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High-End Tax Mitigation with Chris Miller
In a recent conversation on the program, we had the pleasure of hosting Chris Miller, a strategic partner specializing in high-end tax mitigation. Chris and his father, also his business partner, have an impressive 40 years of combined experience in the field. The duo represents a wonderful example of a thriving family-owned business.
Two Tax Systems in America
The interview began with Chris sharing a memorable quote from Judge Learnin' Hand: "In America, there are two tax systems, one for the informed and one for the uninformed. Both are legal." This quote, displayed prominently on Chris's LinkedIn profile, piqued our interest. When asked to elaborate, Chris emphasized the importance of education in taxation. According to him, "Knowledge is power," and well-informed clients make the best advocates for your services.
The Tic-Tac-Toe Analogy
To explain the tax system better, Chris used the analogy of teaching his young son to play tic-tac-toe. Initially, the child didn't know the rules and would lose, but the game would often end in a draw once he understood them. Chris argues that similarly, in the financial world—particularly in taxation—the government and big corporations set the rules. If you don't know these rules, you stand to lose. But armed with knowledge or advice from qualified tax advisors, you can level the playing field.
The Reality of 'Loopholes'
The term 'loophole' often carries negative connotations, but as Chris clarifies, there are legal and illegal loopholes. Tax attorneys are paid to find the former. When a new tax code is created, tax attorneys quickly get to work to identify areas where tax efficiencies can be created legally. Chris's team specializes in six to seven-figure tax deductions, targeting high earners with an income of at least one million dollars.
Strategy Overview
Chris and his team also work with clients aiming to sell assets with significant capital gains. He mentioned the capability of showing someone how to sell a business worth $100 million while paying virtually zero capital gains tax. He also discussed how specific forms of life insurance can serve as tax mitigation vehicles. According to Chris, taxing a death benefit, which might be the only financial relief for a grieving family, is absurd. Therefore, life insurance becomes a safety net and a viable tax mitigation strategy.
A Valuable Resource for High Earners
Chris Miller's approach to high-end tax mitigation is more than just number crunching; it's about education, strategy, and ethical responsibility. With a focus on legitimate "tax efficiencies" rather than questionable 'loopholes,' Chris and his team provide an invaluable service for high earners, one that is founded on years of expertise and family values.
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