Who’d Gain From an Estate Tax Rollback: The 0.2 Percenters
As Steven Mnuchin, President Trump’s Treasury secretary, bluntly declared last month, “Obviously, the estate tax, I will concede, disproportionately helps rich people.”
As it is now, the estate tax affects a small set of wealthy Americans, applying only when someone leaves assets worth more than $5.49 million to heirs. Together, parents can leave $11 million to their children without paying a penny in estate taxes.
David Rockefeller’s Thoughtful Path to Philanthropy
Mr. Rockefeller, who gave away $20 million to $30 million a year in the last 10 years of his long life, found another way to use philanthropy to make a difference — a big difference, if the sales at Christie’s bring in the $700 million that some auction experts are predicting. The previous record for an auction was set when the collection of the fashion designer Yves Saint Laurent and his partner, Pierre Bergé, were sold for $484 million in Paris in 2009.
I’m Rich, and That Makes Me Anxious
Mr. Gallagher, who is retired from his position as vice chairman of Canadian Imperial Bank of Commerce World Markets, is a member of Tiger 21, a network of over 570 members who collectively manage more than $50 billion worth of personal investable assets.
At age 72, he is a multimillionaire. Even so, “I still feel, to some extent, that I don’t have enough money,” he said. “Emotionally, I don’t come from money; I got very lucky on Wall Street. I’ve been dealing with a myriad of psychological issues since I retired. I have more money than I had ever imagined, but I still worry — do I have enough, if I live longer than I thought?”
Protecting Andy Warhol From Flood, Fire and Quake
People commonly pay insurance companies to secure their property against loss or damage. But for the affluent, insurance companies sometimes take matters into their own hands.
Believing that an ounce of prevention is worth a pound of cure, some insurers will send in specialists to prepare a home for disaster, for instance, while others will pay to move valuables out of harm’s way.
As Trump Pushes for Tax Overhaul, Wealth Advisers Say, ‘Wait and See’
Because changes are expected for business, income and so-called transfer taxes — those levied on estates and gifts — the lack of details has wealth advisers urging caution to clients asking the most natural of questions: What does this mean for me?