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%
Rick Nelson $744,357 $506,636 32%
Elvis Presley $10,165,434 $2,790,799 73%
Rock Hudson $8,600,000 $3,926,288 54%
James S. Kemper (Insurance Executive) $10,948,356 $7,007,560 36%
Nelson A. Rockefeller $79,249,475 $56,727,628 28%
Conrad Hilton $199,070,700 $93,288,483 53%
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