{"id":2013,"date":"2023-10-15T19:23:12","date_gmt":"2023-10-15T19:23:12","guid":{"rendered":"https:\/\/infundpros.com\/finance\/how-phil-knight-charles-koch-and-other-aging-billionaires-are-making-sure-their-money-doesnt-go-to-uncle-sam\/"},"modified":"2023-10-15T19:23:13","modified_gmt":"2023-10-15T19:23:13","slug":"how-phil-knight-charles-koch-and-other-aging-billionaires-are-making-sure-their-money-doesnt-go-to-uncle-sam","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2013","title":{"rendered":"How Phil Knight, Charles Koch And Other Aging Billionaires Are Making Sure Their Money Doesn\u2019t Go To Uncle Sam"},"content":{"rendered":"
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Boomers and their elders control $93 trillion, or two-thirds of America\u2019s household wealth. Forbes 400 members Phil Knight, Charles Koch, Barry Diller and Harold Hamm give a master class in how to make sure your money goes to charity and children.<\/h2>\n

By <\/sub>Matt Durot<\/sub>, Forbes Staff<\/sub><\/h4>\n

\u201cT<\/abbr>here\u2019s four seasons <\/strong>in Oregon: fall, winter, spring and smoke,\u201d laments Nike cofounder Phil Knight, 85.<\/p>\n

Speaking in August from his home in the center of the state, he estimates that because of wildfires, visibility out his windows is limited to 100 yards. \u201cIt\u2019s the most beautiful state in the world, so to have it devastated by smoke is heartbreaking. I\u2019ve spent a little money looking into it, and controlling these fires on the West Coast is very doable.\u201d<\/p>\n

A bold claim. But Knight admits there\u2019s a task he\u2019s finding much harder than anticipated: giving away the bulk of his $39.5 billion fortune. \u201cIdentifying smart philanthropic bets has not been as easy as I might wish, and I expect that my successors and advisors will have a lot of wood to chop when I am no longer able to source new ideas,\u201d he muses. \u201cI\u2019m not in a hurry.\u201d<\/p>\n

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Knight is focused on ensuring family and philanthropy\u2014not the taxman\u2014get his wealth. There is a theoretical 40% estate tax looming, but like other members of The Forbes 400, he\u2019s determined it won\u2019t take a big bite from his fortune. \u201cThat\u2019s the art form. I talk to my financial advisor all the time, and that\u2019s one of the subjects we talk about endlessly,\u201d he says. \u201cMy philosophy is that if I do this right, the charities I give to will use that money better than the government will. So I give to them with a completely clear conscience.\u201d So far he has donated $3.4 billion, mainly to the University of Oregon (a science center and basketball arena), Oregon Health & Science University (a cancer research center) and Stanford (international grad student fellowships, a business school building and research on cognitive decline).<\/p>\n

America\u2019s Baby Boomers (born between 1946 and 1964), along with surviving members of older generations, are about to fuel the greatest wealth transfer of all time. In the U.S. today, according to the Federal Reserve, Boomers control a stunning $75 trillion and their elders another $18 trillion of the nation\u2019s $141 trillion in total household wealth. Yes, some middle-class retirees will spend their savings and die broke. But wealth in the U.S. has become increasingly concentrated, with the richest 1% holding 31% of net assets\u2014meaning most one-percenters (minimum net worth $10 million) will leave plenty to their children, grandchildren and favorite causes.<\/p>\n

That\u2019s particularly true for the very richest. Out of 88 million living Americans born before 1965, Forbes<\/em> has identified 572 U.S. billionaires\u2014the 0.000007%. We estimate they have a collective net worth of $3.9 trillion to pass on. The death tax? \u201cOnly morons pay the estate tax,\u201d former Goldman Sachs president Gary Cohn famously quipped while serving as President Donald Trump\u2019s chief economic advisor.<\/p>\n

Make no mistake, the estate tax used to be a real revenue raiser. But a quarter-century of political, regulatory and court decisions\u2014and the ingenuity of private lawyers\u2014have eviscerated it. Congress has raised the amount that a married couple can pass on to heirs without owing estate or gift taxes from $1.35 million in 2000 to almost $26 million this year. The full $26 million can now even go into a generation-skipping or dynasty trust\u2014meaning it can grow in value for grandkids (or later generations) without any further gift or estate tax owed. Plus, any assets someone still owns at death get a step-up in basis, so no capital gains tax is due on appreciation to that point.<\/p>\n

