Dean G. Witter (1887-1969) – Businessman
Dean Witter was a U.S. businessman who co-founded Dean Witter & Company, which became the largest investment house on the West Coast. In 1914, Witter partnered with Charles Blyth to found Blyth, Witter & Co., a San Francisco based brokerage. In 1924, Witter left the partnership to form his own company, Dean Witter & Company, with his brother Guy. In its early years, Witter focused on dealing in municipal and corporate bonds. The company was highly successful in its first five years, purchasing a seat on the San Francisco Stock Exchange in 1928 and then opening an office in New York and purchasing a seat on the New York Stock Exchange in 1929. Although a relatively young company, Witter survived the Wall Street Crash of 1929 and the Great Depression, posting profits every year during the 1930s and into the 1940s. Dean Witter would lead his company until his death in 1969. Even though Witter had tremendous success as a businessman, consider what happened to his estate.
25% Shrinkage of the Estate
$7,451,055 Gross Estate
$1,830,717 Total Settlement Costs
$5,620,338 Final Estate Value
Dean Witter was a successful businessman, but even businessmen fail to properly plan. If you want to minimize your estate planning taxes and/or avoid the probate process, then contact The Mendel Law Firm, L.P. for a free initial consultation on estate planning, trust planning, and/or probate issues.