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Daily Mail
11 hours ago
- Business
- Daily Mail
Revealed: The most tax-friendly state in America where the ultra-wealthy are flocking for business
Wyoming is rapidly establishing itself as a top destination for ultra-wealthy individuals and businesses, drawn by its tax advantages and high-end real estate market. As one of nine US states with no state income tax, Wyoming offers significant financial incentives for affluent residents. Additionally, the state's Dynasty Trust laws allow families to transfer wealth across generations while avoiding estate, inheritance and state income taxes - further solidifying its status as a tax shelter. The state's appeal is amplified by its business-friendly environment and low property taxes, attracting both individuals and companies seeking to minimize their tax burdens. 'Wyoming is the most tax-friendly state,' Latham Jenkins, a real estate agent with Live Water Jackson Hole told 'Retirement benefits are not taxed at the state level, and it's one of the most business-friendly states in the nation.' Wyoming's luxury real estate market is also thriving. The state's appeal is amplified by its business-friendly environment and low property taxes, attracting both individuals and companies seeking to minimize their tax burdens. Pictured: A luxury home under construction near Jackson, Wyoming Although the state's overall housing inventory is limited, its high-end listings stand out. Approximately three percent of active listings in Wyoming are priced over $5 million - ranking significantly higher than neighboring states such as Idaho at 1.3 percent and Montana at 1.9 percent. The Teton County area - home to Jackson Hole, a world-class skiing destination - dominates the high-priced market, with 57 of the 69 listings above $5 million, reported. Aside from its proximity to the top-rated Jackson Hole Mountain resort, the region's appeal to the ultra-wealthy is driven by its exclusivity, stunning landscapes, and celebrity presence, with A-listers like Harrison Ford, Sandra Bullock, and Kanye West reportedly owning property in the area. The median listing price in Teton County sits at $2.95 million, while the state's median is $495,000. The area's limited land availability, with 97 percent of Teton County federally protected, further drives up demand, making it an attractive option for wealthy buyers. Despite strong demand, luxury homes in Wyoming tend to stay on the market longer than in other states. Properties priced at $5 million or more have a median listing period of 187 days, compared to 81 days in Idaho and 114 days in Montana, according to the real estate outlet. The state's extended timeline reflects a market where sellers, often without mortgages, are less inclined to lower prices, leading to a more patient and strategic selling process. Wyoming's luxury real estate market is also thriving. Pictured: The entrance to the Diamond G Ranch near Dubois, Wyoming which was on sale for $71 million in July 2022 In Teton County, 33.1 percent of listings were priced above $5 million as of May, suggesting a growing influx of high-net-worth individuals. Pictured: Grand Teton National Park in Wyoming Margi Barrie, associate broker with Prugh Real Estate, notes that sellers are in no rush. 'People are more bullish in their prices, and more confident. A lot of people aren't leveraged on their property so that they can sell them, or not,' she explained to In Teton County, 33.1 percent of listings were priced above $5 million as of May, suggesting a growing influx of high-net-worth individuals. However, the lack of price reductions indicates that many sellers are not eager to exit the market quickly. The northwestern state's combination of tax advantages, business-friendly policies, and a high-demand luxury real estate market make it an increasingly attractive destination for the ultra-wealthy.
