Wealthy Clintons Use Trusts to Limit Estate Tax They Back


#1

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.

bloomberg.com/news/2014-06-17/wealthy-clintons-use-trusts-to-limit-estate-tax-they-back.html


#2

I thought they were broke?


#3

That was BeFORE they started taking in the dough,giving speeches,writing books…:rolleyes:


#4

I wonder if they’ve hit that point that Obama talked about when people have made enough money. Or does that only apply to conservatives and Republicans?


#5

^^^This.

On the other hand . . . wealthy people manipulating the system so as to keep as much as they can of what they have? What’s new about that.

(It’s absolutely none of my business, but it would certainly be interesting to see what percentage of their income goes out in charitable giving :rolleyes: )


#6

Don’t be ridiculous.

If you don’t like the Clintons, just be content in not heeding the Gospel reading from today’s mass.

But, do you really believe estate planning, and working within established tax code to protect one’s assets is illegal, immoral, or sinful?

Must I (and countless other Catholics) fire my CPAs and abstain from the Blessed Sacrament until I’ve confessed this?

I think not.:shrug:


#7

I would image that it’s a much smaller percentage than most would expect it to be from them.

As an aside, I’ve read somewhere that Conservatives are more likely to donate money to charities than liberals. I read that rich liberals usually fund raise, but often do not chip in as much of their own money (percentage wise) as rich Conservatives. This is even more true in the middle class. (don’t ask me for a quote - I don’t have it). I don’t know if this is 100% true, but based on people I know, it would not doubt it.


#8

I don’t think anyone here thinks that.

But plenty of Democrats have blasted legal tax shelters as immoral, and that the rich aren’t paying their fair share.

So which is it?


#9

Methinks you are missing the point. It’s not that the Clintons are “working within the tax code” (better known as “exploiting loopholes,” except when done by liberals), it is that they support estate taxes to limit inherited wealth but then use loopholes to try to make the ideas they say they support not apply to them.


#10

No, I didn’t miss the point…the point evidently was hidden and I was smoking it out…the point is, its all about politics.

And, just for clarification, it doesn’t matter to me, because I’m not a Clinton supporter, or a fan of the Democratic Party…just tired of people beating around the bush with self-righteous indignation.


#11

That’s a tad misdirected, don’t you think?


#12

Rich liberals get a free pass.


#13

The Clintons voluntarily chose to hire expensive lawyers to set up trusts so they could avoid paying a tax they have publicly stated that they think should be paid.

While not exactly a crime against humanity, it does undermine their credibility on that point.


#14

They learned that trick from the Kennedys. :hey_bud:


#15

The Clintons, huh? Back in the 70s, i used to drive on re-treaded tires. They looked just as good as new ones, but cost less. I did have this sneaking suspicion that one of them would go flat along the way, though.


#16

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