The New Wealthy Show Their Tax Savvy

There’s nothing illegal about what these executives did. In fact, the Facebook registration statement and others that FORBES examined read like a playbook of how the ultra-rich and even the moderately wealthy can operate within the law to transfer vast sums and preserve assets–from the tax man and from creditors.

Okay, I’ll admit it, I’ve  already reported on this story once but it makes me smile to see young billionaires engaged in such savvy planning, especially given the fact that their plan is one  I recommended to a client about 4 years ago just as his business was about to “go public” and all he could do was complain about the cost of the plan.  This is cosmic justice;  my version of  “I told you so”. 

In case you missed it, there is something of a renewed technology boom underway. While the stars (read: Mark Zuckerberg, et al) of this boom seem to be ever younger, they are demonstrating some old-souls when it comes to planning and structuring their current tax minimization and wealth transfer maximization.

In a sense, planning for and about wealth is always also planning about the future; that’s an important point even for those who already are “wealthy.” To glean some lessons from the rising technology stars, tap into a recent list of steps you can take, featured in a Forbes article aptly titled You Don't Have To Be A Billionaire To Plan Like One. 

I recommend clicking over to the original article, but the main takeaway is that classical “personal finance” is working hand in hand with classical “estate planning” in so many of these steps and “tricks.”

You can learn more about estate planning and elder law issues on our website. Be sure to sign up for our free e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

Reference: Forbes (April 3, 2011) “You Don't Have To Be A Billionaire To Plan Like One

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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.