Celebrities making the news is often a daily occurrence. Reasons may range from achievements and awards to new projects, family moments, and more. It is fun and entertaining to learn more about our favorite celebrities. Sadly, though, we may also read about them when there has been a tragedy or death as well.
For example, just four years ago, Chadwick Boseman made the news with the revelation that he filmed the popular Black Panther and Avengers movies while battling stage 4 cancer. Then when he lost his life to cancer questions began about whether he had an estate plan. Did he have one? Was his family protected? He was a relatively young man with a busy career and he might not have taken the steps he would have taken later in life to secure his estate. It is unfortunate, but the majority of Americans still do not have an estate plan and many believe it is something to do only later in life.
According to the news, Mr. Boseman passed away without a will or “intestate”. That meant that his family had to follow the laws outlined by the state of California. The result was that his wife and his parents split his estate evenly because he did not have a plan in place saying otherwise. Mr. Boseman is actually not out of line with other recent, tragic losses of celebrities and the lack of critical planning.
Prince passed away in 2016 without an estate plan in place that would have governed his assets and how he wanted those around him to inherit. It is still reported now, years later, that the fights continue. It was finally settled in 2022. In contrast, Aretha Franklin was reported to have over four wills. However, not a single one of them were properly executed or completed. As a result her estate has lingered over four years and now the IRS must be paid millions of dollars in unpaid taxes.
It is important to be aware that even the best estate plan can still be challenged. Therefore starting now to create a comprehensive estate plan with an experienced estate planning attorney is critical. As an example, when Robin Williams passed away he had a strong estate plan but, according to reports, his family still engaged in a five year legal battle over the assets within it.
So, what are the estate planning lessons we can learn from these celebrities? What can they teach us as we endeavor to protect ourselves and those around us? What about our goals, like theirs, to leave a legacy not just within our own family but in our community? Let us share a few important estate planning lessons to takeaway from this discussion:
- If you want to ensure your family is protected, then an estate plan needs to be created
- If there is not a trust, then unprotected assets may be subject to the probate process
- If there is a probate, then the process is public and can be both costly and time consuming
- If there is any uncertainty in our estate planning, then it may lead to further heartbreak for loved ones
- If there is no health care planning in place, then there may be no one to make critical decisions in a crisis
- If there is not a decision maker with legal authority, then our family may have to go to court to obtain a guardian or legal advocate
- If you want to create a legacy for your future goals or a plan that will outlive you, then you must create a thoughtful estate plan
- If you have a trusted fiduciary in place to manage it, then your wealth will not be wasted
- If you do not have the guidance of an experienced estate planning attorney, then you may pay much more in taxes
- If you have assets in multiple states, then you will need a trust to harness them and manage them
- If you want to keep the potential for fighting between family members at a minimum, then create a clear and comprehensive estate plan
- If you know that a crisis can happen at any time, then you need to plan forward now, while you are able to make decisions about what you want for the future
We know this article may raise more questions than it answers. There is much celebrity estate planning can teach us. The key is to learn and plan forward. We know you may have questions. Our firm is here to answer them and assist you in creating an estate plan that will reach your goals.
At Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.