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☆ The rich want to give their kids real estate and businesses to save on taxes but still control the family fortune. One neat trick: family-limited partnerships.
▼ + stars: | 2024-02-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

And yet, Walton's wife and children didn't have to pay a dime in estate tax. With an FLP, an individual — often a parent or two parents — pools their business assets, which are commonly real estate or stock. There are pragmatic reasons for keeping family business assets consolidated, according to Dan Griffith of Huntington Private Bank. Another sweetener: you can claim a discount on the assets within the FLP and use even less of your estate tax exemption. This would eliminate all gift and estate tax on the business even if the couple dies after the Trump tax cuts sunset.

Persons: —, Sam Walton, didn't, Donald Trump, Dan Griffith, –, Griffith, Robert Strauss, Weinstock Manion, Strauss, Edward Renn, Renn, Trump, that's, Katie Carlson Organizations: Service, Walmart, Business, Huntington Private Bank, IRS, Partners, Bank of, Trump

☆ Native American communities have the highest suicide rates, yet interventions are scarce
▼ + stars: | 2024-01-22 | by ( Cheryl Platzman Weinstock | Kff Health News | ) edition.cnn.com time to read: +12 min

He spent more than a week in an inpatient mental health unit, but once home, he was offered sparse mental health resources. Despite decades of research into suicide prevention, suicide rates among Indigenous people have remained stubbornly high, especially among Indigenous people ages 10 to 24, according to the CDC. Experts say that’s because the national strategy for suicide prevention isn’t culturally relevant or sensitive to Native American communities’ unique values. Several tribal communities are attempting to implement a similar system in their communities, said Cwik. Pamela End of Horn, a social worker and national suicide prevention consultant at IHS, said the Department of Veterans Affairs “has a suicide coordinator in every medical center across the U.S., plus case managers, and they have an entire office dedicated to suicide prevention.

Persons: Amanda MorningStar, “, ”, MorningStar, Ben, Ben MorningStar, Mary Cwik, ” Cwik, Joseph P, Gros, Stephen O’Connor, Teresa Brockie, Brockie, Fort Belknap, It’s, Cwik, Pamela, Department of Veterans Affairs “, Robert Coberly, Coberly, Dr, Sanjay Gupta, ” Ben MorningStar Organizations: Health, Blackfeet, Centers for Disease Control, Montana Budget, Policy, . Montana, CDC, Indian Health Service, IHS, Center, Indigenous Health, Johns Hopkins Bloomberg School of Public Health, Harvard University, Division of Services, Intervention, National Institute of Mental Health, ”, NIMH, National Institutes of Health, Mental Health Services Administration, Johns Hopkins School of Nursing, American Public Health Association, Department of Veterans Affairs, Oglala Lakota, Rural Behavioral Health Institute, CNN, CNN Health, Kaiser Health, KFF Locations: Heart Butte , Montana, United States, Heart Butte, Baltimore, Montana, Fort, Aaniiih, Fort Peck, Peck, Arizona, U.S, South Dakota, Tulalip, Washington

☆ 'Mean Girls' dominated the weekend box office even as some moviegoers were 'disappointed' to discover it was a musical
▼ + stars: | 2024-01-15 | by ( Dan Whateley | ) www.businessinsider.com time to read: +2 min

"Mean Girls" had a splashy box office debut, earning $28.7 million in its first three days. Its studio deemphasized that it was a musical in marketing to avoid repelling certain moviegoers. While most ticket buyers knew it was a musical, some were "disappointed" by the genre, per Variety. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .

Persons: —, Martin Luther King Jr, Tina Fey, Wonka, Marc Weinstock, Weinstock, Variety, Taylor Swift Organizations: Service, American, Associated Press, Variety, Warner Bros . Entertainment

☆ Rich parents aren't ready to let go of their wealth, but they want to save big on taxes. One neat trick: Stash it in a trust for your spouse.
▼ + stars: | 2023-11-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

A properly designed SLAT contains a spendthrift clause, which prevents heirs from using trust assets or future distributions as collateral. After using the beneficiary spouse's $10 million exemption, the estate-tax bill is $9.01 million. The heirs pay income tax on income from the trust, but no estate tax is incurred when the trust passes to the next generation . There are a few caveatsThe trust maker's spouse loses their de-facto access to the assets if the beneficiary spouse dies first. Several courts have ruled against the argument that trust assets are marital property and should be divided.

Persons: aren't, Dan Griffith, they're, Griffith, Robert Strauss, Weinstock Manion, Strauss, Dayal Organizations: Trump, Huntington Bank, Business Locations: guardrails, Ohio

They’re opportunistic and adaptive,” said former CIA analyst Yaya Fanusie, now an adjunct senior fellow with the Center for a New American Security. It’s unclear how much money Hamas has received in cryptocurrency, but there’s evidence they have amassed significant amounts. Another $94 million was allegedly held by the Palestinian Islamic Jihad, a militant partner of Hamas, according to Elliptic, another analytics firm. Hamas additionally raises funds through informal taxes and smuggling, according to a Congressional Research Service report from May. Investigators were able to seize 150 cryptocurrency accounts “that laundered funds to and from” Hamas accounts, according to a DOJ news release.

