I read that many years ago, the Rockefeller Center was sold for mega millions.
The property was owned by a trust. The "buyer" simply set up a new trust and funded it with mega millions. Then, the trust that owned the real estate and the trust that owned the cash simply switched trustees.
Abracadabra ... no recognizable sale was made, but each party got what they wanted.
Lots of these games can be played, especially for the Rockefellers, who have trusts that were established prior to the tax law changes in 1969, making their trusts forever tax free.
When Mitt Romney ran for president, he disclosed assets and tax returns. He had a $100 million IRA. Hard to do if you are saving $5,000 per year and investing in mutual funds.
But ... if you are doing private equity deals, using Cayman Islands structures, along with some sophisticated partnership structures that your IRA owns a part of, it is easy peasy.
I have no idea what Trump's finanical structure looks like behind the scenes, but I would bet he will be alright, financially.
Side note (you might find this interesting):
I read that many years ago, the Rockefeller Center was sold for mega millions.
The property was owned by a trust. The "buyer" simply set up a new trust and funded it with mega millions. Then, the trust that owned the real estate and the trust that owned the cash simply switched trustees.
Abracadabra ... no recognizable sale was made, but each party got what they wanted.
Lots of these games can be played, especially for the Rockefellers, who have trusts that were established prior to the tax law changes in 1969, making their trusts forever tax free.
When Mitt Romney ran for president, he disclosed assets and tax returns. He had a $100 million IRA. Hard to do if you are saving $5,000 per year and investing in mutual funds.
But ... if you are doing private equity deals, using Cayman Islands structures, along with some sophisticated partnership structures that your IRA owns a part of, it is easy peasy.
I have no idea what Trump's finanical structure looks like behind the scenes, but I would bet he will be alright, financially.