REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov

Mimic success. Every person could set up a trust for their heirs. Every person could have a will so the government does not steal it all.

But they do not!

Loop holes are not just for the rich. They are for any person who has a brain to search and use these financial tools.

Just like some people are smart enough to have a basic prenup and the rest are to stupid to even think about it then whine about getting taken to the bank.

What is it called when you turn the poor against the rich because the rich was smarter? It has happened in more than a few countries and now it is being used against the poor of the U.S.A.

You can always count on human greed! And you can always count on a communist pitting the poor against the rich!

TAKE ALL HIS SHIT AND GIVE IT TO ME!
TAKE ALL HIS SHIT AND GIVE IT TO ME!

The law does NOT require you to pay federal taxes on earned income.

I also like "Wealth Secrets of the One Percent". The best book on how the one percent rig the system. Link to a review below.

[link to georgekelley.org]

Estate tax loopholes exploited by billionaires allow them to pass their wealth onto their heirs without paying taxes
Nike founder Philip Knight is a prime example of someone who has inflated his son's wealth over the past decade by taking advantage of a number of loopholes
Since finding Nike in 1964, Knight, 83, has become the 22nd richest man in the world, with a current net worth of $59.8 billion
He has moved at least $9.3 billion in Nike shares and other assets to his descendants, starting in 2009, Bloomberg reported.
House Democrats looking to close them as a means of funding social programs and, most recently, President Biden's 3.5 trillion spending plan



America's wealthiest people are able to avoid billions in taxes by passing huge chunks of their companies to their heirs for free.

An analysis by Bloomberg on Knight's fortune - estimated at $60 billion - discovered that he was able to take advantage of a financial tool called a grantor-retained annuity trust (GRAT). Knight set up nine GRATS, which enabled him to transfer $6.1 billion of Nike shares to loved-ones between 2009 and 2016 - without incurring any tax on them.

Gifts are taxable, but GRATS offer a loophole that allows the person who sets it up to designate others - such as heirs - as beneficiaries.



Assets are then placed into GRATS, which repay their owner an annuity. If the value of a GRAT goes up, those gains can stay in the GRAT, with whatever is left then transferred to its beneficiaries - such as Knight's heirs - tax-free.

Knight has long-touted his commitment to eventually giving away all of his immense wealth to charity, but what lies beneath that promise is over a decade's worth of exploiting tax loopholes to inflate his fortune and pass it on to his heirs.



[link to www.dailymail.co.uk (secure)]



but your 600.00 oops 10,000.00 now dollars in your account will help with the tax defecit that is coming

Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently...

Why should a person's inheritance be taxed??

I pay no income taxes either...Only capital gains

I hope they raise that amount, it has been capped at 10k for many years now...

Guess what the Gates Foundation is.

A tax write off. You really think that guy wants to help this world? Or his wealth?

Look up and research Wyoming trust. You can do it online. If you do not have the money to hire a tax lawyer or deal in person with a trust company this would be the way to go. Plus it is important you have a will.

Oh shut up. People on around here love to defend the rich and their right to be rich even if it leaves other people living in shit. You know, this is about survival of the fittest and if you don't have money you ain't fit.

Of course if this was nature you might have ousted Bill Gates or Jeff Bezos for those bananas but this is not nature, it's the clown world money system where beta males are on top of the pyramid scheme.

This forum = Communist shills

You peasants are really degraded by billionaires from truth.

Billionaires pay zero taxes their entire life.

For this privilege to pay zero taxes, billionaires pay inheritance tax, half.

This is by far greatest deal in human history to favor billionaires…

But all billionaires should be annihilated anyways, so who cares.

I am certain that each and every individual on this board would be
using these and other tax AVOIDANCE mechanisms if you had the same
level of income.

The politicians hammer the rich on camera, but do nothing to close
up the loopholes. They gather in the evenings, clink their crystal
tumblers of Scotch, and laugh about the whole thing.

But in the end, they set the rules and the tax code.

I am free to avail myself of every mechanism and angle in that tax
code to reduce my tax burden.

Personally, I'm quite happy to have too much. I'd be worried about meeting my maker and having a bunch of wealth I never used to seriously try and improve the life of those suffering around me. Crazy world. Nobody is wealthy until everybody is. This charade can't end soon enough.

You are actually fkn retarded.

Um, it's $15,000 now. [link to smartasset.com (secure)]

Yeah it's called being smart. I suggest you try it for once.

Billionaires wouldn't exist if there were less people (aka consumers) on Earth. So if you annihilate yourself, that would be a start.