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New York Times Quotes Michael Pfeifer on Tax Rules Governing Overseas Trusts

November 7, 2017, The New York Times

James Simons, a hedge fund founder who was the beneficiary of a hidden offshore trust, is among the wealthiest individuals whose files are part of the recently leaked Paradise Papers. Mr. Simons share of the trust is now in an offshore charity called Simons Foundation International. Mr. Simons said that keeping the foundation in Bermuda made it easier to give to charities that weren’t American and also avoided the minimal annual giving requirements that foundations must follow in the United States.

. . .

But Michael G. Pfeifer, a Washington lawyer who specializes in estate planning for wealthy people and helped write the tax rules governing overseas trusts, said that Mr. Simons merely followed the rules.

“I would have told the guy, ‘You’ve got this money offshore — just leave it offshore,’” Mr. Pfeifer said. “And he did.”

For the full article, please visit The New York Times website.

Excerpt taken from the article “How Business Titans, Pop Stars and Royals Hide Their Wealth” by Scott Shane, Spencer Woodman and Michael Forsythe for The New York Times.

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