Widely recognized as one of the best and most popular actresses of all times, Elizabeth Taylor’s death this week at the age of 79 caused great sadness throughout Hollywood — and indeed the whole world. Given her success, both on the screen and off, perhaps it should be no surprise that Elizabeth Taylor’s fortune has just been estimated to be worth as much as one billion dollars.
Why so much? Certainly movie royalties alone could not account for that kind of value in her estate. Instead, as ABC News recently reported, her perfume and other business ventures were groundbreaking and highly profitable.
The ABC News article also included portions of an interview with both of us, in which we addressed what one would expect in terms of estate planning for a person of such great wealth and fame. But, as we explained in the interview, there are many examples of wealthy Hollywood celebrities who pass away with very poor estate planning, or no planning at all.
Michael Jackson had Read more...
The Business Insider recently published an article featuring Trial & Heirs‘ Top 10 Celebrity Estate Planning Mistakes. Here they are:
1. Jimi Hendrix’s Critical Error: Doing Nothing
If you do not plan your own estate while alive, you could end up like Jimi Hendrix and have someone that you barely knew controlling your legacy. Hendrix’s legacy was fought over in court more than 30 years after he died.
2. Justice Warren Burger’s Critical Error: Doing It Yourself
Former Supreme Court Justice Warren Burger created his own will with 176 words but he left out key provisions and his family paid the price.
3. Heath Ledger’s Critical Error: Not Updating
Heath Ledger never updated his will with the birth of his daughter, leading to chaos and family members fighting through the press.
4. Princess Diana’s Critical Error: Taking Shortcuts
Princess Diana used a “letter of wishes” leaving personal items to her godchildren instead of specifying her wishes in a will or trust.
5. Florence Griffith-Joyner’s (Flo Jo) Critical Error: Forgetting Read more...
Former baseball manager George “Sparky” Anderson, a Hall of Fame coach who led both the Detroit Tigers and Cincinnati Reds to World Series titles, died on November 4, 2010 because of complications from dementia. He was 76 years old. Sparky was a truly-beloved sports figure who will be sorely missed, as described in this article from the Detroit Free Press.
His death comes during National Alzheimer’s Disease Awareness month. Dementia is most often caused by Alzheimer’s disease and is a growing epidemic in our country. In fact, every 70 seconds, someone else in America develops Alzheimer’s disease. It now affects over 5.3 million Americans.
When families have a loved one with Alzheimer’s disease or other forms of dementia, good estate planning becomes even more important. Often, people with early stages of dementia can still do the proper legal planning and protect their financial affairs.
Other times, seniors with Alzheimer’s or similar conditions are targeted by unscrupulous family members, caregivers, or others who improperly influence them to change their wills, trusts, Read more...