It’s added such a dimension here. In 1993, Audrey Walton put $200 million of Wal-Mart stock into a pair of “grantor retained annuity trusts” or GRATs, to benefit her daughters, Ann and Nancy. Their Wal-Mart stake is worth enough to fill a large backyard swimming pool with solid gold. “‘At the same time, we hope to shift it down a generation, without tax.’”. “Merci Alice Walton, pour la vision!” reads another. [4], The largest attendance at the stadium was on October 8, 2011, when 14,377 attended a game between Central and Northwest Missouri State University. It’s also a monument to their skill at preserving that fortune across generations. The IRS used to challenge that concept, but it lost a series of Tax Court cases in the 1990s to taxpayers who contended that holding assets through such companies diminished their value. Walton Enterprises is essentially a vehicle for holding the family’s Wal-Mart stock. If the assets appreciate substantially over the years, though, the trusts have another desirable feature: they can pass money tax free to heirs. Sam Walton’s death in 1992 wouldn’t have resulted in an estate tax bill, assuming he left the bulk of his estate to his widow, Helen. Bud's Children. Guarding the Waltons’ wealth as it passes from one generation to the next is the task of a handful of staffers laboring in an unmarked suite in Bentonville, above a bike shop called Phat Tire. She said the practice creates “a world of unreality.”. He estimated that single trust would last 39 years and would leave $2.2 billion for Helen Walton’s heirs. The family’s estate-planning efforts are well shielded from public view. Helen Walton funded her first Jackie O. trusts not with Wal-Mart stock, the family’s biggest asset, but with a stake in Walton Enterprises LLC, the family office upstairs from the bike shop. The Obama administration estimated that its most recent proposal, submitted in 2012, would raise an extra $18.1 billion over 10 years. The stadium itself was referred to as Vernon Kennedy Field from 1954 until 1995. “This project exemplifies the way one single gift grows and becomes greater, as many more give generously,” she said in her Ozarks twang. Another Walton pioneered a tax-avoidance maneuver that is now widely used by U.S. billionaires. According to his autobiography, “Made in America,” Sam Walton started arranging his affairs to avoid a potential estate tax bill in 1953. The IRS rate of 3.6 percent was the lowest since 1970, and Treasury yields rose the next month. A Patton Boggs lawyer, Aubrey Rothrock, said in a statement that the Waltons’ lobbying supported “private foundation reforms to create new incentives for charitable giving” and did not involve “the specific issue of repealing the estate tax.”. Her sunglasses shielding her eyes from the glare, she thanked just about everyone else who had played a role, from the architect and construction workers to the Northwest Arkansas Council. If the stock rose in value so that money was left over at the end, it would go to her daughters tax free. [3], The Central Missouri website says the first night college football game in Missouri occurred on October 11, 1929 in which the Mules lost 27-0 to Missouri Valley College. Helen Walton took pride in her charitable giving. President Obama has repeatedly called for closing the Walton loophole in his annual budget proposal, estimating it would save $3.9 billion over 10 years. The trusts returned about 14 percent a year before taxes during that period, according to a Bloomberg analysis of IRS filings. Audrey J. Walton, the namesake of the Stadium, was married to Sam Walton's brother, Bud Walton. Lincoln’s opposition to the estate tax wasn’t driven by the Waltons or Wal-Mart, she said in a telephone interview. Because of share buybacks, its control of the company has actually increased, from 40 percent to 49 percent. In a sign of just how much money is at stake, the IRS is trying to collect as much as $2.8 billion from the estate of the Michigan industrialist William M. Davidson, according to a petition filed by Davidson’s family in U.S. Tax Court in June. As with the Jackie O. trust, this maneuver exploits the inevitable discrepancy when tax officials try to value future gifts. They include Elaine Marshall, the Koch Industries Inc. director, and Fidelity mutual funds’ Johnson family. Spending as much as $35 million for a single work, she quickly amassed the collection that would form the basis of Crystal Bridges. From 2007 to 2011 -- the years for which the IRS provided public copies of the trusts’ tax returns -- they did so handily. She declined to comment on the case. “We shouldn’t have a situation where gimmicks allow rich people to avoid estate taxation,” Gates’s father, William Gates Sr., the author of a 2004 book that advocated for the estate tax, said in an interview. Have a confidential tip for our reporters? An amount set by the donor is given away each year to charity. For instance, the taxpayers would point out that stakes in family holding companies themselves weren’t publicly traded and often didn’t carry any voting rights. “I think about what it’s done for the community. “It’s beyond belief,” said Wendy Gerzog, a professor at the University of Baltimore and a former U.S. tax court lawyer who has written extensively about the discounts. Audrey J. Walton Stadium on the campus of the University of Missouri is the home of the Missouri Tigers track and field teams and the Missouri Relays track and field meet. As a senator, Lincoln was one of the few Democrats to whom the Waltons donated. “At the Waltons’ numbers, the savings are unbelievable.”, A family spokesman, Lance Morgan, said in a statement that “any charitable or estate planning practices employed by the Walton family are broadly available and commonly used.”. He also showed unusual foresight about estate planning. According to IRS data, the Waltons are by far the biggest users of Jackie O. trusts in the U.S. The tax was restored in 2011. The rate has been hovering near all-time lows since 2009. Walton Enterprises paid Patton Boggs to lobby on tax matters during that time. It is named for Audrey J. Walton (wife of Walmart co-founder James "Bud" Walton) who donated $1 million in 1995 toward the building of a new 5,800 capacity grandstand to replace the original grandstand.The field is named Kennedy Field after Vern Kennedy, who was a baseball pitcher who attended Central.The stadium itself was referred to as Vernon Kennedy Field from 1954 until 1995. Those trusts can only save taxes if they beat that 3.6 percent rate. One alternative floated at a Senate Finance Committee hearing in 2008 was to value the donation when the trusts actually give the money to charity, rather than guessing at the amount beforehand. She didn’t mention one side-benefit of the gifts -- estate tax avoidance. That may have allowed her to exploit another loophole in the tax code -- one that lets the wealthy discount the value of their fortunes by 30 percent or more. Bud Walton was Sam Walton's younger brother and partner in the very first Wal-Mart in 1962. Elaine Marshall’s Jackie O. trusts are worth $169 million, and the Johnson family’s is worth $91 million. As of 2011, they held a combined $2 billion, up from $1.4 billion in 2007. As soon as the tax was enacted in 1916, John D. Rockefeller, then the world’s richest man, circumvented it by simply giving much of his fortune to his son.

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