Donald Trump recently appointed Steven Mnuchin to lead the United States Treasury Department, but is the new appointee taking advantage of a tax loophole? A federal ethics disclosure revealed that Mnuchin placed assets worth $32.9 million into the Steven Mnuchin Dynasty Trust I, allowing him to shield wealth from estate taxes for many generations to come. Only an elite few wealthy families actually need the help of a dynasty trust—those that intend to benefit the generations well beyond their children and grandchildren. The Obama Administration has called for changes to these types of tax loopholes, while Trump is looking to make them virtually useless for planning one’s estate.
See Zachary R. Mider, Trump’s Treasury Pick May Have Used Tax Loophole Obama Attacked, Financial Advisor, January 12, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
