Everyone should take estate planning seriously. But at the same time, the stakes are higher for those who are in possession of considerable resources like popular musical performers and professional athletes. Let's examine two different celebrity estate cases that provide some food for thought. The Estate of Jim Morrison Jim Morrison has become a legend of sorts, and he is among an elite group. We have all heard of "one-hit wonders," and even some musical artists who have remained relevant … [Read more...] about A Tale of Two Estates: Jim Morrison and Steve McNair
Manzarek Dies; Legacy Intact
The way that you will be remembered after you pass away is considered to be your legacy. You can keep this in mind when you are making decisions throughout your life, and legacy planning is a very real facet of a comprehensive estate plan. Part of this is keeping your reputation intact as you build a substantial body of work. If your work is something that will continue to exist after you pass away, your legacy will have a particular solidity to it. Such is the case with the recently deceased … [Read more...] about Manzarek Dies; Legacy Intact
Taxation Erodes Koch Estate
In the state of New York, the name Ed Koch is certainly a memorable one. The former three-term mayor of New York City died in February, and he left behind a sizable estate. As an individual who was never married, Koch had no children. According to Forbes, he left his sister and her husband $500,000, and his sister-in-law and each of her two children got $50,000. Koch's brother died back in 1955. He also provided a $100,000 bequest to his secretary. The bulk of his estate went to his sister's … [Read more...] about Taxation Erodes Koch Estate
Estate of “Painter of Light” Stays Out of Court
We like to pass along news items involving the estate planning successes and failures of high profile individuals. In keeping with this initiative, we shared the story of the dispute surrounding the estate of the deceased self-described "Painter of Light" Thomas Kinkade some time ago. As you may recall, Kinkade died in April of 2012 while he was estranged from his wife Nanette. For 18 months he had been in a relationship with Amy Pinto-Walsh. Before he died, Kinkade left Pinto-Walsh $10 … [Read more...] about Estate of “Painter of Light” Stays Out of Court
Hagman Legacy Includes Charitable Foundation
Giving something back to others is something to consider when you are contemplating your legacy. Any act of generosity is obviously going to be personally rewarding, and as you advance in age you may be all the more interested in doing something for others. From a financial perspective there can actually be some tax advantages that go along with certain acts of giving as well. This is something that you would want to discuss with a highly qualified estate planning attorney. Celebrities are … [Read more...] about Hagman Legacy Includes Charitable Foundation
Sherman Hemsley Finally Buried in El Paso
The dispute over the late comedic actor Sherman Hemsley's estate has been dragging on for months now, and fortunately there has finally been a breakthrough. You may recall that the actor passed away back in July in El Paso, which is the city that he called home though he was originally from Philadelphia. His last will left everything to his longtime close friend Flora Enchinton. In addition to being named as sole heir in the document, she was also named as the executor of the Hemsley … [Read more...] about Sherman Hemsley Finally Buried in El Paso
Lengthy Probate Process Expected in Gibb Case
When you read about celebrity estate planning cases you can sometimes take away some instructive lessons. With this in mind, we would like to take a look at the limited but interesting information that has been made available about the Robin Gibb estate. Gibb was a singer with the popular group the Bee Gees. The group sold millions of records over a number of decades, and as a result Robin Gibb passed away with a considerable amount of wealth. According to the Daily Mail, the Gibb estate is … [Read more...] about Lengthy Probate Process Expected in Gibb Case
