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Wealth
Taxes

Shale King Harold Hamm Is Passing Billions to His Heirs Tax-Free

  • Continental Resources founder moved stock to children’s trusts
  • Stakes were turbocharged by a sharp rebound in oil prices
Harold Hamm
Harold HammPhotographer: Andrew Harrer/Bloomberg

Harold Hamm executed one of the largest wealth transfers in U.S. history last week, handing each of his five children a stake worth about $2.3 billion in Continental Resources Inc., the shale drilling company he founded more than 50 years ago.

Like other ultra-rich Americans, Hamm’s massive gift, years in the making, is likely to be passed down largely tax-free.