The result: Only 0.04% of deaths resulted in estate taxes in 2020, down from 2.18% in 2000. True, under current law, the estate exemption will fall by about half in 2026, when the temporary Trump tax cuts from 2017 expire. But the IRS has agreed that if that happens, it won\u2019t attempt to claw back (and then tax) money already transferred during life using the larger exemption.<\/p>\n

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For billionaires and centimillionaires, even more relief comes from an alphabet soup of wealth transfer techniques, used in ever more creative and aggressive combinations: GRATs, FLPs, IDGTs, GSTs, CLTs, ILITs, IDFs. Some plans get extra juice from intrafamily loans. Others deeply discount the value of transferred assets based on theories of why lack of marketability or control makes them worth less. In their annual menus of tax-the-rich ideas, Presidents Barack Obama and Joe Biden have proposed clamping down on some of these ploys. But that didn\u2019t happen while Democrats held both houses of Congress. It\u2019s a nonstarter now.<\/p>\n

One way the rich have long been applauded for avoiding taxes is through philanthropy\u2014far easier to love than a loophole. Industrialist Andrew Carnegie, who campaigned for the modern estate tax, gave away nearly 90% of his money\u2014about $6 billion in current terms\u2014before his death in 1919, leaving the balance to the nonprofit Carnegie Corp. \u201cThe man who dies thus rich dies disgraced,\u201d he wrote in his 1889 essay \u201cThe Gospel of Wealth.\u201d<\/p>\n

\u201cYou want to get it to the point where when you die, your heirs don\u2019t have to sell the company to pay taxes.\u201d <\/strong><\/h3>\n

Harold Hamm, founder, Continental Resources<\/sup><\/h3>\n

In a toned-down modern version of that, Warren Buffett, Bill Gates and Melinda French Gates in 2010 created the Giving Pledge, which requires signers to devote the majority of their wealth to charitable causes during life or at death. Since then, 104 current American billionaires worth $1.5 trillion (including 77 born before 1965 who are worth $950 billion) have signed. But not all giving is purely charitable. Recently, a new breed of \u201csocial welfare\u201d nonprofits has started clouding the meaning of philanthropy, since these organizations can engage in unlimited issue lobbying and substantial direct political activity\u2014things traditional charities can\u2019t do.<\/p>\n

Here, four members of The Forbes 400 share the moves they\u2019ve made to cement their legacies and ensure their wealth goes to family and favored causes\u2014techniques that can work for those of lesser means, too. The four are aged 77 to 87, making them members of the (pre-Boomer) Silent Generation. They were anything but silent when discussing their legacies. Our professors are Knight; Charles Koch, the free-market libertarian worth $54.5 billion; Harold Hamm, the truck driver turned fracking king worth $25.2 billion; and TV whiz cum internet entrepreneur Barry Diller, who is the poorest at $4.1 billion\u2014and the only Democrat. Diller is candid and unrepentant about having used a tax-saving technique he considers bad policy. \u201cYou live within the tax code, and if it says you can do this or that, and it\u2019s in the broad mainstream, why would any sentient person act another way?\u201d<\/p>\n

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climbs the stairs just before the sun comes up in Wichita, Kansas, to his third-floor office at the headquarters of Koch Industries, the $125 billion (2022 revenue) conglomerate of which he\u2019s chairman and co-CEO. Overlooking him is a bust of his father, company founder Fred Koch, who died in 1967 at age 67. Charles was 32 when he took the reins.<\/p>\n

Asked why he still works at 87, Koch invokes psychologist Abraham Maslow\u2019s hierarchy of human needs, the highest of which is self-actualization. Then he segues into a more down-to-earth explanation. \u201cI have retired friends at the club I belong to in Palm Springs who play nine holes every morning, have lunch and play gin all afternoon. If I did that, I\u2019d put a bullet in my head. I wouldn\u2019t need to because I\u2019d be dead in six months. That\u2019s not living.\u201d Koch\u2019s son Chase, 46, says his father\u2019s passion for both business and social change keep him going. \u201cHe works out six days a week and he\u2019s pretty healthy, knock on wood.\u201d<\/p>\n

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That hasn\u2019t kept Koch from nearly completing his plans for after he\u2019s gone. He has already transferred to Chase and to daughter Elizabeth, 47, equal amounts of his nonvoting Koch shares. After Charles\u2019 death, Chase will get all his father\u2019s voting stock, giving him 42% control. (The heirs to Charles\u2019 brother David, who died in 2019, also have 42%.)<\/p>\n

