Don’t let this out to anyone on the Senate Finance Committee, but rich old people who set up their portfolios a certain way get away with murder on their tax returns.
No, the portfolio does not have to be tucked away in the Cayman Islands. It can be invested through a U.S. brokerage account in mainstream funds like Vanguard Total Stock Market, familiar blue chips like Microsoft and very liquid energy partnerships like Kinder Morgan Energy Partners.
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