Nevada may see windfall from Mars death

Wednesday, Aug. 25, 1999 | 3:19 a.m.

THE ASSOCIATED PRESS

CARSON CITY - Nevada could get a financial windfall as a result of the death of billionaire Forrest Mars Sr.

Mars, 95, who died July 2 in his Florida home, was the head of a family corporate empire that included companies as diverse as the Ethel M Chocolate factory in Henderson and the Kal Kan pet food plant in Storey County.

Under federal law, the government collects a significant chunk of Mars's estimated $4 billion fortune in estate taxes. Federal estate taxes range from 34 percent to 55 percent.

The state gets some of that money because Mars had significant business and property holdings in Nevada. Federal law allows individual states to claim part of what the federal government collects from the estate.

Nevadans passed the necessary legislation to collect the maximum allowable federal credit in 1987 because of the number of wealthy seniors such as Mars living in the state.

Mars moved to Florida eight years ago but it wasn't known which state he used as his legal residence.

Deputy Attorney General Norm Azevedo said residence makes a big difference. He added that if a deceased person is a Nevada resident, the state's share of taxes is based on the entire estate. In the case of someone who resides in another state, it's figured according to the deceased's property holdings in Nevada.

Mars was listed as the 30th wealthiest individual in America by Forbes Magazine last fall. His son, Forrest Jr., was 29th. They as well as two other members of the Mars family are listed as worth about $4 billion apiece.