to get wealth with a 100% inheritance tax. Even if you go after trusts like that, the rich will create another financial mechanism to pass wealth on to whomever they want, and the poor will get screwed. Or, the rich just go off shore. In the mean time, you create a cottage industry of people who work to effect the desires of the rich, while adding nothing to the economy. The rich continue status quo; the poor get screwed; and, the economy is dragged down by procedural nonsense just so people can say they don't own what they in fact control.
How would you handle the "lose the farm" problem?