Steve Jobs' Reminds Us of the Importance of Proper Estate Planning
Avoiding estate taxes is one of the primary benefits of having an enforceable estate plan created during one's life. Steve Jobs' plan provides evidence of how beneficial estate plans can be.

December 24, 2011 /24-7PressRelease/ -- Steve Jobs' Reminds Us of the Importance of Proper Estate Planning

One of life's few certainties is that we will all eventually leave this world. Unfortunately, too many of us do not prepare for when we pass on, leaving our assets and our legacy to be distributed according to state law, rather than our own wishes. Other downsides include subjecting our property to significant state and federal taxes, probate and possibly creditors. Luckily, these problems can be avoided by designing an estate plan that addresses someone's wishes and is personalized according to his or her unique needs.

Additionally, proper estate planning can be beneficial whether someone is wealthy or a person of modest means. For example, ensuring that someone's family is cared for, allocating assets to favorite charities, as well as avoiding various estate taxes are attractive advantages to people of all social classes.

Steve Jobs' Estate Plan

Steve Jobs, granted, is unlike many Americans and was worth billions of dollars at the time of his death. He built Apple into a state-of-the-art, worldwide technology powerhouse, and was the largest shareholder of Disney Corporation. However, the way he planned for his death provides a valuable lesson to every American -- perhaps his final contribution to society.

According to Forbes, Jobs was worth nearly $7 billion at the time of his death. Therefore, his estate, had he not utilized several estate planning products during his life, could have been hit for nearly $2.5 billion dollars in estate or death taxes. To avoid these taxes, Jobs placed several assets in living trusts. These living trusts helped his estate avoid many taxes, ensured his privacy (wills must pass through public probate), and made his intentions clear to his surviving family and friends.

Following in Jobs' Footsteps: Set Up Your Own Estate Plan

There are many tools estate planning attorneys use to customize estate plans for their clients. Certain tools can help care for a disabled child, keep private charitable contributions made from an estate, as well as prevent families from fighting over who was meant to receive what. All in all, estate planning might save money, time, and possibly prevent hassle or even conflict.

Anyone who has yet to set up their own estate plan should speak with an experienced legacy planning attorney to discuss customizing a strategy for the future.

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