Daniel Nigito - The Power of Leveraging the Charitable Remainder Trust: Your Secret Weapon Against the War on Wealth

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Table of Contents

For my wife, Shelley. Just being in your presence elevates my game.

Acknowledgments

No one can whistle a symphony. It takes a whole orchestra to play it.

H.E. Luccock

I have been blessed in my life to be supported along the way by people who allow me to do the job that I loveteaching folks how to add meaning to their money. I want to mention a few of them here. At the heart of our team at Market Street Financial Advisors, in Bethlehem Pa is David Weikert. Dave handles all the day to day stuff that keeps our business running, while Im off writing books and giving lectures. Hes been with me for over ten years and I could not do what I do without him.

In the What good is family if you cant get them to help you? department, I want to thank my cousin, Jennifer LaBracio. In addition to being gorgeous and talented in her own right, Jen opened the door to my new publisher, John Wiley and Sons, Inc. It has proved to be a great fit for me. At Wiley, I have enjoyed working with David Pugh, Senior Editor, and Todd Tedesco, Senior Production Editor. They are professional, responsive, and have a great sense of humor. I also want to add a special thank you to Kelly OConnor, Development Editor, for her thoughtful comments and changes to the original manuscript. It is a welcome experience to work with people who actually get it.

None of this would be possible without my wife, Shelley. She is simply the finest person Ive ever met. She also has the best business sense of anyone I know. Her impact on our community through her leadership as the CEO of the State Theatre, Center of the Arts in Easton, Pa is the stuff legacies are built on. She set the standard for integrity.

Finally, I must thank our kidsin order of their appearance, Courtney, Tim, Natalie, Dominic, and Vince. They range in age from 30ish to 20ish and I have cherished every single year. I love my family (even our bulldog, Gracie), and I cant put it any simpler than that. I thank God for them every day. Speaking of God, this book may be mine, but the glory is His.

Disclaimer

This publication is designed to provide accurate authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expertise is required, the services of a competent professional should be sought. From: A Declaration of Principles jointly adopted by a committee of the American Bar Association and a Committee of Publishers.

IRS Circular 230 disclosure: In order to comply with requirements imposed by the IRS, please be advised that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein.

INTRODUCTION

Is this the Change You Can Believe In?

If you put the federal government in charge of the Sahara Desert, in five years thered be a shortage of sand.

Milton Friedman

Well, here we are. Just about everything we earned over the last 12 years is gone. But it is not enough. If you played by the rules, paid your taxes, paid your bills (mortgage, too), put a few dollars away, and invested in the United Statesor the world for that matter, you lost. We lost. But it is not enough. The revolution came and went, without a shot fired, without blood spilled. We are now ruled by a congress and president determined to redistribute the wealth at all costseven if it costs all. America, this is your wake-up call: This is not a congress or administration that cares about getting it right, it is about getting even.

In a nutshell, your government feels that they can spend your money better than you can, that they can manage your money better than you can. They determine who gets what and how much; which causes are worthwhile and which are not. And, they do it with your money. But, not to worry, they can be trusted to be the stewards of your tax dollars, right? Hows that been working out so far?

This book is about one simple strategy that we can use to help us take back control of our money and how its spent. There are many strategiesthis is only one, but it is effective. Its about wiping the blood from our collective nose, taking the standing eight-count, and staggering back into the ring. Okay, maybe Im getting a little carried away with the athletic analogiesbut you get my point, fight back!

Wake Up and Smell the Reality

If you earn more than $150,000 per year (not the $250,000 youve heard about), youre the enemy.

If someday you plan on taking more than $150,000 out of your retirement plan, or plan on transferring whats left of it to your kids when you die, youre the enemy.

If you own your own businesseven if youre the only employeeyoure the enemy.

If you own any investment that will someday be sold for a gain (which is the whole point), youre the enemy. I know that seems like a reach after the market beat-down, but gains do still exist and will return.

And if you spent your life building your assets to where they exceed $3,500,000, you are really the enemy.

Notice that nowhere in the list above did I mention Wall Street moguls making $20 million bonuses. Nowhere above did I mention the titans of industry who amassed vast amounts of wealth while running their companies into the ground. This book is not about them, it is about us. They make great headlines and make us furious. But they are thieves and thugs, they are not us. Unfortunately, they have provided a great excuse for the current administration to wage a war on wealth and on those who actually believe in capitalism and the creation of wealth. What used to be called the American dream.

Look in the mirror, look at you paycheck, look at your assetsthats us, you are us. We are the 10 percent who pay 71 percent of all the income taxes. We are the 5 percent who pay 89 percent of all the capital gains taxes. We are the 2 percent that pay 100 percent of all the gift and estate taxes. We are a targeted class of accidental philanthropists. That is, we dont have the choice of who we give our money to, or how much we give them. The government takes, the government decideswho and how much.

Until now.

There is a way to fight back. There is a way to take control of your tax dollars and how they are spent. The best way to avoid the redistribution of wealth through taxation is by avoiding the taxation in the first placelegally. The best way to avoid becoming an accidental philanthropist is by becoming an active one by using the specific strategy detailed in this book. The best way to fight back is by unleashing the power of charitable leverage.

Stay with me and I will teach you this strategy in words of one syllable or less. Ill use plain New Jersey English and lots of step-by-step charts. Stay with me and I will show you the real magic of this strategy, that when you use charitable leverage you take the power away from congress and keep it for yourself. Better still, in the process you will provide more wealth for you and your family.

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