Sure the holidays are a fun time for families to sit around talking about what happened on the latest episode of The Walking Dead or how granddaughter Mary is doing in dance class. But they are also a great time to have the important — yet often difficult — conversations about estate planning. What happens when Mom dies? Does anyone know where Dad kept his will? Did they ever transfer the investment accounts into their revocable living trust like they were supposed to?
Many families don’t ask these tough questions … especially when dynamics are strained, like in many second-marriage families or when siblings don’t get along well. It certainly isn’t easy to blurt out after passing the gravy, “Hey Dad, does your will put me or your wife in charge of your estate?”
But these conversations are important. When the proper estate planning isn’t done, it’s the family members left behind who pay the price, often with bitter, ugly, and costly probate court battles. They happen to families all Read more...
The famed American Top 40 Countdown DJ passed away in June, at age 82, with a host of medical problems including advanced Lewy Body dementia. Now, almost four months later, Casey Kasem’s remains still have not been laid to rest.
It’s a tragic story of a feuding family. And unfortunately, it’s one that won’t likely end any time soon.
Kasem’s wife of more than 30 years, Jean Kasem, wasn’t exactly close with his three adult children from his first marriage. In fact, Casey’s daughter Kerri Kasem recently said in an interview with Howard Stern that Jean Kasem didn’t like her or her siblings since the time that Kerri was just nine years old. According to Kerri, Jean would even invent bad deeds that she told Casey the children had done so he would be mad at them.
Casey Kasem Still Not Buried
Casey Kasem Related Posts
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Things became ugly when Casey Kasem’s health deteriorated, especially during the last year of his life. Casey’s children, other family members, Read more...
Whitney Houston’s fortune bounced from sky-high to significant debt. What did this mean for her estate? And was it money — or something else — behind Whitney’s ugly legal battle with her “step-mother”?
How exactly does Bobby Brown fit into all of this?
This is installment #4 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts. See other articles in the series here.
Before Whitney Houston unexpectedly drowned in a Beverly Hills hotel bathtub at age 48, on February 11, 2012, rumors circulated that she was in such financial trouble that she was nearly broke. She reportedly died $20 million in debt.
How could that be possible for the singer who signed a $100 million record contract in 2001? And 2001 doesn’t even rank as her most successful year! In 1993, Whitney earned $33 million from The Bodyguard soundtrack and gave birth to her only child, Bobbi Kristina.
Whitney Houston Read more...
The initial shock of Robin Williams’ tragic death, apparently from hanging himself, is giving way to reflections of his memory and legacy. Another question many people are asking is what happens next for his family. He was survived by his third wife, Susan Schneider, to whom he was married for three years, and three adult children from his prior two marriages, whose ages range from 22 to 31. There is a realistic fear that Williams’ death left may have left them in financial distress.
In an interview with Parade Magazine in 2013, Williams lamented how he was required to change his lifestyle because of how much he lost in his two divorces (reportedly, $30 million). He said he returned to TV because of “bills to pay.” Williams also admitted to listing his Napa Valley estate for sale because he could no longer afford it.
Robin Williams’ publicist recently said that he was not in financial trouble and his comments were not to be taken seriously. Regardless of whether his publicist Read more...
He may have been a brilliant actor, but Philip Seymour Hoffman had much to learn when it came to estate planning. Reports surfaced last week that the former Oscar winner repeatedly rejected the advice of his attorney and accountant, both of whom advised him to create a trust. He said he didn’t want his three children to be “trust funds kids.”
Instead, he felt their mother — and his longtime girlfriend — would take care of them. He viewed Mimi O’Donnell much like a wife, although he did not believe in marriage.
Sadly, because of Hoffman’s aversion to proper estate planning, his 34 million dollar estate faces a huge estate tax bill and other problems that could (and should) have been avoided if he had listened to the legal and financial advice he was given. Hoffman’s girlfriend and children would have been much better off if he had done the proper estate planning, with a revocable living trust (at the very least).
Philip Seymour Hoffman Didn’t Want Trust Fund Kids Read more...
Maybe we shouldn’t be surprised. After all, Lou Reed was the man who famously crooned, “Hey babe, take a walk on the wild side.” The late lead singer and guitarist of The Velvet Underground — and of course, a musician and songwriter with a successful, decades-long solo career — may have been a bit wild at times. But that doesn’t explain why he would be so careless with his estate plan. This is a man with an estate worth more than $30 million — perhaps substantially more, in fact.
