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    Oct 12 12

    Romney’s Savvy Estate Plan, a Model for Wealth Transfer

    Newport Beach Law Firm

    Romney’s [estate planning] vehicle is known as an “intentionally
    defective grantor trust” or by the acronym IDGT — hence the nickname: “I Dig
    It.” Such trusts permit donors to give potentially unlimited amounts to
    children free of estate and gift taxes.

    All politics aside, the presence
    of an individual as financially savvy as Mitt Romney atop the Presidential
    debate stage brings some important estate planning lessons into the public
    view. Not least amongst them is the “Intentionally Defective Grantor Trust” and
    the acronym-turned-message, “I DiG IT.”

    Romney and his use of the IDGT
    (accordingly pronounced, “I DiG IT,” if you aren’t into spelling out your
    acronyms) were the subject of a recent article in Bloomberg News titled “Romney
    I Dig It’ Trust Gives Heirs Triple
    Benefit
    .”

    A popular wealth transfer
    strategy among estate planning attorneys, the IDGT provides a “triple benefit”
    to taxpayers who employ it. The key, as with so many wealth transfers, is to
    place unappreciated assets in an IDGT and thereby shelter
    them as they grow. If the assets then appreciate in the IDGT, then the transfer
    will ultimately maximize the wealth transferred and minimize the attending
    taxation.

    To learn more about this popular
    IDGT strategy and how it may benefit you (and your loved ones), check out the
    original article and contact your estate planning attorney to explore whether
    it may be an appropriate strategy for you.

    Contact Meier Law Firm to discuss all of your Estate Planning needs. 

    Reference: Bloomberg
    (September 27, 2012) “Romney
    I Dig It’ Trust Gives Heirs Triple
    Benefit




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