• 10
  • October
    2011

Recently, Steve Jobs, a founder of Apple and two-time chief executive officer of that company, passed away. While Jobs was famous for his business ability in the communication and entertainment industries, his personal financial strategies were closely held secrets and thus his acumen for planning for his death received little discussion while most everyone knew he had a terminal disease.

Estimates are that Mr. Jobs' estate is valued at around $7 billion. More than half, $4.4 billion, comes from his having been the largest single stockholder in Disney. In addition, Mr. Jobs had real estate holdings that only two months ago were reportedly added to his living trusts. Additional wealth is attributable to his holdings in Apple and other companies.

Steve Jobs apparently preferred for his personal estate planning to rely heavily on living trusts rather than the more familiar probate will. A properly written and funded living trust avoids probate so that the wealth is transferred quickly and avoids probate - a great convenience for Mr. Jobs' heirs.

Florida living trust attorneys recommend living trusts to their clients because of the advantages they have over wills, such as increased privacy.

Because the workings of living trusts remain private, it is not known if Mr. Jobs transferred his Disney stock to fund a living trust. Judging by what is known about his estate planning, though, it seems safe to assume that he would have made this wise move.

Steve Jobs was apparently not only private but smart about his estate planning choices. Because of his great wealth, if he had not made wise estate planning choices, his estate might have owed billions in estate taxes that were otherwise avoidable.

Source: Forbes "Steve Jobs Appears To Have Protected His Estate With Living Trusts" Oct. 7, 2011