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rcooley25
Level 11
07-07-2025
07:32 PM
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Forget the problems regarding income taxes. Pray for the people of Texas.
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BobKamman
Level 15
07-07-2025
08:17 PM
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Yes, thoughts and prayers are always cheaper than a flood warning system. I was hoping the discussion could be avoided until all the bodies are found, but since you brought it up, there are many tax lessons to be learned here, most of which are explained in this 2011 article from the Texas Monthly. This family was making millions from their rich-white-girl camp, even back then, but instead of an alarm apparatus they invested $6 million in a lawsuit involving brother suing brother. The defendant, a lawyer who went to work for Goldman Sachs, seems to have been the best estate planner in Texas, and part of his solution was to separate the business operations from the real estate, to lower taxes and avoid personal-injury lawsuits from campers. We'll see how well that works out.
