Billionaires do not always leave their wealth to their own families.
Ingvar Kamprad was one of the richest men in the world.
He founded and grew an international retail furniture empire.
Perhaps you have heard of it.
It is called IKEA.
How much was he worth?
About $73.8 billion.
Kamprad died recently at the age of 91.
With his passing, where will his money go?
According to a recent Australian News article title “IKEA founder Ingvar Kamprad’s family won’t inherit much of his staggering fortune,” very little will go to his family.
The Stichting Ingka Foundation owns most of the IKEA stores.
The purpose of this company is support design innovation and donate to charity.
This company—although founded by Kamprad—is controlled by the Interogo Foundation and is out of the control of his family.
The foundation provides for philanthropic efforts and reinvests profits back in the company.
In short, the company is self-owning.
The family members of Kamprad do not and cannot own shares.
Why did Kamprad make this choice?
He wanted IKEA to survive and thrive long after his death.
No one person can control the company.
Did Kamprad leave his family penniless?
He provided a modest amount from the Ikano Group.
This company is worth billions of dollars as well and is run by his family.
The estate plan of Kamprad seems to support his ideals of innovation over money.
Do you want your estate plan to reflect what you value most?
If so, you should work with an experienced estate planning attorney.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Australian News (February 2, 2018) “IKEA founder Ingvar Kamprad’s family won’t inherit much of his staggering fortune”