Bloomberg reports that Bill and Gayle Cook, co-founders of medical-device maker Cook Group, passed ownership of the company to their son, Carl, to avoid estate taxes before Bill Cook’s death in 2011.

“We had to bypass Gayle to get the stock to Carl now. That took a long time and a lot of planning and work,” Bill Cook is quoted as saying in “The Bill Cook Story,” a 2008 biography written by Bob Hammel for Indiana University Press.

The company is valued at $5.8 billion, making Carl Cook the 251st richest person in the world, according to the Bloomberg Billionaires Index. He’s never appeared on an international wealth ranking. The billionaire became chief executive officer of Cook Group upon his father’s death.

via Cook Couple Passed $6 Billion Fortune to Son to Avoid Tax – Bloomberg.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.