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Steve Jobs may have died avoiding Estate Tax
Fox Business | 09/12/2011 | Fox Business

Posted on 10/12/2011 7:35:54 AM PDT by scooby321

I heard a Commentator say that Steve Jobs created a Trust before his liver transfer to avoid Estate Taxes to his children. He wasn't sure that he had to pay a Gift tax on the transfer of 3 homes, 30 Million Shares of Apple and 120 Million shares of Disney.


TOPICS: Business/Economy
KEYWORDS: billionaires; deathtaxes; millionaires; stevejobs
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The hero of the leftist capitalist evaded his fair share of death taxes. Which I agree with him on.
1 posted on 10/12/2011 7:36:06 AM PDT by scooby321
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To: scooby321

He earned it, he paid tax’s on it while he was alive, why should he see what he earned and paid tax’s on get screwed over by the Government, and taxed again?

I will try to do the same thing, although my estate will be a few paltry thousands of dollars.

I paid tax’s on every dime of it ,why should the Government be entitled to more.


2 posted on 10/12/2011 7:39:39 AM PDT by Venturer
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To: Venturer
I paid tax’s on every dime of it ,why should the Government be entitled to more.

Really, I have to say it?

(With dripping sarcasm) For the children.

3 posted on 10/12/2011 7:44:58 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: scooby321

Good for him! His kids can do much more good with that money than the Fed. Govt. would, even if they just banked it!


4 posted on 10/12/2011 7:50:10 AM PDT by SuziQ
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To: scooby321

I’m close to an expert in this field, and can assure you that EVERYONE in this wealth category (and a few tiers down) does aggressive estate tax planning, and doesn’t pay a penny on estate or gift taxes.

It would be news if he hadn’t done the typical planning


5 posted on 10/12/2011 7:55:05 AM PDT by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: scooby321

Sorry for being off message, but how did he get a liver transplant? Nobody with cancer is eligible for a transplant and he had cancer two years before his transplant. There wasn’t enough time to be declared cured.


6 posted on 10/12/2011 7:56:05 AM PDT by MrKatykelly
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To: MrKatykelly

I can probably give you several million reasons... when you have that kind of money... many things are possible.


7 posted on 10/12/2011 7:59:12 AM PDT by wyowolf
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To: scooby321

GOOD! And, he refused to sign Gates Tax Avoidance scam for billionaires too!


8 posted on 10/12/2011 8:01:10 AM PDT by goodnesswins (My Kid/Grandkids are NOT your ATM, liberals! (Sarah Palin))
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To: scooby321
"30 Million Shares of Apple"

His cost basis would have been 0. I agree that he should not have had to pay the Death Tax, but I shouldn't, either!

9 posted on 10/12/2011 8:02:18 AM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: scooby321
Steve Jobs may have died avoiding Estate Tax

I hope he avoided it for a couple of reasons. First, he worked for the money. Why should a bunch of greedy politicians and bureaucrats get their lazy, filthy hands on it? Second, anything that deprives the government of revenue is good. The less money government has the less trouble it can make for the rest of us.

10 posted on 10/12/2011 8:04:03 AM PDT by from occupied ga (your own government is your most dangerous enemy)
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To: scooby321
It never ceases to amaze me how those who follow the leftist elite's Siren's song of tax the rich can fail to see the hypocrisy of the rich who lead them on.

I don't believe in having a "death tax," but it's amazing how all of those wealthy liberals manage to escape the taxes that they want to impose on the rest of us.

The hypocrisy of the left is manifest, but the idiots who are protesting Wall Street can't seem to see it. Susan Sarandon's "I support you, now excuse me while I get back into my limo and fly off to Europe in my private jet."

There is a reason that the Soviets called American liberals "useful IDIOTS."
11 posted on 10/12/2011 8:05:22 AM PDT by Sudetenland (There can be no freedom without God--What man gives, man can take away.)
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To: MrKatykelly
The story I got was this guy bought a prostitute and went to a motel and the next thing he knows he wakes up in a bathtub filled with ice with a big scar on his side.

Or maybe they killed a Christian in China to sell his organs.

Or maybe the Director of the Transplant program is driving a new Bugatti Veyron now.

Take your pick.

