Steve Jobs' wife to manage trust of $4.6 billion in Disney shares

Posted:
in General Discussion edited January 2014
Laurene Powell, the widow of Apple co-founder Steve Jobs, will manage a $4.6 billion trust containing the 138 million shares of the Walt Disney Co. that Jobs acquired when he sold Pixar in 2006.



In the wake of Jobs' death last month, speculation arose on what would be done with his estate, estimated to be worth $7 billion. Securities filings on Wednesday revealed that his Disney shares, which represented the majority of his wealth, have been placed in a trust.



The trust is Disney's largest shareholder with a 7.7 percent stake in the media conglomerate. Jobs originally acquired the shares in 2006 when he sold Pixar to the company for $7.4 billion. At the time, Jobs owned more than half of Pixar's stock.



Tax experts recently suggested that Jobs' family should sell off all of his Apple and Disney stock in order to avoid higher taxes later on and diversify the investment portfolio. According to a recent report from Bloomberg, the family could have saved $867 million in capital gains taxes.



"I can't see any reason not to sell all of it," Kacy Gott, chief planning officer at the wealth-management firm Aspiriant, told the publication. "They should have been looking to diversify years ago."



However, placing the shares into a trust is method for mitigating tax exposure on gains made from the shares, though it's not immediately clear what type of trust was set up in this case. According to Bloomberg, earlier proxy statements did show that Jobs was moving his assets into trusts toward the end of his life.



Some have speculated that Powell will use a portion of the trust's funds for philanthropic work. She has been an active participant in the non-profit sector and currently sits on the board of the Teach for America program.
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Comments

  • Reply 1 of 50
    Ah, the rich people. Always looking more ways to save money rather than paying taxes that could built schools etc. but then this is America, most of it (tax money) will go to their cronies at the congress and a large portion to pay for unwarranted wars.
  • Reply 2 of 50
    dualiedualie Posts: 334member
    I'm shocked, SHOCKED, that she didn't take the advice of "tax experts" or Bloomberg.
  • Reply 3 of 50
    chris_cachris_ca Posts: 2,543member
    Quote:
    Originally Posted by AppleInsider View Post


    "I can't see any reason not to sell all of it," Kacy Gott, chief planning officer at the wealth-management firm Aspiriant, told the publication.



    How about she wanted to be the largest shareholder of Disney (or any of a few dozen other reasons)?
  • Reply 4 of 50
    She has a BA in Economics and her MBA from Stanford.



    From her Wiki:



    " Before business school, Jobs worked for Merrill Lynch Asset Management and spent three years at Goldman Sachs as a fixed-income trading strategist."



    I'll she'll be managing that money just fine.
  • Reply 5 of 50
    tbelltbell Posts: 3,146member
    How about the millions in dividends it pays her every year? Jobs made close to 300 million in dividends from the Disney stock since he sold Pixar.



    Quote:
    Originally Posted by Chris_CA View Post


    How about she wanted to be the largest shareholder of Disney (or any of a few dozen other reasons)?



  • Reply 6 of 50
    Go to Vegas and put it all on red ;-)
  • Reply 7 of 50
    Laurene is a very smart woman who has several altruistic projects she can better serve by being the largest shareholder in Disney and to continue Steve and Her legacy.
  • Reply 8 of 50
    boredumbboredumb Posts: 1,418member
    Quote:
    Originally Posted by Splash-reverse View Post


    Ah, the rich people. Always looking more ways to save money rather than paying taxes that could built schools etc. but then this is America, most of it (tax money) will go to their cronies at the congress and a large portion to pay for unwarranted wars.



    Aww c'mon...lighten up! Surely, at least some of it will go to pay for warranted wars?!??!?

  • Reply 9 of 50
    Quote:
    Originally Posted by AppleInsider View Post


    Tax experts recently suggested that Jobs' family should sell off all of his Apple and Disney stock in order to avoid higher taxes later on and diversify the investment portfolio. According to a recent report from Bloomberg, the family could have saved $867 million in capital gains taxes.



    "I can't see any reason not to sell all of it," Kacy Gott, chief planning officer at the wealth-management firm Aspiriant, told the publication. "They should have been looking to diversify years ago."




