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Silicon Valley Billionaire Takes Out $201 Million Life Insurance Policy

Slashdot - Mon, 17/03/2014 - 2:13pm
Hugh Pickens DOT Com writes "The Mercury News reports that somewhere in Silicon Valley, a 'mystery billionaire' has bought what the Guinness Book of World Records says is the most valuable life insurance policy in history — a policy that will pay his survivors a cool $201 million. Was it Larry Ellison? Eric Schmidt? Elon Musk? Zuck? Nobody knows because the name of the buyer is a closely guarded secret. 'We don't want hit men running around Palo Alto trying to find him — or members of his own estate,' joked Dovi Frances, the Southern California financial services provider who sold the policy. By last count, California boasts 111 billionaires with more than a third of them in tech, while San Francisco has 20 billionaires alone so it could be any of them. But why does a billionaire even need to take out life insurance when he or she has so many other assets. The most likely answer to this question is taxes and estate planning. Upon death, an estate would be liable to pay off loans on any leveraged properties, plus a lot of money as part of the death taxes owed. This could force the estate to liquidate holdings to raise the money to pay off these liabilities even if it weren't the most opportune time to sell the assets. By taking out the life insurance policy, it would give the estate more flexibility in paying off the taxes and other debts owed, without necessarily having to sell assets to do so. 'In California, there are state death taxes that are exceptionally high (45 percent),' says Frances adding that the policy is actually a combination of more than two dozen policies, underwritten by 19 different insurers because if any single company had to pay out such a lavish benefit, it could be crippling. 'If your properties are leveraged then those loans are called immediately and need to be paid off, you want to hedge yourself against such a risk so [your beneficiary] can receive the proceeds without being exposed to taxes.'"

Read more of this story at Slashdot.








Silicon Valley Billionaire Takes Out $201 Million Life Insurance Policy

Slashdot - Mon, 17/03/2014 - 2:13pm
Hugh Pickens DOT Com writes "The Mercury News reports that somewhere in Silicon Valley, a 'mystery billionaire' has bought what the Guinness Book of World Records says is the most valuable life insurance policy in history — a policy that will pay his survivors a cool $201 million. Was it Larry Ellison? Eric Schmidt? Elon Musk? Zuck? Nobody knows because the name of the buyer is a closely guarded secret. 'We don't want hit men running around Palo Alto trying to find him — or members of his own estate,' joked Dovi Frances, the Southern California financial services provider who sold the policy. By last count, California boasts 111 billionaires with more than a third of them in tech, while San Francisco has 20 billionaires alone so it could be any of them. But why does a billionaire even need to take out life insurance when he or she has so many other assets. The most likely answer to this question is taxes and estate planning. Upon death, an estate would be liable to pay off loans on any leveraged properties, plus a lot of money as part of the death taxes owed. This could force the estate to liquidate holdings to raise the money to pay off these liabilities even if it weren't the most opportune time to sell the assets. By taking out the life insurance policy, it would give the estate more flexibility in paying off the taxes and other debts owed, without necessarily having to sell assets to do so. 'In California, there are state death taxes that are exceptionally high (45 percent),' says Frances adding that the policy is actually a combination of more than two dozen policies, underwritten by 19 different insurers because if any single company had to pay out such a lavish benefit, it could be crippling. 'If your properties are leveraged then those loans are called immediately and need to be paid off, you want to hedge yourself against such a risk so [your beneficiary] can receive the proceeds without being exposed to taxes.'"

Read more of this story at Slashdot.








Silicon Valley Billionaire Takes Out $201 Million Life Insurance Policy

Slashdot - Mon, 17/03/2014 - 2:13pm
Hugh Pickens DOT Com writes "The Mercury News reports that somewhere in Silicon Valley, a 'mystery billionaire' has bought what the Guinness Book of World Records says is the most valuable life insurance policy in history — a policy that will pay his survivors a cool $201 million. Was it Larry Ellison? Eric Schmidt? Elon Musk? Zuck? Nobody knows because the name of the buyer is a closely guarded secret. 'We don't want hit men running around Palo Alto trying to find him — or members of his own estate,' joked Dovi Frances, the Southern California financial services provider who sold the policy. By last count, California boasts 111 billionaires with more than a third of them in tech, while San Francisco has 20 billionaires alone so it could be any of them. But why does a billionaire even need to take out life insurance when he or she has so many other assets. The most likely answer to this question is taxes and estate planning. Upon death, an estate would be liable to pay off loans on any leveraged properties, plus a lot of money as part of the death taxes owed. This could force the estate to liquidate holdings to raise the money to pay off these liabilities even if it weren't the most opportune time to sell the assets. By taking out the life insurance policy, it would give the estate more flexibility in paying off the taxes and other debts owed, without necessarily having to sell assets to do so. 'In California, there are state death taxes that are exceptionally high (45 percent),' says Frances adding that the policy is actually a combination of more than two dozen policies, underwritten by 19 different insurers because if any single company had to pay out such a lavish benefit, it could be crippling. 'If your properties are leveraged then those loans are called immediately and need to be paid off, you want to hedge yourself against such a risk so [your beneficiary] can receive the proceeds without being exposed to taxes.'"

