Study the examples below to see how much each one lost due to poor planning. Many names you might recognize and assumed they had proper planning done. In many cases, with proper estate planning the losses to the estate could have been reduced or eliminated. Elvis Presley was living for the day. He didn’t plan for the future or the 73% loss of his estate that could have been reduced or eliminated. Some may not qualify for certain planning options, but many people need to take the time to plan or part of your legacy will go to other places than you may desire.
***Taxes, Legal Fees, and Government are usually popular destination for those who don’t plan! These losses are avoidable if planning is done effectively and early!
Is it possible that your sole purpose in life is simply to serve as a warning to others? Look at these examples….or warnings.
|Celebrity||Estate||Taxes & Costs||Net Estate|
|Elvis Presley||$10,165,434||– $7,374,635||$2,790,799|
|J.P. Morgan||$17,121,482||– $11,893,691||$5,227,791|
|John D. Rockefeller||$26,905,182||– $17,124,988||$9,780,194|
|Alwin Ernst (CPA)||$12,642,431||– $7,124,112||$5,518,319|
|Frederick Vanderbilt||$76,838,530||– $42,846,112||$33,992,418|
|Marilyn Monroe||$819,176||– $448,750||$370,426|
|William Frawley||$92,446||– $45,814||$46,632|
|William Boeing||$22,386,158||– $10,589,748||$11,796,410|
|Henry J. Kaiser Sr.||$5,597,772||– $2,488,364||$3,109,408|
|W.C. Fields||$884,680||– $329,793||$554,887|
|Hedda Hopper||$472,661||– $165,982||$306,679|
|Cecil B. DeMille||$4,043,607||– $1,396,064||$2,647,543|
|Earle Stanley Gardner||$1,795,092||– $636,705||$1,158,387|
|Al Jolson||$4,385, 143||– $1,349,066||$3,036,077|
|Gary Cooper||$4,948,985||– $1,520,454||$3,454,531|
|Walt Disney||$23,004,851||– $6,811,943||$16,192,908|
|Clark Gable||$2,806,526||– $1,101,038||$1,705,488|
|Humphrey Bogart||$910,146||– $274,234||$635,912|
|Henry Kaiser Jr.||$55,910,373||– $1,030,415||$54,879,958|
What I can’t figure out is, if there is a way to pass the value of 100% of your estate to your heirs, a way to maximize or increase the legacy to your heirs, decrease the losses due to taxes, why wasn’t it taken care of better in the above estates?
Call Integrity Estate Advisors to see what kind of difference they can make compared to what you already have in place….especially if you haven’t done any planning or partial planning. Call 724-837-3553 9am -5pm ET.