Bodybuilding Icon Joe Weider Not As Rich As You'd Think
JR Ewing
MuscleHead
- Nov 9, 2012
- 1,329
- 420
There is a good chance he would have been able to gift away much of his true wealth before death via things like trusts, insurance policies, etc. I'd be very shocked if he and Ben had actually been billionaires just from the whole bodybuilding thing, but it's certainly possible that they may have diversified some of their $ over the years into other very good investments.
I do remember Weider selling out to another company many years ago. I'm guessing that his company was still private when he sold it back then, but I may be wrong.
Many private companies eventually go public in order to raise capital and grow. When a company goes public, its value usually increases greatly over time. But it usually comes to be majority-owned by various other shareholders in most cases.
I do remember Weider selling out to another company many years ago. I'm guessing that his company was still private when he sold it back then, but I may be wrong.
Many private companies eventually go public in order to raise capital and grow. When a company goes public, its value usually increases greatly over time. But it usually comes to be majority-owned by various other shareholders in most cases.
woodswise
TID Board Of Directors
- Apr 29, 2012
- 4,334
- 1,340
If his estate plan was to pass his money to his heirs free from estate tax, the taxable estate would have ended up much smaller than $35Million. I bet this is his true net worth at the end of life.
And shame on anyone who criticizes him for not doing better. His $35 Million estate means he was far more successful than 98% of everyone else in the world, a great man and truly a huge success, right up to the end of his very long life.
And shame on anyone who criticizes him for not doing better. His $35 Million estate means he was far more successful than 98% of everyone else in the world, a great man and truly a huge success, right up to the end of his very long life.
JR Ewing
MuscleHead
- Nov 9, 2012
- 1,329
- 420
One favorite trick of wealthy people here in the US is to buy up large amounts of certain types of life insurance - living policies that pass on to heirs tax free and don't go through probate. It's often called "The Rich Man's Roth IRA".
Annuities also have the advantage of not going through probate ($ is passed on directly to "beneficiaries", unless the estate IS the beneficiary), as do traditional life insurance policies and IRAs. Of course IRA and 401k contributions are limited.
So the actual "estate" may not be anywhere near an accurate account of a person's wealth.
And 2010 was one year there was no estate tax here in the US. The richest man in Houston, Dan Duncan (founder of Enterprise Energy Co) was worth 9 billion when he died in '10. His 3 kids each inherited one third of his estate TAX FREE. Of course most of his wealth was in company stock, and I'd read that he'd already prepared his estate for his death (not knowing for sure that he'd die during a time with no estate tax). He'd apparently gifted away much of his wealth to his kids before 2010.
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