Charles S. Woolworth (1856-1947) – Co-Founder Five-and-Ten-Cent Store
Charles “Sum” Woolworth and his brother, Frank Woolworth, founded the F.W. Woolworth Co. Frank started the first store and then hired Sum to manage the second store as a partner. In 1888, Frank suggested Sum buy out his brothers’ share of the Scranton store, thus becoming the first franchisee of Woolworth’s. Sum developed the brothers’ “5¢ & 10¢” merchandising model. Woolworth’s concept was widely copied, and five-and-ten cent stores (also called five-and-dime stores) became a 20TH century fixture in American downtowns. Sum served as the Chairman of Woolworth for twenty-five (25) years. Yet, despite his business success, consider what happened to his estate.
62% Shrinkage of the Estate
$16,788,702 Gross Estate
$ 821,160 Less Settlement Costs
$ 9,532,681Death Taxes
$10,353,841 Total Costs
$ 6,434,861 Final Estate Value
Charles Woolworth was a successful businessman, but even prominent businessmen can fail to properly plan. You decide. Is a 62% loss of the Estate good planning by someone who had a vast array of professionals available to assist him?
If you want to minimize the likelihood of shrinkage to your estate, then contact The Mendel Law Firm, L.P. for a free initial consultation on estate planning, trust planning, and/or probate issues.