Attorney Morris Robinson was interviewed by CNN Money reporter, Blake Ellis, on February 3 and again on February 6, 2012 for her article about the $100 million family trust Mitt and Ann Romney established for their five sons. Attorney Robinson, a tax expert, identified the type of trust the Romneys’ have created as an “intentionally defective grantor trust.” This type of trust requires Mitt and Ann to pay the income taxes on the trust income. These tax payments escape both gift and estate taxation, leaving more money to the next generation. Blake Ellis’ article was published yesterday, February 6, 2012, on CNN Money. Click to read her article.
Last week, Attorney Robinson published an article on our blog that described the careful tax planning that went into the establishment of the Romney family’s $100 million trust. His article demonstrates that all of the powerful tax-minimizing techniques successfully used by the Romney family are completely legal and most are easily available to most Americans. Click here to read Attorney Robinson’s article in full.
Contact M. Robinson and Company, P.C. for advice on minimizing your family’s overall effective income, gift and estate taxes.