Felix G. Rohatyn, the titanic banker who is famous for helping save New York City from bankruptcy, recently transferred his full-floor co-op to a trust composed of himself, his wife, his son, and a friend. He transferred the property for $11.25 million, an amount well-below the property’s fair market value. While it’s impossible to know why he did it or what he’s done inside the trust since the transfer, it most likely had something to do with minimizing taxes and avoiding probate.
See Matt Chaban, 810 Fifth and Taxes: Felix Rohatyn Gives Co-op, $11.25M. to Family Trust, N.Y. Observer, Feb. 4, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.
