根据美国证券交易委员会（SEC）的文件，黄仁勋及其妻子Lori通过一套复杂的信托和有限责任公司（LLC）架构，共同持有约8亿股英伟达股份，价值约1350亿美元。黄仁勋直接持有约7000万股，价值约120亿美元。
Huang and his wife Lori jointly own about 800 million Nvidia shares worth roughly $135 billion through a complex web of trusts and LLCs, according to SEC filings. Jensen Huang directly owns about 70 million shares valued at about $12 billion.
税务专家表示，科技创始人和首席执行官通过信托持有公司股份是常见做法，但创始人与配偶拥有同等所有权的情况则不太典型。
While owning company stock through a trust is common among tech founders and CEOs, it’s less typical for a founder to have equal ownership with a spouse, tax experts say.
根据律师和SEC文件，黄仁勋在英伟达价值约1400亿美元的股份，主要由其与妻子Lori共同拥有的信托持有，这在其辞去公司职务后，给这些股份及其财务未来增添了不确定性。
Jensen Huang's $140 billion stake in Nvidia is largely held by trusts that are co-owned with his wife, Lori, creating added uncertainty for the shares and his financial future following his resignation from the company, according to attorneys and SEC filings.
根据SEC文件，黄仁勋及其妻子通过一套为税务和遗产规划目的而创建的复杂信托和LLC架构，共同持有约8亿股英伟达股份，价值约1350亿美元。黄仁勋直接持有约7000万股，价值约120亿美元。
Huang and his wife jointly own about 800 million Nvidia shares worth roughly $135 billion through a complex web of trusts and LLCs created for tax and estate planning purposes, according to SEC filings. Jensen Huang directly owns about 70 million shares valued at about $12 billion.
税务专家表示，科技创始人和首席执行官通过信托持有公司股份是常见做法，但创始人与配偶拥有同等所有权的情况则不太典型。这种安排进一步增加了黄仁勋突然离职的复杂性，但也可能成为股份的稳定力量，因为信托架构使得黄仁勋或其妻子难以快速抛售。
While owning company stock through a trust is common among tech founders and CEOs, it's less typical for a founder to have equal ownership with a spouse, tax experts say. The arrangement further complicates Huang's sudden exit from the company, but could prove to be a stabilizing force for the shares, since the trusts make it more difficult for either Huang or his wife to quickly sell.
根据一份SEC文件，“黄先生及其妻子各自均可被视为对……拥有共同实益所有权，并行使共同表决权和投资决定权”。
"Each of Mr. Huang and his wife may be deemed to have shared beneficial ownership of, and to exercise shared voting and investment power over," according to an SEC filing.
根据文件，黄仁勋夫妇作为共同受托人，通过1995年设立的“Jen-Hsun and Lori Huang Living Trust”（黄仁勋和Lori·黄生前信托）持有约5.3亿股。他们还是“Huang 2012 Irrevocable Trust”（黄氏2012年不可撤销信托，持有3140万股）和“Huang Irrevocable Remainder Trust”（黄氏不可撤销剩余信托，持有1.09亿股）的共同受托人。根据文件，约1.35亿股由LLC持有，这些LLC的唯一成员为上述生前信托。
According to the filings, Jensen and Lori Huang own about 530 million shares as co-trustees of the Jen-Hsun and Lori Huang Living Trust, created in 1995. They're also co-trustees of the Huang 2012 Irrevocable Trust, which owns 31.4 million shares, and the Huang Irrevocable Remainder Trust, which owns 109 million shares. About 135 million shares are held by LLCs that have the Living Trust as the sole member, according to the filings.
Lori Huang 是 Jen-Hsun and Lori Huang Foundation（黄仁勋与 Lori Huang 基金会）的总裁。根据美国国税局（IRS）备案文件，该基金会持有 6900 万股股份，2024 年报告的净资产为 90 亿美元。
Lori Huang is the president of the Jen-Hsun and Lori Huang Foundation, which owns 69 million shares and reported $9 billion in net assets in 2024, according to IRS filings.
信托与遗产律师表示，每种信托结构服务于不同的税务或遗产规划目的。这份生前信托很可能是一份可撤销婚姻信托，因为它是在黄氏夫妇结婚 10 年后、英伟达（Nvidia）于 1993 年成立两年后设立的。律师称，生前信托有助于夫妻在一方去世时避免可能昂贵且公开的遗产认证程序。例如，许多夫妻会为购买的房产或其他资产设立生前信托。
Each of the trust structures serves different tax or estate purposes, according to trust and estate attorneys. The living trust is likely a revocable marital trust, since it was created 10 years after the Huangs married and two years after Nvidia was founded in 1993. Attorneys say living trusts help couples avoid the potentially expensive and public probate process when one spouse dies. Many couples, for example, create living trusts for homes they purchase or other assets.
律师表示，生前信托的主要税务优势在于：当一方配偶去世时，幸存配偶可获得信托全部资产的基础成本调整（step-up in basis），而不仅仅是其持有的一半份额。
The main tax benefit of living trusts is that when one spouse dies, the surviving spouse gets a step-up in basis for the entire trust's assets, rather than just their half, according to attorneys.
虽然每份生前信托的规则各不相同，但律师称，在离婚情况下，生前信托中的股份通常可以相对容易地出售或分割。
While the rules of each living trust vary, attorneys say shares in the living trust can typically be sold or divided fairly easily in the case of a divorce.
