The Dayton Law Firm, P.C.

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Celebrity Estate Planning Errors--and Tips

At first glance, celebrities seem to navigate very different estate planning hurdles than the rest of us. After all, they often have immense wealth, personal brands worth millions or more, and intellectual property, such as popular songs or movies, that generates royalties even after death.

Marilyn Monroe's estate blunder

Some celebrities have erred by not going far enough with their estate planning. For instance, famous actress and model Marilyn Monroe left most of her estate to her acting coach, Lee Strasberg.

How to talk to your parents about estate planning

It is a difficult conversation to have, but you know that you need to have it....the dreaded estate planning discussion with your parents. Many of our clients have asked us how they can "get their parents to do their estate planning." The bottom line is that you can't force your parents to do anything, and trying to scare them into it, or being heavy-handed about it just doesn't work. Your parents raised you and they most likely aren't going to be happy if you approach the conversation as though the roles have reversed.So, how do you have this conversation and encourage action on the part of your parents? Here are some tips in no particular order...

The Gift of Education

In the National Law Review, Terri Stallard, a Kentucky estate planning attorney talks about ways grandparents can give to their grandchildren.

Planning can help prevent estate tax issues

Many families, planning for a transfer of wealth is something they may think about, but never take the time to act upon. Unfortunately, this failure to establish a proper estate plan can significantly affect a family's long term financial stability and can lead to the payment of substantial estate taxes. Although this can be difficult for many families to understand - indeed, it can be a challenge to set plans for events that may not occur for many years. The following article written by Law Offices of Connie Yi, PC (an estate planning law firm in Alameda county) -illustrates with the example of the recent death of a celebrity - just how important it is to work with a professional to craft an estate plan.

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