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Wealthy Clintons use trusts to avoid full estate tax they back
Quote:Wealthy Clintons use trusts to avoid full estate tax they back

Bill and Hillary Rodham Clinton have long supported an estate tax to prevent the United States 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 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 L.L.P. in Boston.

"The goal is really be thoughtful and try to build up the nontaxable estate, and that's really what this is," Sloan said. "You're creating things that are going to be on the nontaxable side of the balance sheet when they die."

The Clintons' finances are receiving attention as Hillary Clinton tours the country promoting her book, Hard Choices. She said in an interview on ABC television that the couple were "dead broke" and in debt when they left the White House in early 2001. After being criticized for her comments, she told ABC's Good Morning America that she understood the financial struggles of Americans.

Having lost the Democratic presidential nomination to Barack Obama in 2008, Hillary Clinton is now deciding whether to run again in 2016.

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This tells the whole story...

They have been at it a LONG time.
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DeadEye, proud to be a member of since Jun 2013.

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