Alwin C. Ernst (1881-1948) – Accountant
Alwin Ernst was an American businessman and accountant who co-founded the accounting firm of Ernst & Ernst with his older brother, Theodore, and is credited with inventing management consulting. After Ernst finishing high school Ernst began evening courses at a business college. He then went to work for the Audit Company in 1900. In 1903, Alwin and Theodore Ernst founded the Ernst & Ernst bookkeeping service with an invested capital of $500. After Theodore left the business in 1906, . Now by himself, Ernst obtained his Ohio Certified Public Accountant (CPA) certificate in 1910. Aggressive and ambitious, Ernst had already opened offices in Chicago by 1908 and in New York City by 1909. By the time of his death in 1948, Ernst had grown the business to more than fifty offices in the United States and Canada. Yet, despite his success as an accountant, consider what happened to his estate:
56% Shrinkage of the Estate
$ 12,642,431 Gross Estate
$ 7,124,112 Total Settlement Cost
$ 5,518,319 Final Estate Value
Alwin C. Ernst was a prestigious accountant, but even accountants can fail to properly plan. If you want to minimize the consequences of failing to properly plan your estate, then contact The Mendel Law Firm, L.P. for a free initial consultation on estate planning, trust planning, and/or probate issues.
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