12 posted on 10/12/2011 8:10:35 AM PDT by chuckles
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To: Sudetenland

“I don’t believe in having a “death tax,” but it’s amazing how all of those wealthy liberals manage to escape the taxes that they want to impose on the rest of us.”

I wasn’t aware that Jobs had called for higher taxes, or was a supporter of the estate tax. Care to post a link?


13 posted on 10/12/2011 8:11:45 AM PDT by PreciousLiberty (Cain '12 - Take Back America!!!)
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To: Beelzebubba
I’m close to an expert in this field, and can assure you that EVERYONE in this wealth category (and a few tiers down) does aggressive estate tax planning, and doesn’t pay a penny on estate or gift taxes.
+++++++++++++++++
It is pretty easy for Jobs to avoid estate taxes but it is not clear at all how his wife would do so when she passes away.

Could you enlighten us?

Ditto gift taxes. How can you pass millions to your children and avoid gift taxes?

14 posted on 10/12/2011 8:12:35 AM PDT by InterceptPoint
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To: PreciousLiberty
I guess you believe that he was a small government conservative.

Jobs may have been a creative capitalist, but he was also an avowed liberal . . . much in the same vein as Gates and Buffet . . . a limousine liberal.
15 posted on 10/12/2011 8:16:29 AM PDT by Sudetenland (There can be no freedom without God--What man gives, man can take away.)
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To: PreciousLiberty
Steve Jobs Political Contributions
16 posted on 10/12/2011 8:20:47 AM PDT by Sudetenland (There can be no freedom without God--What man gives, man can take away.)
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To: scooby321
30 Million Shares of Apple and 120 Million shares of Disney

At today's market prices, roughly $15 billion.

Sounds like a lot, doesn't it?

If the revenooers were to confiscate every cent of it, it would feed the the Federal Government for LESS THAN TWO DAYS.

17 posted on 10/12/2011 8:24:32 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Sudetenland

“I guess you believe that he was a small government conservative.”

Bad guess.

“Jobs may have been a creative capitalist, but he was also an avowed liberal . . . much in the same vein as Gates and Buffet . . . a limousine liberal.”

I didn’t think he’d said anything of the sort, thanks for confirming that.

Jobs looks to have been fairly inactive politically, judging by those contributions. Be cautious about ascribing particular views to anyone based on their political party. There are many “Republican conservatives” on this site who are as anti-freedom as anyone I’ve run across.


18 posted on 10/12/2011 8:26:01 AM PDT by PreciousLiberty (Cain '12 - Take Back America!!!)
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To: InterceptPoint

I’m no expert but I think he may have set up some sort of ‘bypass trust’, whereby the assets would be tax-deferred. The kids would eventually pay estate taxes after his wife passed on. But the trust would have many years to grow before Uncle Sam could grab a chunk of it. Eventually he will.


19 posted on 10/12/2011 8:26:27 AM PDT by rfp1234 (RFP's Law: Whoever blames Bush first shall lose the argument.)
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To: Venturer
So the guy spent a lot of his capital towards electing democrats who instituted and perpetuated “death” taxes, which he supported while “healthy”, then took “advantage” of “the system” (And turned his back to the ideology he promoted) at death's door, what a guy.

If Jobs was a staunch critic of tax and spenders as well as NOT funded their rise/present power I would agree with you. In the end however, Jobs was just a limousine liberal who was willing to crush start-ups and kill the small business individual/families (By funding the totalitarians in DC) in order to fuel his “covetousness” and feeling of "charity" through the Federal government.

Maybe Rush will give another sermon on Jobs that show how hypocrites should not be praised, I doubt it, we praise technological "giants" while the world is burning because these "giants" help fund our destruction while they make sure the to get "theirs". Pathetic does not not begin to describe the hypocrisy.

20 posted on 10/12/2011 8:26:56 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians)
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To: PreciousLiberty
Take a look at Job's late ‘90s contributions and mid 2000’s and Apple as a whole.
21 posted on 10/12/2011 8:30:25 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians)
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To: MrKatykelly

Mickey Mantle did it too!


22 posted on 10/12/2011 8:34:35 AM PDT by Renegade
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To: scooby321
The hero of the leftist capitalist evaded avoided his fair share of death taxes. Which I agree with him on.

Avoidance is legal. Evasion is criminal. You can bet his lawyers assured avoidance.

