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☆ 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.

☆ A Baillie Gifford manager who oversees a $564 million fund details 4 of the top investing themes she's pursuing, including 3 stocks she likes right now
▼ + stars: | 2023-05-03 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

The firm is known for growth investing, but she says she's picking defensive, stable winners. Mileva told Insider about some of the industries and stocks she likes the most today. How is a company that's known for board games and fantasy figurines anything like a company that owns world famous luxury brands with products like high fashion accessories, champagne, and yachts? That's the view of Milena Mileva, the manager of Baillie Gifford's $564 million Developed EAFE All Cap fund, and an expert on international stocks. These are the ones that historically have been the most successful examples," she told Insider in a recent interview.

☆ Kirsten Neuschäfer becomes first woman to win historic Golden Globe Race
▼ + stars: | 2023-04-28 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +3 min

CNN —Kirsten Neuschäfer has become the first woman to win the Golden Globe Race. Entrants race solo, non-stop, and in boats that are reminiscent of the ‘Golden Age’ of solo sailing – the yachts have to be designed before 1988 and are without electronic instruments or autopilots. The race is based on the 1968-69 Sunday Times Golden Globe Race which saw Sir Robin Knox-Johnston become the first person to circumnavigate the globe, sailing solo on his boat Suhaili without stopping. By the time the South African Neuschäfer crossed the line Thursday, only two other sailors were on course to complete the race without stopping. Neuschäfer became the first women to ever win the race.

☆ The live volcano sitting below Santorini
▼ + stars: | 2023-04-26 | by ( Elinda Labropoulou | ) edition.cnn.com time to read: +11 min

CNN —Everywhere you look on Santorini, you’re reminded that you’re on a volcano. Few realize that beneath the hypnotic kaleidoscope of colors lies an active volcano. The East Mediterranean’s most active underwater, and potentially dangerous, volcano, Kolumbo, is five miles northeast of Santorini and part of the same volcanic system. They include a visit to the volcano of Nea Kameni: one of five islands that form the Santorini volcanic complex, and a national geological park in itself. A simmering volcanoTourists can take boat trips to Nea Kameni, home to an active volcano.

WASHINGTON, April 19 (Reuters) - A former Venezuelan treasurer, who also served as an aide to late President Hugo Chavez and was convicted in the U.S. of money laundering, was sentenced to 15 years in prison, the U.S. Justice Department said on Wednesday. A Florida jury in December convicted Diaz, as well as her husband Adrian Velasquez, on two counts of money laundering and one count of conspiracy to commit money laundering in association with a corruption scheme in Venezuela. U.S. District Court Judge William Dimitroulea in Florida sentenced Diaz and her husband, who also received 15 years, on Wednesday, the Justice Department said. Diaz, Velasquez and Gorrin purchased and paid expenses related to private jets, yachts, mansions, champion horses and a designer fashion line in South Florida, prosecutors said. (This story has been refiled to remove an extraneous word in paragraph 4)Reporting by Kanishka Singh in Washington; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Amy Klobuchar, who sits on the Senate judiciary committee, says Clarence Thomas' undisclosed lavish gifts from billionaire GOP donor is 'serious' and callsfor stronger ethics rules
▼ + stars: | 2023-04-16 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +2 min

Supreme Court Justice Clarence Thomas failed to disclose ties to a GOP megadonor, ProPublica reported. Klobuchar called for "ethics rules in the Supreme Court that are clear and enforceable." A ProPublica investigation found that Thomas had taken luxurious vacations with Harlan Crow, a billionaire real estate magnate, and GOP megadonor, among other things. Klobuchar on Sunday said there needs to be "ethics rules in the Supreme Court that are clear and enforceable." Every federal judge in the country comes under these ethics rules.

☆ Meet the real-life manager of the luxury hotel in Sicily where 'The White Lotus' was filmed, with rooms starting at $2,000 a night
▼ + stars: | 2023-04-09 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

Lorenzo Maraviglia is the general manager of the hotel where "The White Lotus" Season 2 was filmed. He told Insider what the show gets right about his job and where it embellishes reality. That's because the renovated 14th-century convent overlooking the Ionian Sea was the central filming location of the hit-TV drama — and it's all hotel guests want to talk about. "It's funny because in "The White Lotus," Jennifer Coolidge gets killed on the cruise — so I don't know how inspiring that can be." Sabrina Impacciatore plays the hotel manager Valentina in "The White Lotus" season 2.