This past March, Dave Robertson, 61, a Koch Industries lifer, was named co-CEO with Charles. A transition figure to Chase? \u201cI don\u2019t want to take anything off the table,\u201d says Chase, who was promoted to executive vice-president in March. But he adds that his current role heading up Koch Disruptive Technologies, a venture capital subsidiary, is where he can \u201cadd the most value\u201d now. \u201cWe don\u2019t think about it as a family business. We think about it more as a meritocracy. As soon as we start thinking about it like \u2018the next Koch needs to have this role or that role,\u2019 I think we\u2019re in trouble.\u201d<\/p>\n

Charles Koch says his kids didn\u2019t get all his nonvoting shares; the rest will go to fund his charities and causes, after his wife, Liz, 78, is provided for. He hasn\u2019t signed the Giving Pledge and won\u2019t disclose the family\/charity split.<\/p>\n

But he has already made a big, and previously unreported, move. Last year he gave $4.3 billion of nonvoting Koch stock to Believe in People, a Wichita-based not-for-profit created under section 501(c)(4) of the tax code, a broad category of \u201csocial welfare\u201d organizations that includes everything from volunteer fire companies to the National Rifle Association and the American Civil Liberties Union. In contrast to a traditional 501(c)(3) charity, a C4 can own an entire company indefinitely and (so long as these activities support its principal purpose) engage in an unlimited amount of lobbying; get directly involved in politics; and benefit private individuals.<\/p>\n

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There\u2019s no income tax or estate tax deduction for giving money to a C4, as there is to a C3, but in 2015 Congress made a crucial tweak to the law that a Koch lobbyist promoted. That change exempted transfers to a C4 from the gift tax. So a living billionaire (or anyone else) can therefore give a C4 a big gift of highly appreciated stock without paying either gift or capital gains tax. The C4 can then sell the stock, capital gains tax\u2013free, or hold on to it indefinitely, reaping the dividends.<\/p>\n

While a few billionaires have put their entire companies into C4s, Koch\u2019s $4.3 billion gift to Believe in People is the largest, in dollar terms, to a C4 that we know of. The C4 is run by Chase, Robertson and Brian Hooks, who coauthored Charles Koch\u2019s fourth book, Believe in People: Bottom-Up Solutions for a Top-Down World <\/em>(2020). <\/em>Hooks, 45, also heads Stand Together, a network of Koch-funded charities and policy organizations. In addition, in 2020, Koch donated $975 million of nonvoting shares to CCKc4, a C4 run by Chase. The two newly funded C4s have as their stated purpose advancing human progress as defined in Koch\u2019s books. Under the separate Stand Together umbrella: the nearly two-decade-old Americans for Prosperity, a C4 \u201cgrassroots\u201d organization that has spent tens of millions a year on policy and politics, including opposing President Obama\u2019s reelection. A political action committee affiliated with AFP (AFP Action) is now opposing both Biden and Trump.<\/p>\n

See Here For Details On The More Than $5 Billion Of Stock That Charles Koch Gave Away<\/em><\/strong><\/p>\n

Plus: Forbes\u2019 Exclusive Interview With Charles Koch On The Future Of Koch Industries<\/u><\/em><\/strong> <\/em><\/strong><\/p>\n

Koch, the staunch libertarian, has supported an array of policies that includes cutting taxes and regulations, criminal justice reform and marijuana legalization. While emphasizing that he doesn\u2019t make the decisions at AFP or AFP Action, he offers this shot: \u201cWhat I think is very dangerous, very destructive for our country is that both parties are becoming increasingly authoritarian.\u201d<\/p>\n

spending his summer yachting in the Mediterranean, Barry Diller, the founder and chairman of internet and media conglomerate IAC, returned to his Manhattan office this September to argue that the tax code is unfair to those who can\u2019t afford a yacht. \u201cThis idea that capital deserves protection while working people\u2019s salaries don\u2019t is a monstrosity,\u201d he says.<\/p>\n

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One giveaway to the rich the 81-year-old particularly hates: the grantor retained annuity trust, a popular tool for transferring appreciating assets to heirs tax-free. \u201cGRATs should be abolished,\u201d he says. \u201cI\u2019ve never heard any reason for them that has any social underpinning.\u201d But they\u2019re now mainstream, so he has used them. In addition to the $400 million of stock in Expedia (it was spun off from IAC) Diller currently holds in GRATs, he has transferred more than $1 billion of other assets through GRATs to different trusts for his heirs. \u201cI\u2019m in the center lane on this,\u201d he says. \u201cWe don\u2019t have lawyers looking for [new loopholes]. Some of my friends spend an excruciating amount of time on this. We don\u2019t do that.\u201d<\/p>\n

