Wednesday, March 13, 2013

How Am I Doing? Quite Well, Apparently.

Former NYC Mayor Ed Koch was famous for walking the streets and smiling at people while asking them "How am I doing."  His will was admitted to probate court this week.   It left $100K to promote government and public service and left most of the remaining balance of $10 million to his sister and her children.

Several quick observations:

1.  A bequest of less than 1% of the estate of a public servant to promote public service seems puny.  

2.   There are few, if any, other charitable bequests.  So much for giving back.

3.  A $10.5 - $11 million estate after being a mayor?  Public service is the start of the path to enormous wealth for many.
4.  The large estate reaffirms that it is easier to accumulate significant wealth when one doe not have children.