☆ Clarence Thomas slammed from across political spectrum, as former House GOP member says he 'should not be allowed anywhere near a judicial decision'
▼ + stars: | 2023-04-06 | by ( Grace Eliza Goodwin | Warren Rojas | ) www.businessinsider.com time to read: +3 min

Former GOP House members are slamming Justice Clarence Thomas over his cozy relationship with a billionaire. One of Thomas' fellow conservatives says he "should not be allowed anywhere near a judicial decision." Because Justice Thomas knew it was wrong to accept these secret gifts." Former GOP Virginia House member Denver Riggleman reacted to ProPublica's report on Twitter, saying "Our country is poisoned from within. Another former Republican House member Adam Kinzinger tweeted "Regardless of your politics, this cannot be acceptable."

☆ Putin is so paranoid about being tracked, he travels in a secret grey train that stealthily blends in with other Russian locomotives, says a former elite Russian security officer
▼ + stars: | 2023-04-06 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Vladimir Putin rides in a train because planes can be tracked, said an FSO officer who defected. The train is indistinguishable from other Russian trains "for stealth purposes," the officer said. His account aligns with previous reports that Putin secretly travels in trains to avoid being tracked. "Same as all the other Russian Railways trains — grey with a red stripe," he said. Karakulov said his team started equipping the train for Putin's operations in 2014 or 2015, per the Dossier Center.

☆ The bank taking over SVB's venture-debt business doesn't seem to know a lot about venture debt
▼ + stars: | 2023-04-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, can you explain what venture debt is? The venture debt community, which has grown considerably as equity funding has dried up, is skeptical that First Citizens is the best firm for the job, Insider's Darius Rafieyan reports. Reporting from the first annual Venture Debt Conference in New York, which First Citizens seemed to be absent from, Darius details how attendees and panelists questioned the family-run regional bank's ability to take over the complex and nuanced business that is venture debt. I'm all for learning on the job, but that type of knowledge seems like a prerequisite for buying a business with more than $70 billion in venture debt. But, if First Citizens is as ill-equipped to take over SVB's venture-debt business as some believe, that only further complicates the matter.

☆ Credit Suisse wins $41 mln London lawsuit against Saudi Prince
▼ + stars: | 2023-04-05 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Prince Fahad bin Sultan bin Abdulaziz al Saud is liable to pay his company Burgundy Sea Ltd’s debts to Credit Suisse, Judge Robert Bright said in a written ruling. Credit Suisse and the Saudi government’s communication office did not immediately respond to a request for comment. Prince Fahad and Burgundy, a special purpose vehicle ultimately owned by the prince, were sued by Credit Suisse in 2021 over a 48 million-euro ($52.5 million) loan for the refinancing of luxury motor yacht, the Sarafsa. In September 2021, Credit Suisse demanded Burgundy pay all its total debts for alleged breaches of the loan agreement and then called on Prince Fahad to settle the debts, under a personal guarantee of Burgundy’s obligations. However, the judge said that Prince Fahad and Burgundy “have no real prospect of successfully defending (Credit Suisse’s) claims”.

☆ Cramer: Here's why I plan to trim some stocks at this stage of the bull market
▼ + stars: | 2023-04-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +17 min

Back when bulls were everywhere From the time the great bull market began in 1982 until the financial collapse of 2007, we pretty much assumed stocks would always go higher. We often forget what the Great Recession of 2007 to 2009 was all about. A runaway bull market in all but banks — which are actually fueling the rally with their own ineptitude. My closing take, though, is that we have at last shaken off the ghosts of the Great Recession. But accept we are in a bull market and recognize that those who don't know it yet never will.

☆ Rich families skimp when it comes to cybersecurity, and it can cost them millions
▼ + stars: | 2023-04-01 | by ( Paige Hagy | Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

More than one-third of North American family offices experienced at least one cyberattack in the past 12 months in 2022, per Campden. It comes down to three problems, said Bobby Stover, who leads family office and enterprise services at Ernst & Young. When it comes to cybersecurity, family office principals are cheap, uneducated, and "don't want to deal with it," he told Insider. They cost anywhere from $25,000 to $65,000, and family offices often struggle to understand the benefit, according to Stover. One survey found an incident that cost a family office more than $10 million.