Globe and Mail
a day ago
- Business
- Globe and Mail
The rise of giving while living: Advisors play a key role in smart wealth transfer strategies
A shift is occurring as part of the great wealth transfer, in which trillions of dollars globally are expected to move from baby boomers to their millennial and Generation Z children during the next decade: Many aren't waiting until they die to transfer their wealth. 'There seems to be a real push to gift while alive, and largely, that has to do with the high cost of living for younger generations,' says Jeanette Power, senior wealth advisor with the Power Investment Team at CIBC Wood Gundy in Mississauga. The 'bank of mom and dad' factors into the purchases of many first-time home buyers, particularly in expensive real estate markets such as the Greater Toronto Area, she adds. The movement to give with a warm hand may not be new, but it's gaining more attention from advisors as their clients have accumulated substantial wealth, says Tony Maiorino, vice-president and director, head, RBC Family Office Services in Toronto. Advisors play a key role in helping clients execute strategic ways to transfer wealth and ensure that their clients' financial and retirement plans aren't compromised as they help their children. 'The first thing is establishing there's excess capital,' Mr. Maiorino says. He says it's vital to stress-test strategies to prevent running out of money, examining different scenarios for market returns, inflation and life expectancy. 'Then, we break down the giving strategy by immediate, mid- and long-term supports.' It's not just a matter of carving out $300,000 from the future estate and handing it out to the adult children to buy a home, which is a more immediate form of support. Clients might also consider other suitable strategies to support their children, including an estate freeze. 'The main opportunity [in using an estate freeze] is deferring taxes and capping the parents' taxes,' says John Sacke, investment advisor and portfolio manager with the John Sacke Wealth Management Team at BMO Nesbitt Burns in Toronto. As he explains, the goal is to freeze the current value of a portion of an individual's assets that otherwise would eventually be part of their entire estate upon death. The benefit to the parents is a lower tax base while alive, because income and dividends from the frozen part of the estate, and even gains, wouldn't be attributed to them. Taxes on the growth of the frozen estate portion would then be deferred until beneficiaries dispose of the assets, 'presumably at a lower rate than the parents would have paid,' he says. Mr. Sacke notes that some families will employ a trust for the frozen portion of the estate, facilitating distributions to beneficiaries, likely at a lower marginal rate than the parents. He says trusts can add more cost and complexity and may not be appropriate for every client using an estate freeze. Another option for giving while living is a prescribed interest rate loan, especially in instances in which parents are helping one child more than others. The drawback is that it's a loan, and many parents would rather not worry about their adult children's ability to pay it back. While gifting is a cleaner approach, Mr. Sacke says not all gifts are equally helpful. He has seen clients pay their adult children's car loans and credit card debt. 'That's not a very effective strategy because you're teaching bad habits.' A longer-term strategy for giving can lead to better outcomes. That largely involves providing financial support over many years for certain goals, such as putting money into their adult children's registered accounts, Ms. Power says. 'I see more parents funding their kids' tax-free savings accounts [TFSA], their grandkids' RESP [registered education savings plans] and the FHSA [first-home savings account].' RESPs and FHSAs are often a giver's preferred strategy because they're more confident those assets will be put to good use, whereas money for a TFSA could be spent on anything, Mr. Maiorino says. Providing funds for the RESP or FHSA helps 'create the infrastructure to support the kids at a later date.' Of course, many parents still want to leave a legacy after death. An often-overlooked strategy is using permanent life insurance, Mr. Maiorino says. The benefit is two-fold. Parents reduce taxable income from their non-registered investments in funding the insurance premiums. Plus, beneficiaries receive a tax-free death benefit upon the death of the surviving parent without passing through probate, which can take several months. 'And if something happens where the parents find themselves in financial trouble … they can borrow against the policy,' Mr. Maiorino adds. Trusts are another option allowing for more governance around assets for beneficiaries. But like other approaches, these can add complexity to estate planning. 'Navigating that complexity is what we're here for as advisors,' Ms. Power says.
Yahoo
2 days ago
- Business
- Yahoo
I wrote about millennials' real estate woes. Then I felt the wrath of Gen X.
