While we all wait with bated breath for the government to implement the promised federal estate tax reforms to see how they will change estate planning, there is news of a lighter nature.
The story of Hunter S. Thompson’s funeral is one of estate planning legend. With his estate illiquid, the executors couldn’t fund the famed writer’s last wish: for his ashes to be fired out of a cannon on his property. However, because Mr. Thompson made sure one of his best friends knew of his wishes, Johnny Depp gave the estate the funds for the funeral/firing. The lesson from the tale is to make sure the important people in your life know your wishes or know how to find them.
Now details from a lawsuit by his former managers claim the cannon and party cost a total of $3 million, and contributed to Mr. Depp’s financial ruin. I guess the new lesson is to be careful about how you phrase your wishes and who you let do the party planning.