Well, if the estate’s too big for a particular plan is, was the case of Joe Robbie, then you’ve got another problem. We talked about what is in the state and we talked about who needs planning and you know, in a state is just a bundle of assets, right? And then, but one thing we didn’t get into yesterday was that, you know, you can do planning and you know, a lot of times you think your state might be too small. And the problem with that plan is that it was more suitable for your average household. And so that was actually done and put in place. And then that trust was going to provide a lifetime support for Joe, Robby spouse. And what that is, is that the will would put the assets in the trust in the event of his, his death. Well, but Joe Robbie’s estate actually did, or what Joe Robbie did for his estate was he had a revocable trust and then he had a pour over will. And we talked about the various that you can have.Īnd, and we touched on, you know, we’re revocable living trusts and having a will in these kinds of things. So yesterday we kinda did an overview of what is estate planning. So in the case of Joe Robbie, what happened is he actually did some planning. And so, you know, you’re, you’re really talking about a $70 million estate, I think was what the, some sources said, you know, when it was all said and done. So in the case of Joe Robbie, you know that the estate was worth well in excess of that. So let’s say you had an estate tax bill of $20 million, you know, you’re talking about roughly 8 million at that amount in estate taxes. So at the time of this podcast, you know, your state tax rates are around 40% on the high side. So a lot of times you have all this value, but you don’t have the liquidity to pay the estate taxes. And so what will happen is there’s a value to that business as there was in the case of the Miami dolphins team in the stadium. So the circumstance there was that, and this is pretty common, by the way, when you deal with businesses, family businesses are, are huge for having issues because a lot of times they’re not very liquid.
And in the end, his team in the stadium that Robby built in 1984, the $115 million of his own money had to be sold by the family to sell a huge amount of estate taxes shortly after he died in 1990. So Joe Robbie, for those of you that may not know, he was the founder of the Miami dolphins football team. You have two very different circumstances there and they, they’re great cause they illustrate two different kind of mistakes that can happen in the planning sphere.Īnd in Joe Robbie’s case, it also involves what could have been done differently in some life insurance aspects of the planning.
And then we’re also going to take a look at the state of Prince is still ongoing. And so the first one we want to talk about Joe Robbie stadium issue and the late Joseph Robbie and what happened there.
And so I get two different cases that we want to run by cause I think stories and actual accounts are the best way to illustrate a lot of stuff. Today I want to talk about some high profile cases, just to illustrate what happens when planning isn’t done the right way or you know, maybe there was a just a lapse and somebody elected to adopt the no plan.
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