23 posted on 10/12/2011 8:49:38 AM PDT by Myrddin
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To: PreciousLiberty
Right before Jobs’ second “Reinassance”. Heck, seems he was a big fan of “the One” as well in 2008. This was just a quick search. Hard to believe you did not think Jobs was “out there” politically.

http://www.newsmeat.com/billionaire_political_donations/Steve_Jobs.php

24 posted on 10/12/2011 8:50:50 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians)
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To: MrKatykelly
Sorry for being off message, but how did he get a liver transplant? Nobody with cancer is eligible for a transplant and he had cancer two years before his transplant. There wasn’t enough time to be declared cured.

The way that I understand it, cancer practically puts you at the top of the list for a transplant.

I know someone that has non-alcoholic cirrhosis, and she will eventually be put on the list to get a liver transplant (when it gets bad enough).

The way she explained it to me, is that the list is based on a point system, and you get points based on what is going on with you medically. The points range from 0 to 40, with 0 being the best and 40 being the most medically urgent. When someone has liver cancer, that is an automatic 20 points, so they get a big jump over everyone else.

That doesn't seem logical to me. How could they be certain that the cancer wasn't metastatic, and therefore the new liver wouldn't fully take care of the cancer and affect whether or not the patient had a good prognosis?

In any event, here is a link that explains the process: MELD and the Waiting List for Liver Transplant

It mentions that hepatic cancer (and some other factors) puts you higher on the list, and also that the average points of those undergoing transplant is 20. So that 20 points given for cancer pretty much gives that patient fast priority.

25 posted on 10/12/2011 9:02:56 AM PDT by RedWhiteBlue (Mama tried)
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To: PreciousLiberty

He may have not have been an outspoken Liberal, but as Rush has pointed out time and again, a Liberal he was.


26 posted on 10/12/2011 9:21:15 AM PDT by Balding_Eagle (Overproduction, one of the top five worries of the American Farmer each and every year..)
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To: Pontiac
(With dripping sarcasm) For the children.

actually, it's "for the GRAND children" now....

27 posted on 10/12/2011 9:21:29 AM PDT by sten (fighting tyranny never goes out of style)
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To: Venturer
He earned it, he paid tax’s on it while he was alive, why should he see what he earned and paid tax’s on get screwed over by the Government, and taxed again?

Holy crap, people! Enough with the damned apostrophes!

It's TAXES

28 posted on 10/12/2011 9:24:30 AM PDT by IDontLikeToPayTaxes
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To: rollo tomasi

No doubt he is a hypocrit-—aren’t they all?

Any of these people who want to pay more tax’s can easily do so, anyone who says they want to pay more tax’s is either full of sh1t, or insane.


29 posted on 10/12/2011 9:25:28 AM PDT by Venturer
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To: IDontLikeToPayTaxes

Well ExcuuUuuuUUuuUUuse me.


30 posted on 10/12/2011 9:36:47 AM PDT by Venturer
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To: Sudetenland

So in the last seven years of his life he made not one political contribution.


31 posted on 10/12/2011 9:37:33 AM PDT by Bubba Ho-Tep ("More weight!"--Giles Corey)
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To: rollo tomasi

He donated less than a quarter-million over 22 years and nothing since 2004? Cheapskate.


32 posted on 10/12/2011 9:41:46 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: Venturer
Some have convictions that match their actions. Although Limbaugh lacks offspring, (None that we know about) I am sure he is “protected” by all means possible. Several other billionaires exist that fight against their self-interests (The bubble that exists to hamper the start-ups) in terms of the political arena. The praising/excusing of the “I am keeping mine, time to shove laws down your throats by my rented out politicians that will take yours" hypocrites is perplexing on a conservative forum which promotes Free Enterprise.
33 posted on 10/12/2011 9:52:28 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians)
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To: scooby321

If a person is an organ donor, shouldn’t his death taxes be at least reduced, since he isn’t entirely dead. Perhaps they could do it by percentages. The bigger your liver is, or the more organs you donate, the more your death tax is reduced.


34 posted on 10/12/2011 9:53:19 AM PDT by Arthur McGowan (In Edward Kennedy's America, federal funding of brothels is a right, not a privilege.)
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To: scooby321

If a person is an organ donor, shouldn’t his death taxes be at least reduced, since he isn’t entirely dead. Perhaps they could do it by percentages. The bigger your liver is, or the more organs you donate, the more your death tax is reduced.


