A man has a piece of art worth 35 million and he i
Post# of 41413
Posted On: 02/07/2014 6:07:00 AM
A man has a piece of art worth 35 million and he is approaching the end of his life. He has 2 kids.
He could sell the painting and pay capital gains taxes, then when he passes half of what he has left will go to each kid, and they will pay inheritance taxes, etc. Of course, there are other possibilities.
But what he does do is this - he donates the art to a charity and takes a 35 million dollar tax write off - on the condition that the charity purchases a 35 million dollar term life insurance policy with each kid as a beneficiary. The charity agrees....sells the painting for 35 million and pays 20 million for the life insurance policy (netting 15 million with no tax consequences).
When the man passes, each child receives 17.5 million from the life insurance policy - tax free!
Absolutely brilliant in its simplicity.....and perfectly legal.
I tell you, I am talking to a genius.
Now, I say to you......hold on and go for the ride. You don't have to buy, but certainly don't sell at this time. I've always said, if you want to be rich, see what the rich people do, and then do the same. When you are laughing all the way to the bank, you certainly don't have to be "original"............
The part that bothers me is that I was so wrapped up in doubts as to whether or not Baltia could actually make it, that I didn't think up what he has planned before he did.
I spend my entire life "thinking outside the box", and this time around I let clouds of fear block my vision.
LOL....I'll get over it as I am laughing all the way to the bank with wheelbarrels full of money.....but I just wish I had been a much bigger part of this plan.
Perfectly legal, and the intent is to make Baltia America's Newest Airline......and to make it even more profitable than any of us could have ever imagined.
An absolute genius...............
Again......all just my opinion based on a few conversations, and I by no means am in a position to give any financial advice.
He could sell the painting and pay capital gains taxes, then when he passes half of what he has left will go to each kid, and they will pay inheritance taxes, etc. Of course, there are other possibilities.
But what he does do is this - he donates the art to a charity and takes a 35 million dollar tax write off - on the condition that the charity purchases a 35 million dollar term life insurance policy with each kid as a beneficiary. The charity agrees....sells the painting for 35 million and pays 20 million for the life insurance policy (netting 15 million with no tax consequences).
When the man passes, each child receives 17.5 million from the life insurance policy - tax free!
Absolutely brilliant in its simplicity.....and perfectly legal.
I tell you, I am talking to a genius.
Now, I say to you......hold on and go for the ride. You don't have to buy, but certainly don't sell at this time. I've always said, if you want to be rich, see what the rich people do, and then do the same. When you are laughing all the way to the bank, you certainly don't have to be "original"............
The part that bothers me is that I was so wrapped up in doubts as to whether or not Baltia could actually make it, that I didn't think up what he has planned before he did.
I spend my entire life "thinking outside the box", and this time around I let clouds of fear block my vision.
LOL....I'll get over it as I am laughing all the way to the bank with wheelbarrels full of money.....but I just wish I had been a much bigger part of this plan.
Perfectly legal, and the intent is to make Baltia America's Newest Airline......and to make it even more profitable than any of us could have ever imagined.
An absolute genius...............
Again......all just my opinion based on a few conversations, and I by no means am in a position to give any financial advice.
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