By Tony De Angelo
Below is a link to a FORBES article giving the sensation that Donald Trump is clearly a clueless dolt with respect to tax planning given the laws that he himself promulgated by not aggressively passing on assets by gift to his heirs.
However, buried way into the article are some references as to why Mr. Trump may not be giving assets, such as a basis step up on his passing or by allowing the passing of assets to his young spouse. (Nor, is there any mention of the term “marital trust” in the article).
Personally, I can think of at least six or seven reasons as to why Mr. Trump (regardless of opinion) may not be gifting assets. One might be a “wait and see” approach as the avoidance of income taxes on appreciated assets may be a consideration. At best, we see through a glass darkly in these situations, and to let unknown facts get in the way of a good story would ruin the aura that written pieces like this are trying to create.
Folks, this is all the more reason why good, 360 degree planning is critical in every situation. This article is just one example of how a limited view can create great difficulty.
There are fine professionals to help in this field. We are one. If we can help, please call.
https://forbes.com/sites/chasewithorn/2019/08/09/donald-trumps-financial-carelessness-could-cost-his-kids-13-billion-in-taxes/?utm source=newsletter&utm medium=email&utm campaign=daily#2236d2a665db