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☆ How Trump's rich Cabinet members could save millions thanks to a little-known tax break
▼ + stars: | 2024-11-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

AdvertisementTwo of the reported candidates for Treasury Secretary made their fortunes on Wall Street, including billionaire Apollo CEO Marc Rowan. Eligible federal appointees can defer capital gains taxes indefinitely when they sell stock or other assets in order to avoid a conflict of interest. As a top earner in New York, they would normally have to pay more than $3 million in capital gains taxes. The sum that would have been spent on capital gains taxes is now free to compound and grow. The IRS allows investors to defer capital gains taxes in other scenarios that are deemed outside their control.

Persons: Donald Trump's, Trump, Howard Lutnick, Cantor Fitzgerald, Major Trump, Chris Wright, Marc Rowan, Bush, Goldman Sachs, Henry Paulson, George H.W, Bob Willens, You've, Scott Bessent, frontrunners, eyeing Rowan, Kevin Warsh, Morgan Stanley, Warsh, Jane Lauder, Rowan, Ed Renn of Withersworldwide, Penny Pritzker, Mark Parthemer, Willens, Renn Organizations: Commerce, of Energy, Treasury, Executives, Columbia Business School, Federal Reserve, Government, IRS Locations: George H.W . Bush, New York

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ 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

(AP) — When two early road losses threatened to derail No. 2 Purdue's Big Ten championship journey, the Boilermakers charted a different course. “We're just focused on winning games,” All-American center Zach Edey said after Sunday's 75-69 victory at then conference-leading and No. So instead of fretting about the early season missteps at Northwestern and Nebraska, they used the losses as fuel to keep chugging along. The Boilermakers took both titles last season, winning the regular-season crown by three games.

Persons: Matt Painter's, “ We're, Zach Edey, ”, Fairleigh, you've, ” Painter, Gene, Keady, It's, they're, Fletcher Loyer, Braden Smith, Forward Mason Gillis, Caleb Furst, Indiana's, Furst, Trey Kaufman, Renn, Lance Jones, Cameron Heide, ” Jones, “, ” Loyer, Zach Organizations: WEST LAFAYETTE, Big, Boilermakers, Purdue, Rutgers, Penn, Fairleigh Dickinson, NCAA, Michigan State, Saturday, Hoosiers, Big Ten, Indiana, Ohio State, Junior, Basketball, AP Locations: Ind, Wisconsin, Maryland, Northwestern, Nebraska, Southern Illinois

☆ Rich parents want to give to charity and leave more money to their kids. Here's how billionaire families do it.
▼ + stars: | 2024-01-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +8 min

Read previewWhen the rich give to charity, they find a way to get the most bang for their buck. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, CLATs, Alice, Jim Walton, Rick T, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Walmart, Bank of America Private Bank Locations: Withersworldwide, CLTs, Fayetteville , Arkansas, Israel, Palestine

☆ How the superrich, like Walmart's Waltons, get richer by using trusts to give to charity and save on tax
▼ + stars: | 2024-01-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

If the calculations predict that the trust's remainder interest is zero, the beneficiaries are exempt from estate tax even if the assets actually appreciate by a greater amount. If the trust assets are invested and achieve an annual rate of return of 9% a year, the CLT's remainder will be $2.1 million. Advertisement"It's a fantastic low interest rate play," said Renn. "The problem now is rates have really risen and it's to the point where some investments clearly can outperform a 4% or 5% interest rate, but others might struggle." In this interest rate environment, charitable remainder trusts (CRTs) have better odds.

Persons: —, Jacqueline Kennedy Onassis, Walton, Lance Morgan, Ed Renn, I've, Renn, Dan Griffith, Griffith, CLTs, Onassis, Jennifer Galvagna, Michael Prinzo, they're Organizations: Service, Tax, Business, Bloomberg, Huntington Private Bank, Bank of America Private Bank Locations: Withersworldwide, CLTs, Israel, Palestine

Nye, who was appointed by Republican former President Donald Trump, had in August issued a temporary order blocking the law. Idaho Attorney General Raul Labrador called the ruling a "significant win" and said the law was "designed to protect students." Idaho's bathroom bill allows students to sue schools for $5,000 if they encounter a transgender student in a bathroom in violation of the law. The new law says schools must provide a "reasonable accommodation" for transgender students unwilling or unable to use their assigned bathroom. Federal courts have been divided on school policies requiring transgender students to use the restroom corresponding to their birth sex, with the Richmond, Virginia-based 4th U.S.

