Bloomberg Businessweek outlines an inside look at how Nike founder Phil Knight is giving a fortune to his family while avoiding billions in U.S. taxes. The article begins as follows:
Sitting in the bleachers by the University of Oregon’s running track, Nike Inc. founder Philip Knight offered the sort of lofty promise many other super rich Americans have made over the past decade. The bulk of his money, he told CBS News that day in 2016, would be given away—eventually. “By the time the lives of my children and their kids run out, I will have given most of it to charity,” he said. What Knight didn’t mention was that, for years, he’d been using a range of legal techniques to ensure his heirs keep control of most of his assets and profit from them in the process, quietly transferring vast piles of money in a textbook example of how the rich avoid taxes.
To see the full article, click: “The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free”.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.