☆ Antigua wants to quickly auction off an 'abandoned' superyacht linked to a Russian oligarch after it ran up a $500,000 bill for fuel and food
▼ + stars: | 2023-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The Antigua and Barbuda government has declared the Alfa Nero super yacht abandoned. Authorities intend to use the money to pay down a $500,000 fuel bill owed to the Antigua Yacht Club Marina. The authorities intend to use the yacht's sale proceeds to pay down a $500,000 debt it owes to the Antigua Yacht Club Marina for fuel, per Daily Observer. He added the Alfa Nero could also be uninsured and this could cause issues for the harbor. The US Department of the Treasury has linked the Alfa Nero super to Guryev, who the department said is a "close associate" of President Vladimir Putin.

☆ Starlink rival OneWeb aims for global satellite internet coverage after passing a key milestone
▼ + stars: | 2023-03-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

OneWeb, a rival to Elon Musk's Starlink internet satellite venture, is aiming to roll out coverage globally after successfully launching the final batch of satellites needed for its broadband service over the weekend. While OneWeb has a few more satellites to deploy in May and June, it now has enough to deliver internet connectivity to any spot in the globe, according to company executives. OneWeb plans to launch 648 satellites in total, of which 588 satellites are required for global coverage. The rest will serve as spares that can step in, in case some other satellites on the network go rogue. Starlink, the space internet unit of Musk's SpaceX, has launched thousands of satellites to bring network connectivity to places with patchy internet.

☆ I Visited Miami After the Stock Market Crash, Crypto Bubble Pop
▼ + stars: | 2023-03-26 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

And if any city is the city where you can see just how remarkably things have shifted, it's also Miami. If the draw in the 1920s was imaginary land, Miami's bubble in the 2020s was driven by imaginary money — crypto. The newcomers — and the crypto kids, especially — believed they could master Miami as easily as they had mastered the markets. The new Miami money party started to run out of libations. "There were a lot of true believers in the Miami crypto scene.

☆ From $2.5 million yachts to $400,000 in DoorDash bills, here are Sam Bankman-Fried and other execs' wildest purchases with FTX and Alameda funds
▼ + stars: | 2023-03-22 | by ( Pete Syme | ) www.businessinsider.com time to read: 1 min

Since the dramatic implosion of crypto exchange FTX last November, court filings and other reports have revealed the extent of executives' lavish spending habits. Liquidation expert John J. Ray III took over the FTX CEO role from Sam Bankman-Fried to handle the bankruptcy. Nathan Howard/Getty Images; Michael M. Santiago/Getty ImagesBankruptcy lawyers said Alameda "bought planes, houses, threw parties, made political donations" with a $65 billion line of credit at FTX. The vast sums are hard to visualize, but it was partly thanks to this spending that customers have been left out of pocket.

☆ Saddam Hussein's yachts were once signs of luxury. Now, one is a wrecked picnic spot for fishermen and the other was almost turned into a hotel.
▼ + stars: | 2023-03-17 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Saddam Hussein's yachts were once luxurious signs of the dictator's power. The 'Al Mansur,' Iraqi President Saddam Hussein's private yacht, lies at the dockside in central Basra April 10, 2003. Iraq stepped in and courts decided the "Bashrah Breeze" belonged to the government. In 2018, reports that "Bashrah Breeze" would be made into a hotel for pilots made international headlines. The 'Bashrah Breeze' superyacht owned by Saddam Hussein.

☆ Putin tells Russia's billionaires to put patriotism before profit
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +4 min

[1/4] Russia's President Vladimir Putin attends a forum of the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, Russia, March 16, 2023. MOSCOW, March 16 (Reuters) - President Vladimir Putin urged Russia's billionaires on Thursday to put patriotism before profit, telling them to invest at home to shore up the economy in the face of Western sanctions. Addressing Russia's business elite in person for the first time since the day he sent his troops into Ukraine on Feb. 24 last year, Putin told them their role was not just to make money but to support society. Last month he told business leaders that ordinary Russians had no sympathy for the confiscation of their yachts and palaces. ECONOMY RESISTS SANCTIONSThe president said on Thursday that what he called an attempt to destroy Russia's economy with sanctions had failed.

