Florida Estate Planning Attorneys Take a Look at Celebrity Estate Plans
Estate planning may not be the first thing you think of when it comes to celebrities like Hugh Hefner, Philip Seymour Hoffman, or the Artist Formerly Known As Prince. However, if you take a look at different celebrity estate plans, you could learn a few lessons.
You Risk Bigger Problems If You Don’t Plan
Celebrities seem to highlight the importance of having an estate plan or at least a will. In Prince’s case, there was no real plan and he died without leaving a last will and testament. This meant that other people were left with the monumental task of making decisions regarding his vast estate. With an estate worth between $50 and $200 million, this is certainly complicated. But no matter how big or small your estate is, a clear plan when you die can make things much easier for your loved ones.
Estate Plans Can Protect Your Family
Before marrying his third and final wife, Crystal Harris, Hefner signed a prenup that provided Harris with $5 million cash and a $5 million house, controlled by a trust. This allowed Hefner to provide for his widow while still leaving a legacy for his four children.
However, when Philip Seymour Hoffman died, there were reports that he had left everything to his partner, Marianne O’Donnell. The two were never married, and if Hoffman had created a trust, he could have saved a good deal of money in estate taxes when his assets were passed to O’Donnell.
Your Estate Plan Isn’t Just for After You Die
Many celebrity estate plans include provisions for taking care of the celebrity while he or she is still alive. Hugh Hefner’s estate plan started in 2011, when he teamed up with a private equity group to purchase Playboy stock and take the company off the stock market.
This left Hefner with 37 percent ownership of the new company, a $1 million-per-year salary, control of the Playboy brand, and the right to live in the Playboy mansion for the rest of his life. It also saved Hefner’s legacy from sinking profits in the Internet age. Hefner’s plan did a great job of providing for his own golden years and avoided conflict between his widow and children after his death.
Contact the Experienced Estate Planning Attorneys of Beller & Bustamante, P.L.
You don’t have to be a celebrity or have an estate worth millions of dollars to start planning. In fact, it’s best to have your estate plan in place as soon as possible, at least for the sake of your children and family members.
If you have questions about estate planning or need assistance getting started, we can help. The estate planning attorneys at Beller & Bustamante, P.L., have the knowledge and experience you need to make sure that your assets and your family members are taken care of according to your wishes after you die. To schedule a consultation, call us today at 904-288-4414 or use our online contact form to set up an appointment with our skilled estate planning lawyers.