Planning was Essential for TV Icon Clark
May 24, 2012 By Augulis Law Firm
At the present time the details regarding the way that the late TV icon Dick Clark planned his estate have not yet been made public. One thing is for sure though: If Clark did not take steps to gain tax efficiency his heirs will be faced with an enormous estate tax bill.
People have speculated that the estate of Dick Clark is valued in the hundreds of millions of dollars. When you consider the fact that the estate tax exclusion is just $5.12 million this year it could be said that virtually all of the Clark estate (relatively speaking) is potentially subject to the tax.
If you are not aware of the details you may be surprised to hear that the federal estate tax carries a rather draconian 35% rate. So if you apply this rate to an estate worth hundreds of millions of dollars you are looking at an enormous contribution to the national coffers.
While most people would say that we should all pay our fair share of taxes, Dick Clark already paid taxes on all of his earnings while he was still alive. Many would ask why the event of his death should trigger this extraordinarily heavy additional tax on his remaining resources.
We have no way of knowing how Clark planned his estate until these details are made available to the public. However, he was apparently quite financially astute to have amassed such a fortune, so you would assume that he did everything that he could to position his assets in a tax efficient manner.
Intelligent advance planning is important for all responsible adults, even those who are not in possession of the type of wealth that Dick Clark was able to accumulate. If you are currently unprepared for the future, right now would be a good time to arrange for a consultation with a licensed and experienced Central New Jersey estate planning lawyer.
ABOUT THE AUTHOR: Alan Augulis
Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ.
Copyright Augulis Law Firm
More information about Augulis Law Firm
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
If you are not aware of the details you may be surprised to hear that the federal estate tax carries a rather draconian 35% rate. So if you apply this rate to an estate worth hundreds of millions of dollars you are looking at an enormous contribution to the national coffers.
While most people would say that we should all pay our fair share of taxes, Dick Clark already paid taxes on all of his earnings while he was still alive. Many would ask why the event of his death should trigger this extraordinarily heavy additional tax on his remaining resources.
We have no way of knowing how Clark planned his estate until these details are made available to the public. However, he was apparently quite financially astute to have amassed such a fortune, so you would assume that he did everything that he could to position his assets in a tax efficient manner.
Intelligent advance planning is important for all responsible adults, even those who are not in possession of the type of wealth that Dick Clark was able to accumulate. If you are currently unprepared for the future, right now would be a good time to arrange for a consultation with a licensed and experienced Central New Jersey estate planning lawyer.
ABOUT THE AUTHOR: Alan Augulis
Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ.
Copyright Augulis Law Firm
More information about Augulis Law Firm
View all articles published by Augulis Law Firm
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