☆ Saddam's rusting yacht serves as picnic spot for Iraqi fishermen
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

"I can’t believe that this belonged to Saddam and now I'm the one moving around it," he said. But it was targeted by U.S.-led forces, and later capsized in the Shatt al-Arab waterway as it fell into decay. In the turmoil that followed Saddam’s downfall, the yacht was stripped bare and looted, with everything from its chandeliers and furniture to parts of its metal structure removed. One of three yachts owned by Saddam, the yacht could accommodate up to 200 guests and was equipped with a helipad. U.S. officials estimated in 2003 that Saddam and his family may have amassed up to $40 billion in ill-gotten funds.

☆ A look inside a $22.5 million Miami condo with insane luxury amenities
▼ + stars: | 2023-03-09 | by ( Ray Parisi | ) www.cnbc.com time to read: +12 min

Turnberry Ocean Club ResidencesInside the Sky Club's fitness center where the treadmills come with impressive views. Turnberry Ocean Club ResidencesOutdoor sunset lounge Turnberry Ocean Club ResidencesAlso up on 32nd floor is a so-called dog retreat where lucky pooches can take in the ocean views and relieve themselves. Turnberry Ocean Club Residences / Leo DiazThe kitchen includes three islands and comes equipped with custom Italian-made cabinetry and high-end German appliances. A rendering of one of the Turnberry Ocean Club Residences' beach front cabanas. Turnberry Ocean Club Residences

☆ Dozens of sanctioned superyachts seized from Russian oligarchs still hang in limbo, racking up millions in maintenance
▼ + stars: | 2023-03-02 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +6 min

Seized yachts owned by sanctioned Russian oligarchs hang in limbo as US and European authorities decide next steps. Annual maintenance for some of the yachts costs as much as $115.6 million. Earlier this week, CNBC reported that billions of dollars in oligarch's assets — from yachts and villas to private jets — are still frozen. And while the Russian oligarchs are still technically responsible for paying for yacht maintenance, they're unlikely to fork over the maintenance cost or authorities will encounter difficulty collecting the funds due to sanctions on financial transactions with the billionaires. According to Maltby, the maintenance cost of a yacht usually totals about 15% to 20% of its overall value.

☆ Goldman Sachs pitching wealth clients on investing in Stripe shows how Wall Street drums up exclusive deals for its richest customers
▼ + stars: | 2023-02-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

To that point, Insider's Hayley Cuccinello has a story on how Goldman Sachs offered its richest clients the opportunity to invest in the buzzy fintech Stripe. If I can take the startup client my investment bankers are working with and leverage my wealth clients to help them fundraise, that's a win-win. Even better if the cofounders and employees of said startup turn around and come back to me as wealth clients once I help them get rich. More broadly, this is also just another example of how banks are always finding ways to cater to their rich clients. Click here to read more about how Wall Street is leveraging clients in its investment bank for its wealth business*(OK, I couldn't help myself.

LONDON/MOSCOW, Feb 27 (Reuters) - Central Asian airlines are seizing opportunities from Russia's closed airspace, with airline traffic into the region booming in the year since Russia's invasion of Ukraine, executives and analysts said. "The Russian airlines themselves are severely constrained in what they can do because of equipment shortages, they can't maintain the aircraft to sufficient standards," said James Halstead, an aviation analyst and managing partner at Aviation Strategy. It will grow since the restrictions are lifted," one Russian airlines industry source said. If the war drags on in Ukraine, there could also be further opportunities for tourism in central Asia as Russian tourists look for alternatives to Europe for their holidays. The main tourist destinations were Turkey, with 5.2 million trips or about 25% less than in 2019, the United Arab Emirates, with 1.2 million trips or 21.2% more than in 2019, Egypt and Thailand.

☆ Seized assets of Russian oligarchs including yachts, villas and private jets remain in limbo
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSeized assets of Russian oligarchs including yachts, villas and private jets remain in limboCNBC's Robert Frank reports on the legal hurdles in seizing Russian oligarch yachts and villas.

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