In the following article we learn some valuable lessons from celebrities and their estate planning. In regard to the sad story of Whitney Houstons’s daughter, it is a mistake in kindness when someone leaves lots of money to an individual who cannot handle money because of their chronological age, maturity or mental illness. It may seem like a good idea, however, it can have devastating consequences. A gentleman who came to my office and intended to change his trust to allow for supervised monthly distributions to his son, he never got around to making the changes. He died leaving his son over two million dollars in assets. In less than a year, most of the money was gone and the son was incapacitated due to drug and alcohol abuse and he needed round the clock supervision. If you are setting up a trust, please consider the consequences of any gifts you might leave to your loved ones.
Celebrity Estate Planning Mistakes
by Lynnette Khalfani-Cox, June 8, 2016
Simple blunders can cause grief for heirs
What We Can Learn From Their Errors
With all the millions some celebrities have, you’d think they would be able to afford good estate planning advice. But too often after celebrities die, we learn that they made some simple blunders that trigger years of court battles or cost their heirs millions of dollars. Here are eight actors, athletes, and entertainers who have passed away — and what we can learn from them financially.
From www.aarp.org