Estate Plan­ning Fail­ures of the Rich and Famous

Insur­ance­News­Net Mag­a­zine- May 2013

To avoid estate tax­es. That was an area of plan­ning inspired by the intro­duc­tion of the estate tax and in par­tic­u­lar the expe­ri­ence of the John D. Rock­e­feller Sr. case.

Name: John D. Rock­e­feller
Age: 97
Died: May 23, 1937; Ormond Beach, FL; hard­en­ing of arter­ies

Estate Mis­take: America’s first bil­lion­aire was one of the rea­sons for the cre­ation of an estate tax, which took 70% upon his death. His heirs still had a few bucks left, con­sid­er­ing his estate was worth about $1.4 bil­lion, even in the depths of the Great Depres­sion.