    These tax-planning people are such idiots. All they are interested in are the fees they can generate for themselves.
  • Reply 10 of 50
    ksecksec Posts: 1,567member
    I know she is a Widow. But it just doesn't sound right to say Steve Jobs 's Widow. She is Steve Jobs's Wife. And She is a Widow.
  • Reply 11 of 50
    hill60hill60 Posts: 6,992member
    Quote:
    Originally Posted by Market_Player View Post


    Go to Vegas and put it all on red ;-)



    What a silly idea...





    ...put it on evens.
  • Reply 12 of 50
    tylerk36tylerk36 Posts: 1,037member
    Its sad to have to deal with all that money. Maybe they have a billionaires support group. Hello my name is "insert your name". I suffer from too much money. I am so glad I am not a billionaire. I am so glad that I am poor. Money, boy is it over rated.
  • Reply 13 of 50
    Quote:
    Originally Posted by Soundvision View Post


    She has a BA in Economics and her MBA from Stanford.



    From her Wiki:



    " Before business school, Jobs worked for Merrill Lynch Asset Management and spent three years at Goldman Sachs as a fixed-income trading strategist."



    I'll she'll be managing that money just fine.



    Big +1 for that. Money managers just want a piece of that pie.
  • Reply 14 of 50
    wizard69wizard69 Posts: 13,377member
    Quote:
    Originally Posted by Splash-reverse View Post


    Ah, the rich people. Always looking more ways to save money rather than paying taxes that could built schools etc. but then this is America, most of it (tax money) will go to their cronies at the congress and a large portion to pay for unwarranted wars.



    Apparently you can't read all that well as Powell is involved in education. It is almost a certainty that she will be able to do more good with that money than the government ever could via taxing people.



    As for those jerks in congress wouldn't you think the best thing to do is to keep this money out of their hands. It is only our passive acceptance of taxes that allows for the corrupt government we now have.
  • Reply 15 of 50
    Or they can just mind their own businesses. She's a very intelligent woman.
  • Reply 16 of 50
    Quote:
    Originally Posted by mdriftmeyer View Post


    Laurene is a very smart woman who has several altruistic projects she can better serve by being the largest shareholder in Disney and to continue Steve and Her legacy.



    Yeah, according to Walter Isaacson, Laureen Powell is one of the smartest and most grounded people he have ever met.

    Maybe she wants to keep it because there's a high chance that we can see Reed Paul Jobs in the future.



    Quote:

    Steve Jobs Let His Son Sit In Closed Door Meetings As Apple Grappled With The Antennagate Fiasco



    During the whole iPhone 4 "Antennagate" crisis of summer 2010, Steve Jobs and other high level executives spent two straight days hammering out a PR strategy.



    But the most interesting detail of those strategy sessions was that Jobs decided to bring his son Reed, then a high school senior, to sit in.



    The family was on vacation in Hawaii when reports of the iPhone 4 antenna problems rolled in, prompting Jobs to cut his trip short so he could deal with the crisis.



    According to Walter Isaacson's biography, Jobs told Reed:



    “I’m going to be in meetings 24/7 for probably two days and I want you to be in every single one because you’ll learn more in those two days than you would in two years at business school,” he told him. “You’re going to be in the room with the best people in the world making really tough decisions and get to see how the sausage is made.”







  • Reply 17 of 50
    You think I can seduce her and get involved in some scandal?



    I'm gon' be on TMZ ya'll.
  • Reply 18 of 50
    jd_in_sbjd_in_sb Posts: 1,600member
    Fortunately she will never read the whining in this blog.
  • Reply 19 of 50
    Quote:
    Originally Posted by Splash-reverse View Post


    Ah, the rich people. Always looking more ways to save money rather than paying taxes that could built schools etc. but then this is America, most of it (tax money) will go to their cronies at the congress and a large portion to pay for unwarranted wars.



    Gotta love the whiners who always know what others should do since they don't, can't or won't do it themselves.
  • Reply 20 of 50
    .



    This Story made my Heart Soar Like the Eagle



    Of all the ink spilled about Steve's passing



    Very little included the Disney connection



    And as WE know here



    Whole is greater than sum ... etc



    .



    Glad to hear his Wife



    Recognizes that connection



    And wants to stay connected



    Wise Lady



    But ...



    She did marry Steve, yea ?







    .
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