taxes
Selling appreciated assets like stock and real estate can trigger high capital gains taxes.Moguls can save big by gifting assets to their parents, inheriting them back, and then selling them.The ultra-rich can use upstream transfers to double how much their kids inherit without estate tax. Wealthy entrepreneurs face hefty capital…
Estate taxes pose a dilemma for asset-rich but cash-poor Americans. To pay Uncle Sam, their heirs may be forced to liquidate their real estate empires or privately held businesses.But there is an alternative to a fire sale: They can use life insurance to foot the bill with a neat trick.…
Warren Buffett lives a simple life, steers clear of politics, and has gifted more than half of his vast fortune to good causes, promising that virtually all the rest will follow.Yet even the 94-year-old investor who runs Berkshire Hathaway is cutting out the taxman and setting his children up to…
Savvy taxpayers use donations to charity to save on taxes. But uber-rich Americans can take it to another level and parlay their philanthropy into guaranteed income.With a charitable remainder trust (CRT), taxpayers can put assets in a trust, collect annual payments for as long as they live, and get a…
Former President Donald Trump said that if he’s elected, he’d cut taxes on Social Security benefits for older Americans — but the policy risks shrinking those funds sooner than expected.In a Wednesday interview on “Fox & Friends,” the Republican presidential nominee said he plans to eliminate taxes on Social Security…
By Sinead Cruise LONDON (Reuters) – Private banks and advisers to Britain’s super-rich say some clients may quit the country if Labour wins next month’s general election and pushes ahead with plans to abolish tax protections on offshore wealth they wanted to pass to future generations. Keir Starmer’s Labour Party,…
(Reuters) – Russian Copper Company (RCC) and Chinese firms have avoided taxes and skirted the impact of Western sanctions by trading in new wire rod disguised as scrap, three sources familiar with the matter told Reuters. Copper wire rod was shredded in the remote Xinjiang Uyghur region by an intermediary…
Billionaire Mark Cuban says he’s happy to pay his fair share of taxes — unlike one former president.”I pay what I owe. Tomorrow I will wire transfer to the IRS $288,000,000.00,” Cuban wrote on X on Sunday.”This country has done so much for me, I’m proud to pay my taxes…