Tales of intergenerational turmoil tend to strike a nerve, so I steeled myself for some angry emails last month when I wrote a story about the millennials who aren't ready to inherit homes from their baby boomer parents. Both boomers and millennials have good reason to get touchy about media scrutiny — each side has caught plenty of grief for the economic shortcomings of the younger generation. But in all my mental preparation, I failed to consider that my story would piss off an entire other cohort: Gen Xers. What I wrote still rings true: Millennials stand to inherit trillions of dollars' worth of real estate as baby boomers age out of the market, which means they'll soon be wading through complicated questions about trusts, taxes, and what to do with all of their parents' worthless junk. In nearly 3,000 words on this looming wealth transfer, however, I made no mention of Gen Xers. Readers let me have it. "You seem to not realize that there was a generation between the boomers and the millennials," one wrote. "Not trying to be a bitch, I just wanted to give you the opportunity to salvage your credibility." "Please remember that Gen X exists." In the grand scheme of internet discourse, the messages were polite and level-headed (typical Gen Xers), but there was one email that really stuck with me. It was from Amy Reed, a 52-year-old in Ohio, who wanted to emphasize that Gen Xers like her were already dealing with the nightmare scenarios outlined in my millennial-centric story. Members of the so-called Sandwich Generation, in their mid-40s to early 60s, are stuck with the daunting task of sorting out their parents' affairs while also helping out their own children. And nobody seems to care. "I know Gen X is the forgotten generation," Reed wrote. "It just hurts when I'm the one dealing with this." In my defense, baby boomers and millennials are the two largest living adult generations, and together they drive the housing market. Boomers own a whopping $19.7 trillion worth of US real estate, or 41% of the country's total value, so it's no surprise their concerns rise to the top in any discussion of America's homebuying shifts. Millennials may not be the richest, with only 20% of the nation's real estate value to their name, but they are the largest cohort by population (and maybe the loudest). By contrast, Gen Xers get lost somewhere in the middle. Their population numbers lag behind both millennials and boomers. While they own about $14 trillion of real estate, or 29% of the country's value, they've also had more time than millennials to amass that wealth, riding out the market's gains since the global financial crisis. Gen Xers may inherit a portion of boomers' riches, but economists and demographers I talked to say the vast majority — or whatever is left of it after costly retirements and eldercare — will end up in the hands of millennials. I know Gen X is the forgotten generation. It just hurts when I'm the one dealing with this. Amy Reed, Gen Xer Reed was right, though. Gen X really is the forgotten generation. These poor middle-agers, former latchkey kids raised on MTV, are now toiling in the shadows, upstaged by the splashier generations on either side of them. "The boomers kind of sucked up all the air in the room," Eric Finnigan, a demograher at John Burns Research and Consulting, tells me. Millennials, by extension, get all this attention as the children of the boomers. Gen X, meanwhile, "has this reputation as kind of being on their own," Finnigan says. Gen Xers appear to be doing just fine on the housing front: They were the highest-earning buyers last year, and around 70% of them own their homes, data from the National Association of Realtors and the Census Bureau shows. But while millennials may look enviously at their ho-hum path to prosperity, Gen Xers got screwed in their own way, too. The typical Gen Xer bought their first home in 2004, in the thick of the housing bubble, NAR data shows. After the financial crisis, their cohort was the most likely to end up underwater on their homes. By 2014, more than a quarter of Gen Xers owed more on their mortgages than their houses were worth, NAR found, the highest rate of any generation. Most Gen Xers have recovered financially since then, says Jessica Lautz, an economist at NAR who studies demographic trends. Now, though, they're caught in a different kind of bind as they care for two generations with vastly different needs. A survey published in September by John Burns indicated that around 40% of Gen Zers living on their own still got financial help from their parents — most of whom are probably Gen Xers. "There's a lot of financial pressure on this generation, actually," Lautz says. Reed knows this all too well. We talked on the phone a few days after she emailed me, and I was struck by how much her predicament speaks to the stress of being a Gen Xer these days. Her parents are in their 80s, divorced, and dealing with various health issues. Each of them is a homeowner for now, but Reed knows that in the not-so-distant future, she'll have to move them into senior living. Then she'll have to figure out what to do with their property — not just the houses, but the decades' worth of stuff stashed inside. "That is just beyond daunting," Reed tells me. Reed and her husband also send money each month to their two children, ages 27 and 30, who rent homes in California and Arizona because they can't afford to buy. Reed