The Republican nominee for president, Mitt Romney, is said to be skirting his income tax obligations. He has only released selective information regarding his tax returns, and he has millions of dollars in investments in off-shore accounts. But, he is merely taking advantage of the available tools, laws and planning techniques to achieve the purported tax savings.
Mark Zuckerberg and Dustin Moskovitz, two of the co-founders of Facebook, created their estate plans at age 24, before becoming billionaires, in which they will be passing $185 million dollars estate tax free. They too took advantage of the available tools, laws and plans to be able to accomplish this feat.
We can be upset that these extremely rich people get richer by being able to avoid (or reduce) what most of us have to do – Pay Taxes. OR we can look at these folks, and others like them, to learn a lesson – that with proper planning, we can protect what we have.
The one thing the rich know is that they can pay for advice, and then execute a plan that enables them to save more money. The concept is to pay a little now, and save a lot in the future. The rich pay for good advise, and then take advantage of it.
But this should not be a concept for just the “rich,” it should be universal. And it IS! Except, it seems, that there are too many people who don’t want to take advantage of the expertise that is offered, or fail to even seek the advice in the first place. Too many people think that planning is not for them – and in the end, they, or their families, pay more because of that misconception.
There are many planning techniques available to be able to customize a plan for you and your particular situation. You may not be able to do exactly what Mitt Romney, Mark Zuckerberg or Dustin Moskovitz, but you can do something!
Contributed by Arrowhead and Phoenix MH Estate Planning Attorney James P. Plitz
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This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.