Recent filings with the Surrogate’s Court in Manhattan (that’s probate court, for us non-New Yorkers) show that Lou Reed’s estate has already earned $20,379,169 (give or take a few bucks) since he passed away from liver disease on October 27, 2013, at the age of 71. This is only the income that Lou Reed’s estate has brought in since his death, from his copyright, publishing and performance royalties and other deals put together under the skillful management of his longtime manager Read more...
Whitney Houston’s family has been through its share of disagreements since the pop diva passed away on February 11, 2012. Early on, there was trouble at the funeral, sparking concerns of a feud with Bobby Brown. Recently, however, the trouble has centered around Nick Gordon. Gordon was raised and treated like a son by Whitney Houston, from the time he was 12 years old.
Rather than looking at Whitney Houston’s Daughter, Bobbi Kristina Brown, as a sister, Gordon (now age 24) and Bobbi Kristina (who just turned 21) have recently gotten married. The tabloids are having fun with that relationship! Whitney’s mother, Cissy Houston, reportedly called the relationship “incestuous” when they were dating. Now that they are actually married, TMZ says Cissy was furious, but she hasn’t spoken publicly about it since then.
Other family members are not keeping quiet. In fact, the co-executor of Whitney Houston’s estate, sister-in-law Pat Houston, obtained a restraining order against Gordon recently. The restraining order was obtained because Pat says Gordon has made
The 2014 Oscars are complete. Trial & Heirs looks back at past Oscar winners like Philip Seymour Hoffman, Elizabeth Taylor, Heath Ledger, Frank Sinatra, and Marlon Brando. Their estates illustrate important estate planning lessons that everyone can benefit from — even those who aren’t walking the red carpet at the Oscars.
1. Philip Seymour Hoffman Estate Planning Lesson: You Can Be Creative With Your Will or Trust
There were many mistakes and pitfalls with Philip Seymour Hoffman’s estate (including no estate tax planning and his failure to use a revocable living trust, as we discuss in our article). But, Hoffman — whose portrayal of Capote earned him the Best Actor Oscar in 2006 — didn’t do everything wrong.
He gets credit for a key component of estate planning that many people overlook: creativity. Estate planning is not meant to be “fill in the blank” or “one-size fits all.” You can use your will or trust to pass along your goals, values and moral beliefs. Most people think wills and trusts Read more...
Oscar-winning actor, Philip Seymour Hoffman, died on February 2nd from a drug overdose. Recently, his long-time girlfriend and mother of his three children, Marianne O’Donnell, filed to open Philip Seymour Hoffman’s estate and to probate his will. While there are many lessons that can be drawn from his will, there are four main estate planning pitfalls that serve as important lessons:
1. Philip Seymour Hoffman Should Have Created A Revocable Living Trust.
The reason that Hoffman’s will is public and available for anyone to read (you can click here to read it for yourself), is because he relied on a will — and only a will — for his estate plan. For most people with even a modest estate, revocable living trusts are critical.
Why? When properly used, they help families avoid the costs, aggravation, and delays caused by the probate process. Probate court proceedings are public record (meaning anyone can read the will — even your nosy neighbor!), and are expensive, difficult to maneuver without an attorney, and Read more...
Paul William Walker IV was the star of the Fast & Furious movies, until his unfortunate — and ironic — death in a high-speed car accident on November 30, 2013. The car, in which Walker was a passenger, was found to have been doing at least 100 mph. Walker was 40 years old when he died, survived by his parents and his 15-year old daughter, Meadow Rain Walker.
Recently, Paul Walker’s father filed to open the estate, including Walker’s Last Will and Testament, which you can read here: Read Paul Walker’s Will. It sheds some interesting information about the Paul Walker Estate and highlights some valuable estate planning lessons.
First, the probate filing and will reveal that Walker had assets of about 25 million dollars, including 8 million in personal property (which would include cash and investments), $8.5 in expected income, and another $8.5 million in real estate (after subtracting mortgages).
Second, the filing shows that Walker had a revocable living trust, benefiting his daughter as the sole Read more...