Wealthy people, like Michael Bloomberg and Mark Zuckerberg, have used grantor-retained annuity trusts. The trusts have better odds of success in down markets.
, according to reports. They include Michael Bloomberg; Meta co-founder Mark Zuckerberg; Sheldon Adelson, the late casino magnate; the Walton family of Wal-Mart fame; Charles Koch and his late brother, David Koch; fashion designer Calvin Klein; Laurene Powell Jobs, the widow of Apple founder Steve Jobs; media mogul Oprah Winfrey; Lloyd Blankfein, senior chairman of Goldman Sachs; Stephen Schwarzman, chairman and co-founder of the private equity firm Blackstone.
"It's the one-tenth of 1% of society to whom this is really applicable," Richard Behrendt, an estate planner based in Mequon, Wisconsin, and a former estate tax attorney at the IRS, said of the trusts."But for that segment, I think it's a golden opportunity." The estate-tax threshold is scheduled to be cut in half starting in 2026, absent an extension from Congress. A Republican-passed tax law in 2017 doubled the estate-tax threshold to around its current level, but only temporarily.
This looming deadline may mean individuals with roughly $6 million estates may weigh a wealth transfer now, too, experts said.Jerome Powell, chairman of the U.S. Federal Reserve, on Sept. 23, 2022.That's due to the complex inner workings of these trusts. Investment growth must technically exceed a certain threshold — the"The 7520 rate, set monthly, is currently 4%, up significantly from
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