By Hani Sarji, Forbes
6 Oct 2011
Various news sources are reporting that the brilliant, awe-inspiring billionaire, the co-founder of Apple, has passed.
There still are no reports of his estate plan, but one can safely presume that it was well thought out. There have been some articles criticizing Jobs’ supposed . Now we should be able to tell whether he donated a good portion of his estate to charity in the manner Warren Buffet has promoted. It is important to note that charitable giving can be made during life or at death.
Significantly, Jobs died this year, a year in which there is a low 35% estate tax. But had he died last year, his executor could have opted out of the estate tax entirely.
Estate planning is about more than just taxes. For a long time, Jobs was suffering from chronic illness, like so many other Americans. It is important to do estate and financial planning to prepare for an uncertain future.
Many Americans are afraid of thinking about death. But the passing of Jobs reminds us of our mortality and the importance of planning to preserve our legacy. Jobs’ legacy is secure for ages to come. He has shared his brilliance with all of us, and he will be remembered as one of the greatest innovators.
*Comments: Please note that estate duty in Singapore has been ABOLISHED for death on or after 15 Feb 2008. Read information related to Estate duty from IRAS
Video on Steve Jobs:
Steve Jobs Stanford Commencement Speech 2005