You might think that celebrities, with all their resources, would have their estate planning strategy on point. Yet, even the rich and famous can stumble into some estate planning nightmares. Here are a few notorious cases:
Marilyn Monroe: The Legacy Exploited
When it comes to estate planning, Marilyn Monroe’s story is a bit of a thriller. She didn’t set up a trust, which meant that nearly half of her estate went straight into the IRS’s coffers through estate taxes. The rest got tangled up in probate for a staggering 39 years. In addition, a friend’s widow, whom Marilyn had never even met, pocketed three-quarters of her estate, raking in millions by selling Marilyn’s personal items and image rights.
Moral of the Story:
Don’t procrastinate on estate planning, and make sure your intentions are crystal clear to avoid being taken advantage of.
Elvis Presley: An Expensive Oversight
The King of Rock ‘n’ Roll himself, Elvis Presley, made a royal blunder when it came to estate planning. 73% of his $10 million estate went straight to the IRS. His manager’s missteps and over-the-top fees left his beneficiaries with just $1 million. It wasn’t until the manager was shown the door that Elvis’s estate began to thrive and become the empire it is today.
Moral of the Story:
Keep a close eye on your estate, and make sure those managing your estate do so responsibly.
Larry King: Ambiguity and Conflict
Larry King’s estate planning mess is like a suspense novel. He left behind a letter in 2019, amending his 2015 Will. While it was enough to pass as a Will in California, it left a lot of room for interpretation. Who would manage the estate? That job fell to his oldest living child, Larry Jr., who had already borrowed a hefty sum against a portion of the estate while Larry King was still alive. This created a conflict of interest.
Moral of the Story:
Appoint impartial and capable executors to avoid family feuds and legal battles.
Connect with Summit Planners
You and your loved ones deserve the best protection. Do not hesitate to reach out to Summit Planners today for expert guidance in ensuring your estate is in safe hands.
Disclaimer:
This article should not serve as a substitute for independent professional advice. Contact Summit Planners to schedule a consultation with our team of professionals.
Sources:
- https://www.kawaylaw.com/news/celebrity-horror-stories/
- https://www.future-processing.com/blog/key-common-elements-between-business-and-formula-1-strategy-what-can-we-learn-from-f1-races/
- https://online.hbs.edu/blog/post/data-driven-decision-making
