Sam Walton’s death in 1992 wouldn’t have resulted in an estate tax bill, assuming he left the bulk of his estate to his widow, Helen. Money flowing to a surviving spouse is exempt from the tax. Helen died in 2007, leaving billions in Jackie O. trusts.
There’s little sign that the estate tax has significantly eroded the family’s fortune. Since Helen Walton died, Walton Enterprises has shed just 4 percent of its Wal-Mart stock, some of which remains in the Jackie O. trusts. Because of share buybacks, its control of the company has actually increased, from 40 percent to 49 percent.
Millionth Visitor
While the Waltons’ savvy use of the tax law may have left less for the government, residents of Bentonville -- where Sam Walton was known as “Mr. Sam” and his daughter as “Miss Alice” -- are gladly reaping the benefits.
Crystal Bridges museum welcomed its millionth visitor last month, far earlier than anticipated. Maureen Seymour, 64, from nearby Bella Vista, took admission at an exhibit across from a reflecting pool. She volunteers in the museum because “it’s a happy place,” she said. “We have a lot of people here who have never seen a museum, ever.”
As for the tax implications of the Waltons’ philanthropy, “I’m not privy to all that.” Seymour said. “I think about what it’s done for the community. It’s added such a dimension here. Think of all the jobs they’ve created, at all levels. The Waltons have been very, very generous.”