Famous Figures, Part 2: What We Can Learn from Celebrity Estate Plans
Manage episode 407187371 series 3558640
This is the 2nd part of our examination of celebrity estate plans. Using the real-life stories of some of entertainment’s most famous figures, Jeff teaches us valuable lessons that can be applied to our own situations.
What You Need to Know
(00:00) Episode introduction.
(02:56) Singer Whitney Houston created a will in 1993. She died 19 years later with the same will in place. The lesson: Keep your will up to date. Be careful about passing large sums of unprotected money to young people.
(07:39) Attorney Robert Kardashian—part of OJ Simpson’s defense team and the father of Kourtney, Kim, Khloe, and Rob—had a handwritten will. Upon his death, the language in the will was unclear and subsequently disputed. The lesson: Detailed language matters.
(11:44) Actor Heath Ledger died in 2008 with an outdated will that left everything to his parents and sister. So, at the time of his death, Ledger’s young daughter was not provided for. His family gifted the inheritance to his daughter. The lesson: Don’t rely on others to do the right thing.
(16:20) Musician Prince died in 2016 with $200 million in assets—and no will or trust. Forty-five people claimed to be heirs. By 2018, $6 million had been spent on unnecessary legal fees. The lesson: Formalize your plan. Be detailed and intentional.
(19:20) Actress Brittany Murphy named her mother as heir in a handwritten will. When Ms. Murphy got married, she updated her estate plan and used very specific language, again leaving her entire estate to her mother. The lesson: Keep your plan updated and use detailed language.
(22:51) Singer Aretha Franklin died without a will or trust. Two contradictory handwritten wills were found in her house. The lesson: Use a professional to create an estate plan. Have only one document stored in a safe, known place.
(26:23) DJ Casey Kasem suffered from dementia in his later years. In 2007 and 2011, he created conflicting documents that put his daughter and his wife at odds over his fortune. The courts were forced to intervene. The lesson: Make your intentions clear.
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. Visit our website (https://bellomoassociates.com/) to learn more.
LINKS AND RESOURCES MENTIONED
Bellomo & Associates workshops:https://bellomoassociates.com/workshops/
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- The Three Secrets of Estate Planning
- Nuts & Bolts of Medicaid
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