One variation: the Walton GRAT, also known as a zeroed-out GRAT. Walmart cofounder Bud Walton\u2019s ex-wife, Audrey Walton, won a tax court case in 2000 allowing it. A parent puts stock or other assets in a trust for his kids and takes back an annuity (which can pay out in stock) calculated to equal the present value of everything he just put in the trust\u2014assuming, that is, that the assets grow no faster than a low statutory interest rate, known as the 7520 rate. That rate was an absurdly low 1.6% a year for GRATs set up in February 2022, before the Federal Reserve started raising rates. If the GRAT assets grow faster than 1.6%, there\u2019s real wealth left in the trust for the kids (even though the parent got all his money back), gift tax\u2013free. Because this works only if the parent outlives the term of the GRAT, this is typically done with a series of overlapping GRATs lasting two to ten years. A side benefit: The parent pays any income tax owed by the GRAT (on stock dividends or capital gains, say), effectively increasing what\u2019s left for the kids.<\/p>\n

Although he\u2019s a Giving Pledge signatory, Diller still plans to leave his kids big bucks. \u201cI believe that what Warren Buffet and others have said about not leaving your children wealthy because it ruins ambition is wrongheaded,\u201d says Diller, who grew up in an upper-middle-class family in Beverly Hills, dropped out of college and started in the mailroom at the William Morris Agency. \u201cThey\u2019re either ambitious or they\u2019re not. I don\u2019t believe money particularly motivates ambition anyway.\u201d He himself was the wunderkind CEO of Paramount Pictures and then Fox before deciding at 50 that he wanted to own his own company.<\/p>\n

He involves his kids in his charity work, too. \u201cBefore [the Giving Pledge] was public, Warren Buffett called and asked if we\u2019d consider being in the initial group. I said, \u2018I\u2019ll ask my son, since he\u2019s the one most directly affected,\u2019\u2009\u201d he recalls. That son is Prince Alex von Furstenberg, 53, one of two children from his wife\u2019s first marriage (to a German prince). Diller married Diane von Furstenberg, the famed fashion designer, in 2000. \u201cHe\u2019s kind of an idiot savant of investing,\u201d Diller says of Alex, who manages the Diller\u2013von Furstenberg family office and who urged his stepfather to sign the pledge.<\/p>\n

So far, Diller has doled out $430 million to charity, including more than $300 million to develop Little Island, a public park on an artificial island in the Hudson River off Manhattan, with garden paths and an amphitheater. It opened in 2021 after years of legal challenges and cost overruns. The park was Diller\u2019s baby. \u201cI\u2019ve always loved public art and public spaces,\u201d he says. Alex and his sister, Princess Tatiana von Furstenberg, 52, along with their mother, serve on the board of the family\u2019s charitable foundation; each, Diller insists, has veto power over major spending. As for the kids\u2019 charitable interests, Alex has already spent millions of his own money promoting plans to help poor Americans build wealth. \u201cHe cares so much about inequality,\u201d Diller says.<\/p>\n

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is a big consideration,\u201d Phil Knight says candidly. \u201cI suppose that\u2019s one big reason I\u2019m giving most of it away, because I can get more bang for my buck that way than the other way.\u201d The other way, of course, is a chunk going to Uncle Sam in the form of estate or gift taxes. Oregon, where he\u2019s the richest resident, also has a 16% estate tax he\u2019s keen to avoid.<\/p>\n

The Beaver State has benefited from his philanthropy, however, with Knight\u2019s alma mater, the University of Oregon, the largest recipient so far. He ran track there, served a year in the Army, earned a Stanford MBA, surfed and sold encyclopedias in Hawaii on his way to Japan (where he secured U.S. import rights to a line of running shoes) and became a CPA\u2014all before starting Nike in 1964 with his college running coach. He dismisses accusations that he has wielded excessive influence at the school. But he isn\u2019t oblivious to criticism; it explains why he hasn\u2019t signed the Giving Pledge. \u201cI thought with local media being quick to criticize, they would look and say \u2018You\u2019re not giving it away very fast.\u2019<\/p>\n

\u201cI don\u2019t want to rush it. I\u2019ve elected to focus on big causes that can have a big impact,\u201d he adds. \u201cIt\u2019s a bit the opposite of [Amazon founder Jeff Bezos\u2019 ex-wife] MacKenzie Scott, who has quickly contributed so much to hundreds of different charities and done a lot of good. But there\u2019s a lot of them in a hurry.\u201d Responsibility for continuing his charity, Knight says, will fall first to Penny, his wife of 55 years, who \u201cis 10 years younger than I am and in better shape.\u201d Then son Travis, 50, will make decisions. A former rapper (stage name: Chilly Tee), Travis now runs Laika, an Oregon-based animation studio his father gained control of in 2002.<\/p>\n

