When John D. Rockefeller, Sr. died he had a gross estate of almost $27 million. He did not implement some basic estate planning tactics and his heirs wound up paying over $17 million in estate taxes. This works out to roughly 64% of his entire estate.

It seems that Mr. Rockefeller’s son learned from his father’s mistakes. He planned properly and when John Jr. died, he left behind an estate of over $160 million. Because John Jr. had the proper estate planning team assembled, he owed a tax of only $25 million. This breaks down to only a 16% taxation rate.

What is Estate Planning?

Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a variety of professionals, including your lawyer, financial planner, and accountant.

So What Do I Do Now?

If you desire to avoid estate taxes, keep your estate in the family, distribute family assets or personal mementos according to your wishes, and retain the ability to make other choices, you must have a plan. At LEFG, we make the complexities of estate planning easy to understand. A one-on-one consultation with Don Raimey is your first step towards setting up your personal estate plan.