One of the big announcements on Wall Street this summer is the Initial Public Offering (IPO) of Facebook. Some of the estimates that I have seen say it is possible that the IPO may bring in more than $100 billion for the company. That is a lot of cash for a new company and one that is founded and ran by people less than 30 years old.

But, as this is an estate and tax planning blog, the pertinent part I would like to discuss is the strategies of the founders to shift their wealth to their family without incurring excessive taxation. According to TaxProf Blog, some of the founders are using Grantor Retained Annuity Trusts (GRATs) to shift some of their stock to benefit other family members before the IPO.

The GRAT works by holding the property for the benefit of others, while still being income tax reported by the Grantor. When the Grantor sells his pre-IPO shares of Facebook to the GRAT, he takes a discounted value and a low rate of interest on the installment note. When the stock is offered at IPO and increases vastly in value, the other family members benefit from the appreciation.
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The headline I read stated that the combined strategies would save an estimated $200 million in taxes for these young entrepenuers!

So, the pertinent question for you here in Altus and southwest Oklahoma, is if a 30 year-old has already taken steps to protect his wealth for future generations, have you taken the necessary steps for your own family and your legacy?