Year-End Tax Strategy Revealed in New Podcast and in Forbes: Reduce 2024 Taxes by 30%, Grow Family Wealth 2-5x

SCOTTSDALE, Ariz., Dec. 30, 2024 /PRNewswire/ -- With only two days left to take action, high-income individuals and those facing major liquidity events (e.g., business, stock, or crypto sales) should consider the tax-saving strategies discussed in the Dec. 22 episode of the Teaching Millionaires Podcast. Top tax attorney Jonathon Morrison and tax expert Rich Smith highlight the benefits of the Optimized Charitable Lead Annuity Trust (OCLAT), which Morrison has refined for maximum impact.

Key advantages of the OCLAT include:

• A dollar-for-dollar tax deduction in the funding year, reducing federal taxes by up to 30%;
• Potential returns of ~2-5x the initial contribution after donations to charity are completed over several years;
• Tax-free generational wealth transfers, eliminating the 40% federal gift/inheritance tax;
• Protection of OCLAT assets from personal creditors.

This strategy, famously employed by Jacqueline Kennedy, was recently featured in Forbes. The article emphasizes its suitability for high-income individuals or those selling highly appreciated assets who are philanthropic, need significant tax deductions, and aim to minimize inheritance taxes for heirs.

In a separate Forbes article, Morrison explains the OCLAT's mechanics:
"For example, transferring $1M in stocks to an OCLAT in August 2024 would yield a $1M tax deduction, saving ~$500K in federal/state taxes. Over 30 years, the OCLAT would donate ~$3M to charity and leave ~$5M tax-free for heirs or the original contributor, assuming an 8% return."

Morrison's innovative approach combines tax efficiency with philanthropic goals, making the OCLAT an attractive tool for individuals looking to optimize both their financial and charitable legacy.

For more information on OCLATs, including FAQ's, peer-reviewed research, and infographics, visit Jonathon Morrison's webpage.

About Jonathon M. Morrison
Jonathon Morrison is a senior partner at the premier tax and estate planning law firm Frazer Ryan Goldberg & Arnold, specializing in tax, business, and estate planning for clients with large or complex estates. A Certified Specialist in Estate Planning, Trust, and Probate Law in California, he is recognized as a Best Lawyer and has been a contributor to Forbes, Fortune, Barron's, and has published multiple peer-reviewed articles featured on the cover of the national Estate Planning Journal (the top legal journal in the field).

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SOURCE Frazer Ryan Goldberg & Arnold