William E. Boeing (1881-1956) – Aviation Pioneer
William Boeing was an American aviation pioneer who founded The Boeing Company. In 1916, Boeing co-founded B & W with George Conrad Westervelt. Boeing also founded the Pacific Aero Products Company, which produced the Boeing Model 1 airplane. In 1917,when America entered the First World War, Boeing changed the name of Pacific Aero Products Company to Boeing Airplane Company. The company obtained orders from the United States Navy for 50 planes. At the end of the war, Boeing began to concentrate on commercial aircraft, secured contracts to supply airmail service, built a successful airmail operation, and later, passenger service that evolved into United Airlines. Yet, despite his aviation success, consider what happened to his estate.
47% Shrinkage of the Estate
$22,386,158 Gross Estate
$10,589,748 Total Settlement Cost
$11,796,410 Final Estate Value
William Boeing was an innovator, but even innovators fail to properly plan their estate. If you want to minimize your estate planning taxes and/or avoid the probate process, then contact The Mendel Law Firm, L.P. fir a free consultation on estate planning, trust planning, and/or probate issues.
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