You may be interested in what the public probate records of the estates of businessmen, attorneys, entertainers, accountants and even a President have to show.
|Name||Gross Estate||Net Estate||Percent Shrinkage|
|Franklin D. Roosevelt||$1,940,999||$1,366,132||30%|
|Henry J. Kaiser, Sr.||$5,597,772||$3,109,408||44%|
|Edwin C. Ernst, CPA||$12,642,431||$5,518,319||56%|
|Robert S. Kerr (U.S. Senator)||$20,800,000||$11,300,000||46%|
|A.H. Wiggin (Chairman, Chase Bank)||$20,493,999||$5,646,666||72%|
|William E. Boeing||$22,386,158||$11,796,410||47%|
|James S. Kemper (Insurance Executive)||$10,948,356||$7,007,560||36%|
|Nelson A. Rockefeller||$79,249,475||$56,727,628||28%|
Source: Public Probate Records
If these people, who had access to the best advice money could buy, were not able to avoid the “unwanted heirs” (federal and state estate taxes and estate administrative costs), it will be difficult for the rest of us to avoid estate settlement costs.
Proper advance planning, however, can minimize the impact of estate settlement costs on the value of your estate.
To view the full NFS December Estate Ideas Newsletter, click here