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   Wealthy Clintons Use Trusts to Limit Estate Tax They Back

NEWS INFORMATION

Parent

Parent

News Date

6/17/2014 8:00 am

Author

Richard Rubin

Media

Category

News

Database Record

Entered 6/17/2014, Updated 6/17/2014

Original Article

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Description

"Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth. These moves, common among multimillionaires, will help shield some of their estate from the tax that now tops out at 40 percent of assets upon death. The Clintons created residence trusts in 2010 and shifted ownership of their New York house into them in 2011, according to federal financial disclosures and local property records. Among the tax advantages of such trusts is that any appreciation in the house’s value can happen outside their taxable estate. The move could save the Clintons hundreds of thousands of dollars in estate taxes, said David Scott Sloan, a partner at Holland & Knight LLP in Boston."


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DISCUSSION

SAP

Gaear Grimsrud said

on 6/17/2014 9:54 am

Dead Broke.

 

R

kal said

on 6/20/2014 3:35 pm

It's OK then THEY do it.

 

R

Hikikomori Blitzkrieg! said

on 6/21/2014 11:54 am

This is no different than a guy who thinks the speed limit should be 65, taking advantage of the fact its actually 70 in his area. There do exist laws which allow you to take measures to reduce your lawful tax obligation. Its not hypocritical for the Clintons to make the same use of them as anyone else might choose to.

 

D

RP said

on 6/23/2014 8:54 am

Actually, it's not even that direct. Have the Clintons advocated closing the loopholes they are using in the estate tax? If not, then the relevant analogy would be: This is no different than a guy who thinks the speed limit should be 65, except for red cars who can go 70, which he does in his red car. Other people think there should be no speed limit, and think somehow the guy is hypocritical because he is using a loophole he hasn't ever opposed.

 

R

J.R. said

on 6/23/2014 9:13 am

This is no different than a guy who thinks the speed limit should be 65, except for red cars who can go 70, which he does in his red car. He then shuts down the road so only non-parasites (like himself) can drive. He never apologizes for insulting people who used to consider him a friend, but bizarrely tries to engage in routine conversation with them and act like nothing ever happened.

 

R

fortytwo said

on 6/23/2014 11:12 am

I think this is different from someone advocating higher tax rates in general and then paying the current tax rate. If the Clinton's philosophically believe you should not be able to hand down you wealth to your children, then they should be criticized for using loopholes to do just that.

 

R

Mr. Politics said

on 6/23/2014 2:09 pm

. He then shuts down the road so only non-parasites (like himself) can drive. He never apologizes for insulting people who used to consider him a friend, but bizarrely tries to engage in routine conversation with them and act like nothing ever happened. http://en.wikipedia.org/wiki/The_Revenge_%28Seinfeld%29

 


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