![]() We’ve both had a couple of marriages, as you probably know.” He said no one outside of his family is a beneficiary of the trusts.īut he did not answer more than a dozen follow-up questions, including how many trusts there are, whether he can reclaim the assets after he leaves government, and whether the trusts could pay him income in the future. This is set up for children and things like that.” Are his children the only beneficiaries? “Yes, well, and some third parties.” What are the third parties? “It’s a complicated story, but there are children from former marriages, things like that, that are not actually my children but who are beneficiaries.” His wife’s two children? “No, others. “I’m not the beneficiary of them,” he said. Ross gave some clues about the structure of the trusts. It is unclear whether he cited accurate figures either year. This year, the Secretary of Commerce said he would dig up a breakdown of the assets he transferred into trusts, but he never sent anything. ![]() Last year, Forbes asked for documentation to prove the existence of those assets, received nothing in return, and ultimately estimated Ross’ fortune at a more conservative $2.9 billion for its annual Forbes 400 list of the richest Americans, published in October. Three months before the 2016 election, Ross’ assistant described his portfolio to Forbes as a mix that would theoretically throw off plenty of cash: $1.3 billion of municipal bonds, $1.3 billion worth of interests in general and limited partnerships, $550 million of equities, $225 million of art, $180 million in cash and $120 million worth of real estate. But how someone could apparently hold $2 billion in assets, without producing big income that would show up on a financial disclosure report, raises more questions than answers. Many months ago.” When asked if it was between the nomination and the time he took office, Ross added, “Yeah, between election and the nomination.”įederal law requires incoming cabinet members to disclose assets they currently own, as well as any that produced income during the current and previous calendar years, even if they no longer own the assets. Less than a minute later, he was asked when he made the transfer into the trust.
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