Sports isn’t something we usually write about on a blog dedicated to matters of wealth preservation and taxation.
Say what you will about LeBron James signing with the Miami Heat, his decision may have been based as much on taxation as on proximity to the nightclubs of South Beach. By moving to low-tax Florida from high-tax Ohio, it has been estimated that $11 million more may remain in Mr. James’ pockets, rather than going to taxes. I’ve been to Cleveland, and it has its charms, but saving $11 million from taxes is on par with sunshine and palm trees as reasons to move south.
Regular mortals of more modest height may also avail themselves of tax planning maneuvers to keep more wealth for themselves and their families. We can advise on tax-compliant structures and strategies to minimize income tax, capital gains tax and estate tax. And if, like LeBron James, moving somewhere new may minimize your tax bite, we can advise on where to go, including expatriation. Contact us to discuss your situation.