35 posted on 10/12/2011 9:53:37 AM PDT by Arthur McGowan (In Edward Kennedy's America, federal funding of brothels is a right, not a privilege.)
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To: scooby321

It’s called “estate planning”. Everyone does it. Lefties and righties.


36 posted on 10/12/2011 9:56:21 AM PDT by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: IDontLikeToPayTaxes

What do you have against apostrophe’s?


37 posted on 10/12/2011 9:58:51 AM PDT by Arthur McGowan (In Edward Kennedy's America, federal funding of brothels is a right, not a privilege.)
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38 posted on 10/12/2011 9:59:51 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: Right Wing Assault
That was just Federal and personnel (The wife has a mile long list as well as Apple), plus timing is everything it seems (LOL at the Pelosi contribution where she won by over 80% that year, wonder why he gave, hmmm...) I guess collectivist hypocrisy is fine and dandy with you.
39 posted on 10/12/2011 10:00:33 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians)
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To: DuncanWaring

Outstanding post !!


40 posted on 10/12/2011 10:01:59 AM PDT by nascarnation (DEFEAT BARAQ 2012 DEPORT BARAQ 2013)
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To: InterceptPoint

It is pretty easy for Jobs to avoid estate taxes but it is not clear at all how his wife would do so when she passes away.

Could you enlighten us?

Ditto gift taxes. How can you pass millions to your children and avoid gift taxes?


By putting it into properly-formed trusts. And most lawyers who claim to do estate planning have no clue, and will screw it up. This takes a top specialist, and can cost tens of thousands of dollars.


41 posted on 10/12/2011 11:36:01 AM PDT by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: IDontLikeToPayTaxes

Who are you? Head of the apostrophe police? LOL ;)


42 posted on 10/12/2011 11:37:43 AM PDT by Fawn (No TO PERRY!!!!!!!!!)
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To: scooby321

So, he avoided estate taxes? Oh well.


43 posted on 10/12/2011 11:37:50 AM PDT by hoagy62 (The United States of America. Great idea...while it lasted.)
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To: All

EVERYONE should create a TRUST!


44 posted on 10/12/2011 11:39:02 AM PDT by Fawn (No TO PERRY!!!!!!!!!)
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To: Beelzebubba
By putting it into properly-formed trusts.

The standard scheme as I understand it is to start with a Trust and when the first person passes away to break that trust into 3 trusts: The Exemption Trust, the Remainder Trust and a trust that includes the 50% share of the surviving spouse.

The Exemption Trust has a dollar value equal to the exemption based on the Estate Tax rules at the time of death. No taxes will ever be due on that Estate. The Remainder Trust include the dollar value that is not exempt. No taxes are paid at this time. The surviving spouse has control of all three Estates.

When the 2nd spouse passes away the Estate is re-audited and the Estate Taxes are paid based on the exemptions and rates that are the law at the time.

Is there some way that you are aware of to avoid paying taxes when the second spouse passes away?

45 posted on 10/12/2011 12:46:55 PM PDT by InterceptPoint
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To: InterceptPoint

It’s beyond my expertise, but the point is to put the property in trust for a series of beneficiaries (spouse, kids, grand kids). There is a limit to to how far you can go (based on who’s alive at the time of the grantor’s death).

An expert lawyer is needed to do this, but it’s done all the time by the wealthy.


46 posted on 10/12/2011 12:56:42 PM PDT by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: Beelzebubba

Didn’t Warren Buffet and Bill Gates do essentially the same thing by forming their supposedly philanthropic foundation?


47 posted on 10/12/2011 1:37:40 PM PDT by Mind-numbed Robot
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To: Mind-numbed Robot

Charitable is different, and I’m no expert.


48 posted on 10/12/2011 1:38:47 PM PDT by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: chuckles
Or maybe the Director of the Transplant program is driving a new Bugatti Veyron now.

It was more valuable than that. He gave him an advanced issue of the iPad2.

49 posted on 10/12/2011 1:55:47 PM PDT by Mind-numbed Robot
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To: Venturer


D#@n straight. And my estate will be considerably smaller, too. ;)
50 posted on 10/12/2011 1:58:30 PM PDT by DTxAg (The Presidency is not an entry-level position.)
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