Most people go through the estate planning process to ensure that when they die, as much of their estate as possible escapes the clutches of Uncle Sam. However, in a case that California readers may find interesting, one Florida man chose to do the exact opposite. That is, he intentionally left his historic house, along with $1 million, to the federal government through his will.
The man, who died in December 2010 at the age of 87, had lived in his Coral Gables home for almost his entire life. The home was reportedly worth more than $1 million, and it sold for $1.175 million in a recent auction. A news report states the contents of the home will also be auctioned off by the government in January.
According to the man's will, he left the home and another $1 million to the federal government in order to help pay down the country's debt. This was true despite the fact that he had many nieces and nephews who lived nearby, although he may have certainly left money to them as well through the will. Nonetheless, the case illustrates how the goals of estate planning can vary dramatically.
In this situation, the man had a specific wish in terms of his estate and executed it with a proper estate plan. The process involves a carefully thought out plan and proper execution in order to ensure that heirs do not have the possibility to contest the provisions of the will and that the man's wishes are carried out correctly.
Source: NBC Miami, "Florida man wills $1 million house to Uncle Sam," Dec. 12, 2011