Estate tax returns are due 9 months after death, although an extension of six months can be filed. Not sure if the CV debacle delayed any of that, but it gives a rough time-line in which to look.
Current estate tax exemption is a little over $12M but with unlimited marital deduction, that brings it up to $24M. This is critical to consider IMHO because the person who died may have been the spouse and may not have been as high profile - the billionaire in name may have passed 10 years ago and the spouse kept a low profile.
That is assuming the decedent was a US citizen or had a green card and the tax is 40% above that on all worldwide assets. If it was someone who was not a US citizen but held property in the US, the exemption goes down to $60K but tax is on US assets only. They wouldn't need to be worth $35B. Look for foreign nationals with large US real estate holdings.
There are all kinds of planning techniques using trusts, etc.
It could be insurance proceeds, but planning may also have been "eh, you'll be rich enough" to the kids, or the kids were direct beneficiaries of insurance and therefore did not have to wait for the estate to be settled to receive their inheritance.
List of billionaire deaths in 2022 - unsure if complete. But a start:
Looking at the two lists, if it was an American, I think Sheldon Adelson is a good candidate. He fits the net worth profile as an American. (The return is due 9 months after death, which is basically a valuation of the estate at the date of death. The money due can come afterwards; the IRS has to agree with the numbers, etc.) Plus, the assets might have to be sold. Real estate doesn't turn over in a day.
It could. 9 months was October 2021, and if they got an extension, that would be April 2022. A little far out, but then I have no idea what kind of delays the IRS may have had. The appraisal of properties alone must have been a nightmare with half the world still in some form of lockdown. That year, my MIL had some tax issues that took her accountant seven months to unwind with the IRS. So it would not be surprising if delays were across the board.
Estate tax returns are due 9 months after death, although an extension of six months can be filed. Not sure if the CV debacle delayed any of that, but it gives a rough time-line in which to look.
Current estate tax exemption is a little over $12M but with unlimited marital deduction, that brings it up to $24M. This is critical to consider IMHO because the person who died may have been the spouse and may not have been as high profile - the billionaire in name may have passed 10 years ago and the spouse kept a low profile.
That is assuming the decedent was a US citizen or had a green card and the tax is 40% above that on all worldwide assets. If it was someone who was not a US citizen but held property in the US, the exemption goes down to $60K but tax is on US assets only. They wouldn't need to be worth $35B. Look for foreign nationals with large US real estate holdings.
There are all kinds of planning techniques using trusts, etc. It could be insurance proceeds, but planning may also have been "eh, you'll be rich enough" to the kids, or the kids were direct beneficiaries of insurance and therefore did not have to wait for the estate to be settled to receive their inheritance.
List of billionaire deaths in 2022 - unsure if complete. But a start:
https://www.forbes.com/sites/conormurray/2022/12/31/the-billionaires-who-died-in-2022/?sh=56d776fe61bf
And 2021:
https://www.forbes.com/sites/rachelsandler/2021/12/31/the-billionaires-who-died-in-2021/?sh=28b24d024798
Looking at the two lists, if it was an American, I think Sheldon Adelson is a good candidate. He fits the net worth profile as an American. (The return is due 9 months after death, which is basically a valuation of the estate at the date of death. The money due can come afterwards; the IRS has to agree with the numbers, etc.) Plus, the assets might have to be sold. Real estate doesn't turn over in a day.
That's my theory.
It could. 9 months was October 2021, and if they got an extension, that would be April 2022. A little far out, but then I have no idea what kind of delays the IRS may have had. The appraisal of properties alone must have been a nightmare with half the world still in some form of lockdown. That year, my MIL had some tax issues that took her accountant seven months to unwind with the IRS. So it would not be surprising if delays were across the board.