You know Gumby, right? He’s the tall, green humanoid character. As a kid, I loved watching Gumby and his horse Pokey.
Decades later, I came to appreciate Gumby’s trademark attribute – flexibility.
Flexibility is likely the single biggest concern of my Wealth Structuring clients.
To be honest, it isn’t terribly difficult to create a Wealth Structure that provides tax benefits, privacy, and security. Any half-decent advisor can accomplish that. But the trick is providing these benefits while maintaining flexibility.
Here’s an example: I have a client that is a tech whiz. As part of his compensation, he acquired some shares of a company in a foreign country before it was to go public. We figured out a way for the eventual sale of these shares to be viewed as a tax-neutral transaction by his home country and a tax-free one in the foreign country.
How?
Long story short, it involved setting up a foreign trust in the Cook Islands.
Guess what happened next…
Life.
The deal didn’t work out as originally planned.
Not a problem. We rearranged some things and the client was able to take a massive tax deduction the following year. If we failed to come up with this solution, the client would have been stuck with an insignificant deduction and huge tax bill.
But here’s the kicker – we did all this for a client of our Concierge Tax Service. Just imagine the flexibility and level of service I provide to clients seeking a custom Wealth Structure.