Persons: launderers, European Union –, “ There’s, ”, Yaya Fanusie, –, Dmitry Machikhin, Arda Akartuna, Akartuna, Jake Sullivan, Iran “, Sullivan, Asher Perlin, Yitzchak Weinstock, Weinstock, “, al, Perlin Organizations: CNN, Hamas, Justice, Justice Department, European Union, Center, New, New American Security, Department of Homeland Security, ’, Reuters, Wall Street, Brigades, Palestine Islamic, US State Department, US Treasury Department, Islamic Revolutionary Guard Corps, Treasury, US Treasury, White, National, Congressional Research Service, US Justice Department, ”, Investigators, DOJ Locations: Iran, cryptocurrency, Israel, Washington ,, United States, New American, New Jersey, bitcoin, Jihad, Palestine, Turkey, Lebanon, Lebanese, Syria, Tehran, Jerusalem

☆ Here are six ways the rich save big on taxes, from putting mansions in trusts to guaranteeing inheritance for future generations
▼ + stars: | 2023-08-04 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. The heirs don't own the trust assets but rather have lifetime rights to the trust's income and real estate. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

Persons: Uncle Sam, Trump, Robert Strauss, Weinstock Manion, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI Organizations: Taxpayers, IRS, Biden, Blackstone, Lombard International, Federal Reserve Locations: Cayman Islands, Bermuda, Florida, Wyoming, Plenty

☆ Inheritance for your dog: How the rich put millions into trusts with very specific purposes, from taking care of pets to cryogenically freezing their bodies
▼ + stars: | 2023-07-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider. Purpose trusts set up to maintain art collections usually include a timeline for liquidating or donating the artworks, according to lawyer Neil Solarz of Weinstock Manion.

Persons: Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd Organizations: Siberian huskies, huskies Locations: Withersworldwide, California

☆ How the rich put millions into trusts to take care of their pets and pay for cryogenic freezing after they die
▼ + stars: | 2023-07-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

The rich can use trusts to devote millions to pets, art collections, and even cryogenic freezing. Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider.

☆ A historic settlement could bring environmental justice to a Chicago neighborhood that's been filled with polluting industries
▼ + stars: | 2023-07-21 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +8 min

"If you take away our health, you take away our wealth," Sanchez, a community planning manager at the Southeast Environmental Task Force, told Insider. The first-of-its-kind settlement with HUD could be a model for environmental justice advocates in other cities. If the city didn't agree to address environmental harms, it risked losing hundreds of millions of dollars in federal housing money. "Now all levels of city government have to listen to us and develop policies that are protective of public health." Sanchez said the case underscored the importance of updating city policies, because administrations come and go.

Persons: Oscar Sanchez, Sanchez, polluters, Robert Weinstock, who's, he's, Cheryl Johnson, Johnson, Jamie Kelter Davis, Weinstock, Brandon Johnson, Charles Rex Arbogast, Angela Tovar Organizations: Service, Environmental, Force, US Department of Housing, Urban Development, Northwestern University's Pritzker School of Law, Urban, Community, Factories, Washington, Getty, Chicago AP Locations: Chicago's, Chicago, Lincoln Park, Black, Calumet

☆ How the ultra-rich use trusts to protect the family fortune if their heirs get sued or divorced
▼ + stars: | 2023-07-14 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Four lawyers to the wealthy told Insider how these spendthrift trusts work. How spendthrift trusts workSpendthrift trusts can be used to defend an heir in virtually any kind of legal dispute. Robert Strauss, partner at Weinstock Manion, does not view spendthrift trusts as a substitute for prenups. Having separate beneficiaries and trustees is just one way to strengthen a spendthrift trust's power. Domestic asset protection trusts set up in a trust-friendly state like Delaware are very secure, he said.

Persons: Laurene Powell Jobs, Phil Knight, Karen Yates, didn't, Jere Doyle, Doyle, Spendthrift, Yates, Robert Strauss, Weinstock Manion, Strauss, Cindy Brittain, Karlin & Peebles Organizations: Apple, Nike, Mellon Wealth Management, Karlin & Locations: California, South Dakota, Delaware

☆ Five ways the rich save big on estate taxes, from putting houses in trusts to buying offshore life insurance
▼ + stars: | 2023-05-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. The assets in the trust are treated as premiums, and if structured correctly, the benefit and assets in the policy are bequeathed free of estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

☆ Rep. George Santos, who lied about his mom surviving 9/11, is bringing a Ground Zero firefighter to the State of the Union
▼ + stars: | 2023-02-07 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

George Santos is bringing a 9/11 first responder to Tuesday's State of the Union address. Santos has claimed his mom survived 9/11, despite reports she wasn't even in the US at the time. Members of Congress typically get one ticket to the State of the Union address, and they sometimes select a symbolic choice to make a political point. Santos' choice of a 9/11 first responder is likely a response to reports suggesting that he lied about his mother, Fatima Devolder, having survived the 2001 tragedy. Pedro Vilarva, Santos' ex-boyfriend, told Insider last month that he had no knowledge of Devolder having survived 9/11, which was odd since he was born on that day in 1995.

☆ Why horror films kill at the box office all year round
▼ + stars: | 2022-10-31 | by ( Frank Pallotta | ) edition.cnn.com time to read: +4 min

New York CNN Business —One of Paramount’s biggest blockbusters this year is a surprise hit that hasn’t slowed down at the box office since opening at No. The film, which stars Sosie Bacon as a psychiatrist being tormented by visions of horrifying smirks, opened to $22.6 million at the domestic box office late September. Many horror films this year have done the same, showing that — aside from superhero movies — horror is Hollywood’s most dependable genre at the box office. Audiences have been sporadic and the overall North America box office is down about 34% from the pre-Covid levels of 2019. “The box office results have been scary impressive.”

☆ The Elon Musk wrecking ball
▼ + stars: | 2022-10-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. New York CNN Business —Elon Musk bought a $44 billion fixer-upper, and he’s not wasting any time gutting the joint. If you spent the weekend trying to ignore the news, like I did, let’s catch up on what the Musk wrecking ball has targeted so far:And yes, this is all Textbook Musk. Musk himself has long favored using Twitter rather than an PR team to break news about his other companies like Tesla. And for that I turn to my colleague Frank “Craven” Pallotta, CNN Business’ resident expert on all things Hollywood and horror.

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