Dropping Bombs How the Rich Use Art, Diamonds & Trusts to Pay ZERO Taxes (Legally)
Mar 25, 2026
Wes Smith, a diversified entrepreneur and investor in colored diamonds, life insurance, AI, and ultra-high-end asset sales. He recounts networking into elite circles, using trusts and life insurance for tax strategies, why colored diamonds and art serve as portable wealth, and how AI and recurring commissions create scalable, flexible income pathways.
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Prefer Whole Life And Private Assets Over Public Stocks
- Do consider whole life and private-market alternatives instead of only public equities and term insurance.
- Wes recommends whole life, IULs/VULs and private assets because public stocks feel overvalued and trigger higher tax events when traded.
Network Access Opens Exclusive Alternative Investments
- Network access unlocks alternative investments that public markets won't offer and often outsize returns.
- Wes describes meeting princes, diplomats, and billionaires at Art Basel and using those introductions to access colored diamonds, hotels, and private deals.
Defer Business Taxes With Proper Discretionary Trusts
- Do use properly structured discretionary trusts to defer business tax liabilities legally.
- Wes Smith says his partner firm builds non-guarantor complex spendthrift trusts with a 100% win rate against the IRS for business owners paying $40K+ tax annually.