2024-08-15 15:00:00 +0300
Blackstone’s Tax-Free Hedge Fund Pitch Draws Scrutiny From Senate’s Wyden
Bloomberg
By Ben StevermanSenate Finance Committee Chair Ron Wyden is probing the use of private placement life insurance among wealthy Americans to avoid taxes, starting with a request for information from Blackstone Inc.’s Lombard International.
Private placement life insurance, or PPLI, is a decades-old strategy that has been gaining popularity among the super-wealthy as a way to protect their fortunes from income and estate taxes. A key perk is that the vehicles, which typically require a minimum investment of at least $2 million, can hold hedge funds and other financial products that would otherwise be taxed at the highest rates.
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