My researcher found an interesting article about what I consider ‘mega estates’ – those estates calculated in the hundreds of millions and billions of dollars.
The article in the seattletimes.com is titled:
Paul Allen’s death leaves many questions around what’s likely the largest estate in Washington history (Updated October 24, 2018) (Seattle Times business reporter Rachel Lerman contributed reporting )
Subtitle of the article: The Paul Allen empire includes a dizzying interplay of for-profit and philanthropic endeavors. His death raises a host of business succession planning and taxation questions, all with significant implications for the city and region Allen loved.
The article is about what I term a “mega estate.”
Thirty five years after he left Microsoft (as Microsoft co-founder), Paul Allen, developed a business empire valued in the Billions. His estate comprised many not- for- profit and for-profit endeavors, including charitable foundations; private foundations; ownership in sports teams and philanthropic and scientific movements.
Paul Allen died October 15, 2018 at the age of 65 in Seattle Washington. He was not married and had no children.
Portions of the Paul Allen estate are in trusts, which are quite private; however, according to the Seattle Times article- …“But even the best-laid estate plans go off the rails, said estate planning experts. For example, the non-public nature of the trust could be altered if the trust is legally challenged by a beneficiary or heir.”
Also apparent from the article is that untangling the finances and assessing the true value of this 'mega' estate will be a long process, involving teams of financial analysts ; tax experts and of course the IRS.
If you are interested in some additional facts about the very private Paul Allen, you can follow this link to an older 2014 Forbes article: https://www.forbes.com/sites/clareoconnor/2014/01/31/10-things-you-didnt-know-about-microsoft-billionaire-paul-allen-seattle-seahawks-owner/#698381a46db1
Remember, you don’t need to have a ‘mega estate’ to use estate planning. Anyone who has some assets could benefit from planning their estate during their lifetime.
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