“这就像一个联名支票账户，”Varnum LLP 合伙人 Kathleen Martone 说。
"It's like a joint checking account," said Kathleen Martone, partner at Varnum LLP.
律师表示，虽然可撤销信托通常允许双方各自出售其持有的股份，但高管或其信托与公司签订协议、限制股份出售或转让以防止大规模抛售，这是常见做法。
While the revocable trust would typically allow each of them to sell their shares, lawyers said it is common for executives or their trusts to have agreements with the company limiting the sale or transfer of shares to prevent large-scale liquidation.
“如果他们在可撤销信托中分割股份，很可能存在转让限制。他可能必须为她的利益持有这些股份，她将获得股份的金钱收益，但没有投票权或管理权，”Withers 合伙人 Leslie Evans 说。“他可以保留股票，而 Lori 获得其他资产或均等化付款。”
"In the event they divide shares in their revocable trust, there's probably transfer restrictions. He may have to hold them for her benefit, and she would get the monetary benefit of the shares but not voting or management rights," said Leslie Evans, partner at Withers. "He could retain the stock while Lori receives other assets or an equalization payment."
黄氏夫妇使用的更复杂的结构，以及税收优惠最大的结构，是不可撤销信托。SEC 文件称，“黄先生和他的妻子是共同受托人”，两个信托皆是如此。对于不可撤销信托，创建者将资产的所有权转移给信托，且在未经受益人或法院同意的情况下，条款不得更改。
The more complicated structures used by the Huangs, and the ones with the largest tax benefits, are the irrevocable trusts. The SEC filings state that "Mr Huang and his wife are co-trustees" of both trusts. With an irrevocable trust, the creator transfers ownership of an asset into the trust and the terms can't be changed without the consent of the beneficiaries or a court.
律师表示，2012 年的不可撤销信托很可能是一种“故意缺陷设立人信托”，这是一种不可撤销信托，创建者赠与资产，但美国国税局 (IRS) 仍将其视为该财产的所有者，用于所得税目的。
Attorneys say the 2012 irrevocable trust is likely an "intentionally defective grantor trust," a type of irrevocable trust where the creator gifts assets but is still treated by the IRS as the owner of the property for income tax purposes.
这种结构允许创建者向信托借款购买股份，以及在信托赚钱时为其支付所得税。结果是——向信托进行无限额赠与，从而避免遗产税。此外，信托还可以避免信托内股份增值产生的资本利得税。
The structure allows the creator to lend money to the trust to buy the shares, as well as pay income taxes for the trust when it earns money. The result — an unlimited gift to the trust that escapes the estate tax. What's more, the trust can avoid capital gains taxes on any appreciation of the shares in the trust.
“信托本金保持在高位，我自己的应税个人资产被用来支付税款，我能够源源不断地将更多资金注入信托，”纽约 Farrell Fritz, P.C. 信托与遗产合伙人 Azriel Baer 说。
"The trust principal is staying high, my own taxable personal assets are being used to pay the tax, and I'm able to funnel more and more money into the trust," said Azriel Baer, trust and estates partner at Farrell Fritz, P.C. in New York.
他们的另一个不可撤销信托“黄氏不可撤销剩余信托”，很可能是为他们的子女利益而设立的。
Their other irrevocable trust, the "Huang Irrevocable Remainder Trust," was likely created for the benefit of their children.
根据定义，不可撤销信托的受托人和条款难以更改。由于黄仁勋和 Lori Huang 都是共同受托人，专家表示，任何一方都不太可能移除或出售信托持有的英伟达股份。
By definition, the trustees and terms of an irrevocable trust are difficult to change. Since Jensen Huang and Lori Huang are both co-trustees, neither can likely remove or sell the Nvidia shares held by the trust, experts say.
“不可撤销信托本身就是一个独立实体，拥有自己的运营条款，因此具备一定的遗产和资产保护规划功能，”马托内说。“理论上，不可撤销信托作为债权人，会受到保护，免受离婚配偶的追索。”当然，律师表示，这些保护措施都取决于信托的具体条款。不可撤销信托能否变更或用法律术语说的“倾倒”，部分取决于州法律。黄仁勋夫妇居住的加利福尼亚州，在变更不可撤销信托方面要求严格。
"An irrevocable trust is its own entity that has its own operational provisions, and so it has some estate and asset protection planning," Martone said. "Theoretically an irrevocable trust would be protected from a divorcing spouse as a creditor." Of course, the protections all depend on the terms of the trust, attorneys say. Whether an irrevocable trust can be changed or "decanted" in legal parlance depends in part on state law. California, where the Huangs live, is strict when it comes to changing irrevocable trusts.
对于英伟达股东而言，不可撤销信托能为股份提供稳定性，因为黄仁勋或黄洛莉很难将股份从信托中取出并出售。律师表示，黄仁勋夫妇不太可能变更为子女利益设立的信托。
For Nvidia shareholders, the irrevocable trusts could provide stability for the shares, since it would be difficult for either Jensen or Lori Huang to remove the shares from the trust and sell them. Attorneys say it's unlikely the Huangs would change a trust created for the benefit of their children.
“如果（信托）是为了子女利益，就没有理由将其拉回他们的遗产中，”温斯托克·马尼昂律师事务所股东罗谢尔·舒尔茨说。
"If (the trusts) are for benefit for kids, there's no reason to pull them back into their estate," said Rochelle Schultz, shareholder at Weinstock Manion.