Bloomberg: “Romney Tax Returns Show Strategy for Moving Money to Kids”

Sharing his expert knowledge for an article taking a closer look at the estate planning techniques used by GOP nominee Mitt Romney to minimize taxes and build millions of dollars in wealth, McManus & Associates Founding Principal and Attorney John O. McManus recently spoke with Bloomberg Reporter Margaret Collins.

As noted in the piece, in addition to establishing a family trust in 1995, the Romneys set up a charitable remainder unitrust, or a CRUT, in 1996. Within the article, McManus estimates that:

The Romneys also set up a charitable remainder unitrust in 1996, according to state financial disclosure documents. The trust, also known as a CRUT, moves money out of an estate by donating it to charity and has two additional benefits for the creator, said John O. McManus, principal at the law firm McManus & Associates in New Providence, New Jersey, and New York.

The maker of the trust receives some tax deduction for the value that is expected to go to charity and receives payments from the trust for a set period before the assets transfer, McManus said.

With the help of a variety of estate planning strategies, Mitt and Ann Romney have been able to “amass at least $100 million for their family outside of their estate.”

Read the whole story here. The team of lawyers at McManus & Associates would be happy to discuss the techniques used by the Romneys and develop a plan to help you protect and build your family’s wealth.

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