Read more of this story at Slashdot.








Silicon Valley Billionaire Takes Out $201 Million Life Insurance Policy

Slashdot - Mon, 17/03/2014 - 2:13pm
Hugh Pickens DOT Com writes "The Mercury News reports that somewhere in Silicon Valley, a 'mystery billionaire' has bought what the Guinness Book of World Records says is the most valuable life insurance policy in history — a policy that will pay his survivors a cool $201 million. Was it Larry Ellison? Eric Schmidt? Elon Musk? Zuck? Nobody knows because the name of the buyer is a closely guarded secret. 'We don't want hit men running around Palo Alto trying to find him — or members of his own estate,' joked Dovi Frances, the Southern California financial services provider who sold the policy. By last count, California boasts 111 billionaires with more than a third of them in tech, while San Francisco has 20 billionaires alone so it could be any of them. But why does a billionaire even need to take out life insurance when he or she has so many other assets. The most likely answer to this question is taxes and estate planning. Upon death, an estate would be liable to pay off loans on any leveraged properties, plus a lot of money as part of the death taxes owed. This could force the estate to liquidate holdings to raise the money to pay off these liabilities even if it weren't the most opportune time to sell the assets. By taking out the life insurance policy, it would give the estate more flexibility in paying off the taxes and other debts owed, without necessarily having to sell assets to do so. 'In California, there are state death taxes that are exceptionally high (45 percent),' says Frances adding that the policy is actually a combination of more than two dozen policies, underwritten by 19 different insurers because if any single company had to pay out such a lavish benefit, it could be crippling. 'If your properties are leveraged then those loans are called immediately and need to be paid off, you want to hedge yourself against such a risk so [your beneficiary] can receive the proceeds without being exposed to taxes.'"

Read more of this story at Slashdot.








Silicon Valley Billionaire Takes Out $201 Million Life Insurance Policy

Slashdot - Mon, 17/03/2014 - 2:13pm
Hugh Pickens DOT Com writes "The Mercury News reports that somewhere in Silicon Valley, a 'mystery billionaire' has bought what the Guinness Book of World Records says is the most valuable life insurance policy in history — a policy that will pay his survivors a cool $201 million. Was it Larry Ellison? Eric Schmidt? Elon Musk? Zuck? Nobody knows because the name of the buyer is a closely guarded secret. 'We don't want hit men running around Palo Alto trying to find him — or members of his own estate,' joked Dovi Frances, the Southern California financial services provider who sold the policy. By last count, California boasts 111 billionaires with more than a third of them in tech, while San Francisco has 20 billionaires alone so it could be any of them. But why does a billionaire even need to take out life insurance when he or she has so many other assets. The most likely answer to this question is taxes and estate planning. Upon death, an estate would be liable to pay off loans on any leveraged properties, plus a lot of money as part of the death taxes owed. This could force the estate to liquidate holdings to raise the money to pay off these liabilities even if it weren't the most opportune time to sell the assets. By taking out the life insurance policy, it would give the estate more flexibility in paying off the taxes and other debts owed, without necessarily having to sell assets to do so. 'In California, there are state death taxes that are exceptionally high (45 percent),' says Frances adding that the policy is actually a combination of more than two dozen policies, underwritten by 19 different insurers because if any single company had to pay out such a lavish benefit, it could be crippling. 'If your properties are leveraged then those loans are called immediately and need to be paid off, you want to hedge yourself against such a risk so [your beneficiary] can receive the proceeds without being exposed to taxes.'"

Read more of this story at Slashdot.








Win XP holdouts storm eBay and licence brokers, hiss: Give us all your Windows 7

El Reg - Mon, 17/03/2014 - 2:09pm
Spare us the Windows 8.1 downgrade, purlease

PC users are scouring auction sites and licence brokers to obtain copies of Windows 7 for their upgrades to Windows XP, rather than buying Windows 8.…

BT under ICO investigation after mass data exposure incident

L'Inq - Mon, 17/03/2014 - 2:04pm

Information Commissioners Office is following a critical path


    

From 5G to Edward Snowden: What I learned at CeBIT 2014

Thinq - Mon, 17/03/2014 - 1:55pm

We're still catching up on sleep following a busy week at CeBIT, but now that the dust has started to settle, it's time to reflect on what we learned at this year's conference.

Read more: http://www.itproportal.com/2014/03/17/from-5g-to-edward-snowden-what-learned-at-cebit-2014/

GFI LanGuard 2014: Go on. Find my weaknesses and point them out

El Reg - Mon, 17/03/2014 - 1:44pm
Latest version shows what it can do

Review  GFI has launched GFI LanGuard 2014, version 11.2 of its well-tested vulnerability scanning software. I have used LanGuard since 2001, when version 2.0 was released. It has been an invaluable tool in my sysadmin's toolkit and I am curious to see how the software has evolved over the past 13 years.…

Jony Ive slams Apple design copycats during rare interview

L'Inq - Mon, 17/03/2014 - 1:41pm

Apple designer hits out at iPhone lookalikes in a rare interview


    

OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

Slashdot - Mon, 17/03/2014 - 1:30pm
edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

Read more of this story at Slashdot.








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