Tuesday, July 1, 2014
The estate of Harold Simmons, a Texas Billionaire who died late last year, has saved $1.1 billion in estate tax. This was achieved by the executor valuing the estate by the “alternate valuation date” rather than by the value of the estate the day Simmons died. The difference that six months made was huge in the case of Simmons’ Estate.
See Matt Levine, Bloomberg News, Texas Billionaire Harold Simmons’ Heirs Save Some Money on Taxes, The Dallas Morning News, June 27, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.