Famous Figures: What We Can Learn from Celebrity Estate Plans

The Red Wagon Estate Planning & Elder Law Show

It might not seem like it, but celebrities are people, too. Their estate plans prove that, just like us, some are forward-thinking and prepared while others fail to protect their assets. Jeff uses the stories of some of the wealthiest and most fascinating figures in entertainment and sports to teach us valuable lessons in estate planning because our legacies matter, too!

What You Need to Know

(00) Episode introduction.

(07:04) Elvis Presley established a trust for his daughter, Lisa Marie. The trust dissolved when she turned 25 and that made the assets vulnerable. The lesson: Use non-dissolving trusts and carefully consider the age and maturity of the beneficiary.

(13:10) Actor Philip Seymour Hoffman did not provide for after-born children. The lesson: Add a clause, “and any after-born children” and don’t rely on governmental statutes that might not be in place when needed.

(15:50) Jim Morrison of The Doors died with an overly simplistic will. Plans should be able to accommodate the many “what if” scenarios that could be playing out at the time of death. The lesson: Provide for various contingencies and backup the backup.

(19:32) Track star Florence Griffith Joyner kept the location of her will a secret. As a result, it took four years to close her estate and members of her family disagreed on what they thought were her wishes. The lesson: Make your document(s) location known and keep the papers in a professional’s safe, secure facility.

22:50) Michael Jackson, the King of Pop, created a trust, but he never funded it. Jackson’s family spent a lot of time in probate court. With trusts, you avoid probate and keep your business private. The lesson: Fund your trust.

(24:30) Actor Marlon Brando supposedly made oral promises to his long-time housekeeper. His estate plan excluded those promises, and his housekeeper brought a lawsuit. In the end, she won just a fraction of what she allegedly had been promised. The lesson: Document the details.

(26:57) James Gandolfini of The Sopranos had an estate worth $70 million when he died suddenly. He hadn’t finalized his plan before leaving on vacation and 55% of the wealth was lost to taxes. The lesson: Work with an attorney or financial pro to make sure your plan is complete.

About Bellomo & Associates

Jeffrey R. Bellomo, the founder of Bellomo & Associates, is a licensed and certified elder law attorney with a master’s degree in taxation and a certificate in estate planning. He explains complex legal and financial topics in easy-to-understand language.

Bellomo & Associates is committed to providing education so that what happened to the Bellomo family doesn’t happen to your family. We conduct free workshops on estate planning, crisis planning, Medicaid planning, special needs planning, probate administration, and trust administration.

LINKS AND RESOURCES MENTIONED

Bellomo & Associates workshops:https://bellomoassociates.com/workshops/

• Life Care Planning
• The Three Secrets of Estate Planning
• Nuts & Bolts of Medicaid

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