Persons: Demetrius Freeman, David Nye, Nye, Donald Trump, Peter Renn, Raul Labrador, Rebecca Roe, Brad Little, Brendan Pierson, Alexia Garamfalvi, Matthew Lewis, David Gregorio Our Organizations: REUTERS, District, Republican, Lambda, Circuit, Appeals, Thomson Locations: Washington, New York, U.S, Idaho, Richmond , Virginia, Virginia, Atlanta, Florida

BOISE, Idaho (AP) — An Idaho law restricting which bathrooms transgender students can use in schools will go into effect while a court challenge plays out. It prohibits transgender students from using public school restrooms and locker rooms that align with their gender identity. It also allows other students to sue their school if they encounter a student using a bathroom that doesn’t align with their sex assigned at birth. About a quarter of Idaho schools allow transgender students to use restrooms and locker rooms that align with their gender identity, Nye said in a previous decision. The group also pushed a new Idaho law criminalizing gender-affirming health care for minors.

Persons: David Nye, Nye, ” Nye, “, ”, Thursday's, Peter Renn, Debbie Critchfield, Raúl, Republican Sen, Ben Adams Organizations: Chief U.S, District, The Idaho Statesman, Lambda, Lambda Legal, Idaho State, of Education, Boise School District’s, “, Republican, Policy, GOP, U.S, Circuit, Appeals Locations: BOISE, Idaho, An Idaho, Raúl Labrador, Labrador, Nampa

☆ Opinion | A Hidden Reason Cities Fall Apart
▼ + stars: | 2023-09-13 | by ( Thomas B. Edsall | ) www.nytimes.com time to read: +3 min

And this has been a self-perpetuating process in which the fortunate metros have gained the most while many places are left behind. This used to happen all the time in Detroit, Cleveland, St. Louis, the Twin Cities, etc.”These locally based firms. Atkinson continued, “played an important role of helping the various municipalities in a region work more closely together. The only way to grow their banks or electric utilities was to grow the community where they were based. Their job is to sit on local boards and dabble in community relations, but they don’t really call the shots anymore.

Persons: Mark Muro, Muro, Robert D, Atkinson, Louis, “, ” Aaron M, Renn, Frank A Organizations: Brookings, ’, metros, Information Technology, Innovation Foundation, Twin, American, “ Civic, Baltimore News American, Maryland Locations: Detroit , Cleveland, St, Twin Cities, Banks, Dallas

They said that the state law, signed by Republican Governor Brad Little in March, illegally discriminates on the basis of gender identity and violates students' right to privacy. Idaho's bathroom bill allows students to sue schools for $5,000 if they encounter a transgender student in a bathroom the law forbids. That effectively puts a "bounty" on transgender students and encourages others to search them out, the lawsuit said. The new law says schools must provide a "reasonable accommodation" for transgender students unwilling or unable to use their assigned bathroom. Federal courts have been divided on school policies requiring transgender students to use the restroom corresponding to their birth sex, with the Richmond, Virginia-based 4th U.S.

Persons: Queen Mary, Stephane Mahe, David Nye, Peter Renn of, Raul Labrador, Rebecca Roe, Brad Little, Brendan Pierson, Jonathan Oatis Organizations: Justice, REUTERS, U.S, District, Peter Renn of Lambda, Republican, Circuit, Appeals, Thomson Locations: Brittany's, Rennes, France, Idaho, Richmond , Virginia, Virginia, Atlanta, Florida, New York

☆ Gannett tiptoes into generative AI, giving humans the last word
▼ + stars: | 2023-06-16 | by ( Helen Coster | ) www.reuters.com time to read: +6 min

Their caution follows well-publicized generative AI gaffes at media outlets including CNET and Men’s Journal. Generative AI is a sticking point in some negotiations with the company, the union said. Other news outlets are approaching generative AI with varying levels of commitment and caution. Bloomberg, which competes with Reuters, is developing its own generative AI model, BloombergGPT, which it trained on financial data. The New York Times, Washington Post and Bloomberg declined to provide additional comment on their plans.

Persons: Larry Downing, Renn Turiano, Turiano, ”, We’re, Paul Bascobert, Nicholas Diakopoulos, Ilana Keller, Gannett, Alessandra Galloni, Miranda Marcus, Marcus, “, we’re Organizations: YORK, Gannett, Gannett Co, USA, Gannett Co's, U.S, Reuters, ” Gannett, Northwestern University, CNET, Men’s, USA Today, Journalists, Asbury Park Press, Microsoft, USA Today’s, New York Times, Washington Post, Bloomberg, BBC News Labs Locations: McLean , Virginia, New Jersey, USA, Washington

☆ What Jordan Peterson Can Teach Church Leaders
▼ + stars: | 2023-06-06 | by ( Aaron M. Renn | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones, peterson

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