An article by Smart Money highlights 10 Things Millionaires Won’t Tell You, and here are some of the highlights:

The first is that the millionaire club is not as exclusive as it once was – nearly 10 million households qualify – double the number of 2002, largely due to inflation.

The average GPA of a millionaire is 2.9, and 59% attended a state university or college.

Money does buy happiness – depression is lower among the wealthy, and more income relates to higher life satisfaction.

Finally, an estimated 2 million Americans have unreported accounts offshore – and have income from foreign tax shelters (aka offshore trusts or asset protection trusts).

Not all tax shelters are illegal, but there is a difference between tax avoidance (taking all legal means to lower tax payments), and tax evasion (paying less tax than you are legally obliged to pay). Some of those shelters are undoubtedly in the latter category, which is probably why your rich neighbor won’t tell you about it.

Filed under: Asset Protection Trusts, Estate Planning of the Rich and Famous, Offshore Trusts, Trusts