Legendary movie moguls Jack Warner and Sam Goldwyn were instrumental in advancing the motion picture business. They both died wealthy men, with the Warner estate ($26,267,457) only slight less than the Goldwyn estate ($27,550,901). According to the old saw, "money isn't everything; it's just a way of keeping score," these men finished almost even.
But Sam bested Jack in several respects. While the marital deduction of both were around $11 million, Sam left $13.8 million to charity while Jack left none. Well, it was his money after all. But the Warner estate shrunk by 30% due to costs and taxes while the Goldwyn estate shrunk by only 5%. And here's the kicker: The Samuel Goldwyn Foundation (1994 Assets: $22 million) has given out millions of dollars over the years to the types of charities they favored.
So if you're keeping score by the net worth method, you might consider making the final tally after the estate has been settled.
Even though we aren't in the same financial league as these men, we have a duty to accomplish the most we can with our assets and an obligation to plan carefully for the future. After all, Jesus told us to store up treasure in heaven when neither moth nor rust can destroy!
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