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Friday, December 23, 2022

The Massive HNW Story of 2022: The Patagonia Goal Belief

When Patagonia founder Yvon Chouinard introduced this fall that he was promoting the corporate and transferring a part of the possession to a objective belief, the speedy response was that he was doing so for purely altruistic functions. Chouinard selected this property planning automobile to meet a particular objective, after all—preventing local weather change and advocating for employees’ well-being. 

However he additionally structured the deal in such a manner that whereas he should pay $17.5 million in present taxes for the shares he transferred to the belief, he isn’t on the hook for $700 million in federal capital beneficial properties from the sale (primarily based on Patagonia being value $3 billion). And by not transferring the corporate—and his massive fortune—to his heirs, he avoids the 40% U.S. property and present tax.

WealthManagement.com coated this story in nice element over the course of the 12 months. What follows are a couple of of our prime tales on the subject, in addition to some extra assets for advisors when discussing trusts and taxes with purchasers.

Click on by means of the slideshow to evaluation our protection of this story.

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