says she's trying to save up to help them with down payments when they're ready. "I work full time, my husband works full time, and we just kind of do what we can," Reed says. "You just balance it, because you don't have a choice." There's a lot of financial pressure on this generation, actually. Jessica Lautz, deputy chief economist at the National Association of Realtors Reed says between the monthly payments to her children and all those trips to take care of her parents when health crises strike — not to mention the time off from work — she has no idea how much all of this is costing her. "I don't want to know," she says. "I just do it." Her own children, "cuspers" who may count as either young millennials or older Gen Zers, depending on your definition, are already begging her not to leave them with piles of stuff and an aging property that requires lots of maintenance. Reed's goal, she says, is to eventually sell their house and move into an apartment out west, closer to the kids. She hopes to leave them with money, not a bunch of open-ended questions. Such financial pressures have other Gen Xers fretting over whether they'll be able to afford retirements at all. One woman in her 50s told Business Insider last year that she had spent more than $100,000 taking care of her mother in a 15-year span. "I'm exhausted financially, and, frankly, I didn't consider growing up I'd be the financial rock of my family," she said. Every cohort is guaranteed to go through its own Sandwich Generation moment, caught at the life stage when its members are relied upon by both their parents and their children. It's difficult enough to shoulder all of those burdens at once. It's another thing to do it with hardly a pat on the back. Gen Xers aren't known for making a fuss, though. They've kept their heads down, grinding through their careers and bumping Nirvana through their headphones. Reed isn't any different. "I'm going to keep doing what I'm doing," Reed says. "And you know, how society views my generation? Whatever. I can't change it." James Rodriguez is a senior reporter on Business Insider's Discourse team. Read the original article on Business Insider
Gulf Business
2 days ago
- Business
- Gulf Business
June 25 Gulf Business Breakfast: full speaker line-up announced
We're just a week away from our next Gulf Business The team has assembled a standout speaker lineup to tackle everything from residence-by-investment (think golden visas), to the UAE IPO outlook for 2025 and beyond. We'll also examine how the world's largest generational wealth transfer is set to reshape investment strategies in the UAE and across global markets in the years ahead. For each session, we've brought together experts from the investment, banking and business-setup sectors. Top speakers include Damian Hitchen (CEO, Saxo Bank MENA), Muhammed Hassan (Capital Markets Leader, PwC), Yasmine Omari (Head of Wealth Planning, Bank of Singapore), George Hojeige (Group CEO, Virtugroup) and Yogesh Khairajani (Global Market Strategist, Century Financial), among many otherothers. Seats are limited but still available. Registration is free. You can When: 25/06/2025, 8:00am Where: Metropolitan Hotel Dubai ( Agenda 08:00am – Registration & Breakfast 09:00am – Welcome speech 09:05am – Chair's opening remarks 09:15am – Panel Discussion: From the UAE to the world: global mobility & residence by investment Topic: How geopolitical shifts are reshaping citizenship and relocation strategies Moderator: Claire Vuylsteke, Director, Orbcom Speakers: George Hojeige, Group CEO, Virtugroup Rahul Singh, Managing Director, Thrifty & Dollar Car Rental Sanjay Sachdev, Group Marketing Director at Leptos Estates Greece and Cyprus Vishwajit Patil, Senior Executive Officer (SEO) for Nuvama Private DIFC Key discussion points: Residence-by-investment options for UAE-based HNWIs Global mobility trends in a volatile world Strategic planning for personal and capital security 10:00am – Panel Discussion: UAE IPO outlook: 2025 and beyond Topic: What's next in the UAE's capital markets — and how investors can benefit Moderator: Nigel Sillitoe – CEO of Insight Discovery Speakers: Yogesh Khairajani, Global Market Strategist, Century Financial Manasvi Ghelani, Associate Director – Customer Engagement, Middle East Africa, Frost & Sullivan Muhammed Hassan, Capital Markets Leader at PwC Arjun Mittal, Founder, Abbey Road Investment Group Key discussion points: The next wave of public listings Market readiness vs global exchanges The impact of macroeconomic factors like interest rates and tariffs 10:45am – Panel Discussion: How the world's largest shift in capital is reshaping investment strategies in the UAE and beyond Moderator: Karishma Hingorani, Founder & Podcaster, Karishma Konnect Speakers: Damian Hitchen, CEO of Saxo Bank MENA Yasmine Omari, Head of Wealth Planning, Bank of Singapore Gemma Wild, Head of Global Collaboration, MENA GPB, HSBC Dave Chaggar, Sales Director, Capital Club Limited Key discussion points: Trillions in motion: the great wealth transfer and what it means Digital natives and changing investment priorities Succession planning, private banking, and wealth tech in the UAE 11:15am – Closing remarks
CTV News
12-06-2025
- Business
- CTV News
‘An underlying epidemic': Elder financial abuse on the rise as population ages
