Dianne Feinstein left a large estate to her loved ones.
Most people do not accumulate vast wealth during their lifetimes.
Although they may leave inheritances to their loved ones, the assets are usually meager to moderate.
They create estate plans not to address tax implications but to ensure the proper individuals are listed as heirs.
According to a recent BNN article titled “Feinstein’s Billionaire Legacy: Children to Inherit Prominent Properties Amid Disputes,” Senator Dianne Feinstein had to plan for taxes and distribution of her large estate.
Feinstein was raised with ample money and was independently wealthy before marrying successful businessman Richard Blum in 1980.
Managing their wealth was a priority for Feinstein and her husband while they were alive.
After being elected as a Senator, Dianne Feinstein created a blind trust for her securities with a value between $5 million and $25 million.
The combined wealth of Feinstein and Blum exceeded that of her own family of origin.
Together, they owned several homes.
With their 9,500-square-foot primary residence located in the Pacific Heights neighborhood of San Fransisco, they also had numerous vacation homes.
Although they previously owned a seven-bedroom compound on Lake Tahoe and the 36-acre Bear Paw Ranch in Aspen, Colorado, the secondary properties held by Feinstein at her death included a home in Washington, D.C., and a property on the island of Kauai in Hawaii.
Despite the estate planning of both Blum and Feinstein, there are still some disputes among their children.
While Richard Blum was alive, he was a private equity magnate and was considered a billionaire.
The pandemic negatively impacted his investments and hotel holdings, but the extent of these losses is unknown.
Additionally, Senator Dianne Feinstein had shingles earlier this year and required out-of-pocket home healthcare costs before her death.
Although some assets may have been lost or spent, enough wealth remains to spur disagreements among the children.
The couple had no children together, but Blum and Feinstein had children before marriage.
Dianne Feinstein had one daughter named Katherine.
Richard Blum had three daughters — Annette Blum, Heidi Blum Riley, and Eileen Blum Bourgarde.
While reports indicate the four children were to receive equal shares of the inheritance, an argument has arisen regarding a waterfront home in Marin County, California.
This home is currently valued at around $7.5 million.
Although most of the Feinstein and Blum estate came from the investment success of Richard, the $62 million private jet and $102 million property portfolio of Dianne Feinstein will also be inherited by the four children.
While the heirs may have disagreements about specific properties, there is undoubtedly enough family wealth to go around.
At least, I would think so.
Reference: BNN (Oct. 3, 2023) “Feinstein’s Billionaire Legacy: Children to Inherit Prominent Properties Amid Disputes”