Celebrity Estate Planning goes awry Pt. 8

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions. 

Leona Helmsley

Leona Helmsley was famous for being direct in her requests of staff and others around her.  After her death, it was discovered that the hotel tycoon had left instructions cutting two of her grandkids out of her $5 billion estate and leaving $12 million for her dog, Trouble. The stiffed grandkids made their own trouble and sued, claiming that she wasn’t mentally fit to create her will and trust. The case settled, leaving poor Trouble with “only” $2 million.

There is a basic lesson to be learned here: If you’re planning to do anything unusual, especially if it involves anything that would leave unhappy family members, have a lawyer conduct a mini evaluation attesting to your mental competence.

Whether  I'm working on the ordinary or the exotic estate planning issues, I enjoy helping people plan their estates.  Please give me a call, if I can assist you..... or if you just wish to meet and get acquainted. 

Celebrity Estate Planning goes awry Pt. 7

Whether famous or just regular folks,  we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.

Heath Ledger

The actor started out being an excellent estate planner for himself.  He drafted a will leaving everything to his parents and sister, but after the birth of his daughter he failed to update his will.  The results were messy family fights in the media.

The lesson is to start well and then maintain the good beginning: Be sure to regularly update your will following life events like a birth, adoption, marriage, divorce, or death in the family.

I work daily with estate plans, and I would welcome the opportunity to discuss how we could develop a plan that would work for you.  Call me, and let's get acquainted.

Celebrity Estate Planning goes awry Pt. 6

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.  

Florence “FloJo” Griffith Joyner

This Olympic sprinter wrote a will (which was a good estate planning act), but she never told anyone where it was.  The result left her husband was unable to file the will within 30 days after her death --- as required by her state's law. As a result, both FloJo's husband and her mother went to court over disputes, and administration of the estate was eventually turned over to a third party.
Basic Lesson to be learned here: Keep copies of your will someplace secure like a safe deposit box, your attorney’s office, or with a reliable third part.  And then be sure to let your family members know where it is and how to access it.

Call me, and we can draft a will and make arrangements for its safe storage. 

Celebrity Estate Planning goes awry Pt. 5

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.


Warren Burger
You’d think the former Chief Justice of the highest court in the land -- the US Supreme Court -- would get this right. But he opted to write is own will.  In fact he tried to write his own will in a mere 176 words.  This succinct will might have been a great accomplishment in his own eyes, but his family may have paid the price for his brevity with over $450k in estate taxes and court fees that could have been avoided.
We can find a lesson from the Chief Justice's will drafting efforts: Don’t try to write your own will or have your cousin who’s a criminal defense attorney write one for you.
Instead, find a qualified estate planning attorney like myself.  I'm a diehard practitioner of estate planning who would welcome the opportunity to assist you.  If you know someone using software to create their estate planning documents, at least have them call me to review them for any problems that may not be obvious to them.  Just call me, I'm always happy to meet and explore ways that would make sense to work together.

Celebrity Estate Planning goes awry Pt. 4

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.


Sonny Bono

A former musician, TV show host, and politician, Sonny Bono was a busy man—apparently too busy to write a will before his untimely death in a skiing accident at age 62. However, it turned out that he wasn’t too busy to secretly father a child out of wedlock who surfaced after Bono's death to claim part of his estate along with ex-wife Cher. 

A life's lesson here: We have no idea how much longer we have to live, so don’t procrastinate. Write a will, especially if you have a complex family situation.  Allocate some time now, so you can avoid the messy aftermath from inadequate planning like Salvatore Phillip “SONNY” BONO.

Call me, let's get you started on a long term estate plan that won't leave loose ends for your heirs.

Celebrity Estate Planning goes awry Pt. 3

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.


Doris Duke

The tobacco heiress died with a fortune estimated to be worth $1.3 billion and thus making her the "world's richest woman" of the time.  Her will included leaving a sizable sum to a charitable foundation.  Per the terms of her will, her butler was named as the executor of the estate as well as the trustee of the foundation. Unfortunately the butler’s spending proved so questionable that he was removed by a probate judge........ only to be reinstated by a higher court. Finally, a settlement led to a board of trustees managing the foundation.

Here's a lesson: Be careful of who you pick as executor, trustee, or guardian. Even your closest friend or family member may not be the most competent administrator. For a large trust, you may want a corporate trustee to at least handle the financial and administrative tasks. For any estate, you may want to be selective in your choice, because you are depending on them to act in your behalf after you've gone.

Call me, so we can work together to avoid your your butler becoming your executor.

Celebrity Estate Planning goes awry Pt. 2

Whether famous or just regular folks, we are reminded by the following anecdote that a few extra steps in your estate planning will deliver on your intentions.

Jimi Hendrix

The guitar legend passed away at age 27 without a will. Although he was very close to his brother, state law awarded everything to his father, who later left everything to an adopted daughter from a later marriage, leaving Hendrix's brother with absolutely nothing.
Jimi offers us a reminder: It’s never too early to plan your estate even if you’re young and single. Dying without a will is a formula for angst and anguish for those left behind. 


I encourage you to now travel in the footsteps of Jimi Hendrix, give me a call today, and I'll help you to get a will done.