Steve Jobs' Estate Plan Was As Inventive As He Was
Steve Jobs was not able to avoid death but he had considerably better luck with taxes. As John Palley reports in his firm'sProbate Information Blog, without estate planning, Jobs' estate would have had probate and tax expenses upwards of 3.5 billion (that's BILLION with a "B") dollars but that the judicious use of trusts could have avoided most, if not all, of that amount. Although it is impossible to know exactly what was done to minimize the tax burden on the estate,Palley reports that public property records reveal that various parcels of real property were purchased in the JOBS TRUST and the JOBS, STEVEN P. TRUST.
While the details of Steve Jobs' financial records are well-shielded from prying eyes ,this would not be the case if there had been a Will to be admitted to probate where court filings and proceedings are public record. What we have learned is that Jobs and his attorneys were able to avoid substantial estate taxes by using means which you, too might employ simply by planning ahead and contacting a competent estate planning professional. He who waits until the last minute --and we almost never know when that is going to be -- will invariably leave headaches of incalculable proportions in , and after, his wake.