While ordinary working people worry about the health of the planet we leave our children and grand-children, the rich are more concerned over the wealth they will leave their privileged progeny.
“More than ever,” says Vince Annable, the CEO of VFO Advisory wealth management, “we’re seeing a growing number of ultra-wealthy families thinking further down their generational line.”
“In working with very wealthy families,” adds Cliff Oberlin, the chief exec at Oberlin Wealth Partners, “the topic of expanding their fortunes to benefit their great-great-grandchildren regularly comes up.”'
How can today’s wealthy best go about guaranteeing fortunes to their future family generations? Private Wealth magazine’s Russ Alan Prince, points out there are two “complementary” paths to dynastic wealth. They need to both ratchet up the return on their investments and “mitigate” the taxes they pay on those returns. Wall Street has regularly come up with new investment vehicles that promise and deliver healthy returns, most typically by squeezing workers and fleecing consumers.
Between 2010 and 2018, an last year concluded, America’s 400 wealthiest families paid on average a mere 8.2 percent annual tax on their income from earnings and investments.
Our Super Rich Are Fretting About Their Great-Great-Grandkids - CounterPunch.org
No comments:
Post a Comment