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In his 2016 memoir, Shoe Dog,<\/em> Knight expressed regret about not spending more time with his two sons while building Nike. (His older son, Matthew, died while scuba diving in 2004.) Now he\u2019s spending time with Travis, talking philanthropy. That process, Knight concedes, \u201cis actually in its infancy now, because we just started over the last couple of years to talk about those things. I\u2019m still making the decisions, but he\u2019s at my elbow while I\u2019m making them.\u201d Travis has been learning the ropes at Nike, too. In 2015 he joined the board as part of a succession plan; his dad stepped down the next year. \u201cI\u2019ve always felt that my position on the board is sort of as a guardian of the culture,\u2019\u2019 Travis says.<\/p>\n

Knight used GRATs to move shares now worth $3.8 billion to a trust in Travis\u2019 name. Another Knight maneuver, involving a family LLC called Swoosh, has brought the total value of shares transferred to trusts for his heirs to $4.4 billion, according to securities filings and an analysis by Bob Lord, a tax attorney and senior advisor to Patriotic Millionaires, a group favoring higher taxes on the rich.<\/p>\n

While Travis\u2019 trust now has voting control of the family\u2019s nearly 20% stake (worth $29.8 billion) in Nike, 85% of the shares are technically owned by Phil Knight. Lord points out that he could use testamentary charitable lead annuity trusts (CLATs)\u2014a well-established option\u2014to reduce or eliminate estate tax on this remaining wealth. As with a Walton GRAT, a CLAT can be \u201czeroed out.\u201d The charities get annuity payments for a fixed number of years calculated to exhaust the present value of the assets put into the CLAT\u2014assuming they don\u2019t earn more than that low 7520 interest rate. If they do earn more, heirs are left with the trust\u2019s remaining assets at the end, without any estate taxes. A spokesman for Knight acknowledges CLATs are a \u201cviable option,\u201d but adds that \u201cno such plan is presently contemplated.\u201d<\/p>\n

Knight could also leave those shares to his wife estate tax\u2013free (under the unlimited marital exemption) and defer further planning to her. When asked what percentage of his wealth he\u2019ll leave to charity, he tells Forbes,<\/em> \u201cIt\u2019s certainly way more than 51%. It\u2019s certainly not 90%. It\u2019s somewhere in between. Ultimately those final decisions will be decided after I\u2019m gone. Penny and Travis are on the same page, and they will make the decisions on a lot of the amount that\u2019s given.\u201d<\/p>\n

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drive him at all,\u201d says Shelly Lambertz, Continental Resources\u2019 chief culture and administrative officer, of her 77-year-old father, Harold Hamm, the business\u2019 founder. \u201cHe loves the company. It\u2019s his first and favorite child. His identity.\u201d Hamm, the 13th child of Oklahoma sharecroppers, picked cotton barefoot, worked as an oil field truck driver after high school, began drilling wells when he was 25 and went on to lead America\u2019s fracking revolution.<\/p>\n

He says his top priority right now is generating cash to pay off the $4.3 billion he borrowed to take Continental private in a $27 billion (enterprise value) LBO last November. By then, he had already transferred half the family\u2019s Continental stake (now worth an estimated $25 billion) to trusts benefiting his five children. That took 25 years of working with lawyers and a complicated series of transactions that involved a family LLC, loans to the trusts and valuation discounts. \u201cThe biggest key is to start early, when the company is small, before the growth has occurred and the value is created,\u201d he says. \u201cYou want to get it to the point where when you die, [your heirs] don\u2019t have to sell the company to pay taxes.\u201d Going private wasn\u2019t an estate planning move, he notes, but an economic decision based on the market acting \u201clike oil and gas didn\u2019t exist anymore after 2020.\u201d<\/p>\n

So far, Hamm has donated around $200 million\u2014less than 1% of his wealth\u2014to charity for diabetes research, an energy institute and other causes. In 2011, he signed the Giving Pledge with his second wife; three years later he wrote her a $975 million divorce settlement check and swore never to remarry. He\u2019s no keener to share with the IRS. \u201cI haven\u2019t seen anything to lead me to believe that the government has done very well with the money America has already given them.\u201d<\/p>\n

Additional reporting by Chris Helman <\/em><\/p>\n

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