Tuesday, October 27, 2020

Some Ways Hunter Biden Can "Funnel" Money to Joe Biden Legally

Here are some ideas to transfer money from Hunter Biden to Joe Biden legally (with my limited knowledge).

GIFTS

Annual Gift Tax exclusions means that each person can give another person up to $15,000 per year and it not be considered taxable. This was for 2018, 2019, and 2020.

So, Hunter Biden gets the money from whatever sources and pays the taxes. He then gifts the following individuals in the family the following amounts:

Joe Biden$15,000
Joe Biden's Wife$15,000
Jim Biden$15,000
Jim Biden's Wife$15,000
Ashley Biden$15,000
Ashley Biden's Husband$15,000
Naomi Biden$15,000
Finnegan Biden$15,000
Maisy Biden$15,000
TOTAL$135,000

There may be cousins and other family members that are also receiving money. Once the various family members receive the gift from Hunter Biden, they can now subsequently gift a smaller portion, say $10,000, to Joe Biden and his wife.

Each family member and their wife would add $30,000 potential money.

INTRA-FAMILY LOAN
Another thing that can be done is called an "intra-family loan." You can read more about these online. Basically, these are loans that you can give to family members that could be interest only spanning a period of 30 years or more. The interest rates are really low, and as of October 2020, can be 1.12%.

At 1.12%, an interest only loan of $1 million from Hunter to his father, Joe, would be $933.33/month.

Something like this would need to be reported somewhere, I'm sure, so maybe they don't do this.


TRUSTS
Another method is through the use of Trusts and the Lifetime Gift Tax exemption. Currently, it is $11.58 million. Basically, you can give $11.58 million in one swoop to Joe from each family member without paying a gift tax. But it hasn't always been this high. It changes depending on tax legislation.

You can create all kinds of zany structures to make this work.

There's nothing that I know of to stop Hunter from using Trusts to technically give money to the various family members and the various family members to also create Trusts that gift to Joe.

I don't think doing this all in one, single document is a good idea. This would require immense trust among the family members doing this technique. 

But I'm sure there are other ways around it that I don't know of. Estate attorneys would know much better than me.


OTHER EXPENSES
Car payments, home payments, etc. I imagine they don't do this because it is too easily tracked and I'm sure the IRS would be tracking all these things very carefully. 


In the end, the wealthy have all sorts of tools to transfer wealth legally without paying a tax. The more children and larger your family, the easier it is. Usually, it is the father that tries to transfer to his children and grand children, and not the other way around.

But there is no law against that. Gotta help out papa Joe!


UPDATE: OFFSHORE BANK ACCOUNTS
I forgot about this one. Just pay some "fees" to services rendered by an off-shore corporation with accounts that, for whatever reason, are not reportable to the United States. I'm not sure how these corporations can get the money back to Joe Biden back to the United States. Maybe some more loans?

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