When the business was small, Walton took advice to create a family partnership, giving each child 20% stakes. This prudent decision has led to immense wealth.
The transfer of ownership was made so long ago that we didn't have to pay substantial gift or inheritance taxes on it. The principle behind this is simple: the best way to reduce paying estate taxes is to give your assets away before they appreciate.
Parking the family's Walmart stock in the partnership had significant advantages, allowing the Waltons to treasure their fortune without excessive spending.
It wasn't lavish or exorbitant, and that was part of the plan - to keep the family together as well as maintain a sense of balance in our standards.
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