Nelson Rockefeller (1908-1979) – 41ST Vice President of the United States; 49TH Governor of New York
Rockefeller, a Republican, was politically moderate with the exception of the extremely harsh drug laws he supported. As Governor of New York from 1959 to 1973, his achievements included the expansion of the State University of New York, efforts to protect the environment, the building of the Nelson A. Rockefeller Empire State Plaza in Albany, increased facilities and personnel for medical care, and creation of the New York State Council on the Arts. He served as Vice President from 1974 to 1977 under President Gerald R. Ford. As a businessman he was President and later Chairman of Rockefeller Center, Inc., and he formed the International Basic Economy Corporation in 1947. Yet, despite his success as a businessman and politician, consider what happened to his estate.
15% Shrinkage of the Estate
$66,414,000 Gross Estate
$ 5,617,000 Less Settlement Costs
$ 4,069,000 Death Taxes
$ 9,686,000 Total Costs
$56,728,000 Final Estate Value
Nelson Rockefeller was a prominent businessman, but even famous businessmen can fail to properly plan. Many would say a 15% shrinkage is a great result for an estate worth $66 million. Others would say it should have been less, given the vast array of professionals available to assist Nelson Rockefeller. You decide. Is a 15% loss of the Estate good planning?
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.