Tuesday, November 6, 2012
Salvatore J. LaMendola (Attorney, Giarmarco, Mullins & Horton, P.C.) recently published his article entitled The 60/40 CLAT. An abstract of the article is below:
Despite their impressive achievements, many successful business owners still experience a lack of accomplishment. This might have been best expressed recently by John Caudwell, a 58-year-old U.K. billionaire, as follows: "It's partly a question of what you want to see on your tombstone.Here Lies a Very Successful Businessman doesn't really do it, does it? " Caudwell is giving much of his wealth away to help disabled children around the world. Business owners who, like Caudwell, would like to share their good fortune with others, but who also would like to pass on their businesses to their heirs estate tax free should consider a "60/40 CLAT". This article focuses on the CLAT on what it is, how it works, and how it helps closely-held business owners.