As Canada's population ages, it's been estimated that over $1.1 trillion in assets is on the move from baby boomers to gen X and millennials as part of 'the great wealth transfer.' Despite many elderly Canadians having carefully arranged inheritance plans in place, seniors' advocates and financial crime experts are warning they have become increasingly vulnerable to attempts to exploit their money. Ahead of World Elder Abuse Awareness Day on Sunday, they said it's important for Canadians, including both seniors and their loved ones, to educate themselves about these growing risks. Financial abuse is the most common form of elder abuse in Canada, said Holly Cunliffe, a partner at Aird & Berlis specializing in elder law. 'We have a lot of older adults in our population and so we are definitely seeing an increase in instances of financial abuse affecting our older populations,' said Cunliffe, a member of the Society of Trust and Estate Practitioners, a professional body comprised of lawyers, accountants and financial advisers. She and other experts said seniors generally experience financial abuse in two ways. While financial scams are on the rise, including digital fraud attempts specifically targeting older victims, there is also a growing risk of abuse at the hands of a person the senior already knows. Cunliffe calls the latter form 'an underlying epidemic' that too often flies below the radar. It typically involves someone with power of attorney — a legal document that gives them authority to act on a vulnerable person's behalf — exploiting the designation to their own benefit. 'Unfortunately, that means friends and family can actually be the perpetrators,' she said. 'If those documents are not prepared early enough in time before there's any potential for diminished capacity or influence, then it is possible that family members ... can seek to have those documents prepared for their own personal gain.' Even if a trusted loved one has every intent to act appropriately, a lack of understanding of the scope of their role and its limits can inadvertently lead to financial abuse, said Cunliffe. Bénédicte Schoepflin, executive director of the Canadian Network for the Prevention of Elder Abuse, said elder financial abuse usually relies on a trusting relationship. Around 81 per cent of reported cases are carried out by a spouse, family member, friend or acquaintance. Financial mistreatment 'doesn't always happen in a confrontational or violent way,' said Schoepflin, adding: 'Sometimes it is really more about the trickery of it all.' 'It can be really difficult to recognize that what is happening is not OK,' she said. 'It can start in a manner that feels like it's not a big amount or not a big deal, (like), 'Well, I voluntarily shared my PIN number with my grandson because he was helping me to go get groceries' and then ... there's a gradual slide into bigger, more serious forms of abuse.' Schoepflin said vulnerability also has an intersectional element. The risk of being victimized is higher for woman, seniors who have experienced mistreatment earlier in life, those who identify as a person of colour, along with those living with someone financially dependent on them. 'People choose to stay silent because they do not want to create issues within their own closed circles,' she said. 'The person who is experiencing abuse might not want to be in that situation, but still might also not want to create trouble for the person who is harming them or taking advantage of them, or might not want to upset a family balance.' Cunliffe said the risk of being exploited is even greater for Canadians with cognitive decline, including those living with diseases such as dementia or Alzheimer's. 'The older the person is, the greater the risk of cognitive decline, and with that decline comes the risk of an increased vulnerability to financial abuse,' she said. The other category of financial abuse — incidents in which the perpetrator, such as a scammer, is not known to the victim — is also a growing threat, said Larry Zelvin, head of BMO's financial crimes unit. He said technologies such as AI are making scams more sophisticated and harder for older adults to detect. Nowadays, AI-powered tools can be used to generate realistic phishing emails, while deepfake technology can even enable scammers to impersonate family members or trusted advisers. 'Some of them might be less digitally competent ... which also makes them more vulnerable,' said Zelvin. He added seniors are targeted especially because they have often already accumulated wealth. 'As you get older, unfortunately, you become more isolated,' he said. 'Older folks, especially those who are missing those social interactions, are maybe more trusting in nature than they would have been otherwise.' He said his advice is that if an out-of-the-blue offer 'sounds too good to be true, it probably is.' Zelvin also encouraged seniors to come forward if they suspect they've been a victim of financial exploitation, noting cases are vastly under-reported to authorities such as the Canadian Anti-Fraud Centre, RCMP or local law enforcement. While it might seem embarrassing to admit, he said those targeted should feel no different than if they were reporting any other crime, like if their car had been stolen. 'You've been a victim. You are not culpable,' he said. 'You're not just reporting it. You may be preventing other people from having to go through what you went through.' This report by The Canadian Press was first published June 12, 2025. Sammy Hudes, The Canadian Press
