Wright Abshire, Attorneys, A Professional Corporation
Houston: 713-660-9595
The Woodlands: 936-273-2773
Fayette County: 979-278-4095

Estate planning mistakes of the rich and famous

Most Texas residents will never have to worry about a will worth billions of dollars or leaving behind the rights to product royalties to heirs, but celebrity mishaps still show common problems to avoid in the distribution of assets. Large fortunes may be more complicated when it comes to estate planning, but the task is no less essential or fraught with pitfalls for those with more modest assets.

The fortune left by Marilyn Monroe to her acting coach, for instance, provides a valuable lesson in the usefulness of trusts. Lee Strasberg was slated to receive 75 percent of the estate upon Monroe's death. His death shifted this interest to the third wife of Strasberg. The woman has profited by tens of millions of dollars since in sales and auctions and licensing. A trust could have directed the interest to another heir upon Strasberg's death.

Another major blunder may have been averted by advance estate planning and a consideration of tax implications. Steve McNair was a professional football player killed in the midst of his career. Upon his death, the estate was taken into probate. His mother was removed from the home he had bought for her, and his wife had to petition the courts for the right to pay millions in estate taxes.

Estate planning involves wealth protection and will planning through the wise use of legal tools, such as various types of trusts and powers of attorney. Regardless of the size of estate, these tools can ease the burden on a surviving spouse and other heirs by eliminating debt and providing a clear indication of one's final wishes. An attorney experienced in estate planning may be able to help in determining the individual's needs and the most optimal methods for meeting them.

Source: Fox Business, " Monumental Estate Planning Blunders of 5 Celebrities", June 06, 2013

No Comments

Leave a comment
Comment Information

We Believe in Client Satisfaction Here is what our clients say about our hands-on approach to elder law and estate planning.

  • Thank you for your caring expression of sympathy. But more importantly, I want you to know how much your warmth as human beings has been palpably present in all the social and business intercourse we have experienced with you. Your willingness to allow yourselves to be completely human as you ply your trade adds a dimension to your professional stature which is unparalleled by most of your profession. Please don't change. You stand head and shoulders above the crowd. - L.T
  • Everyone in the firm was extremely cordial, courteous and professional, which made our family feel at ease knowing that our needs would be expertly managed. - R.L.
  • Everyone I came in contact with were kind and helpful. They were so professional as well as personable. I loved them. - J.B.
  • Very helpful in a family time of need. Excellent staff and service. After dealing with the State I have no idea how anyone could take this journey without the law firm's services. - L.N.
  • The firm did all things especially well. I was always impressed by the competent manner in which everyone worked and was confident that it would be "mission accomplished..." – J.T.
  • No detail was overlooked. Everything went very well. We feel so fortunate that your firm is well informed, capable and willing to do so much for us. I can't thank you enough for everything! - N.C.
Learn More
Email Us for a Response

Have a question about elder law in Texas? We can help. Schedule A Consultation Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

"The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form."

Contact Our Texas Elder Law Attorneys Today We have 3 locations to better serve you. Contact our office closest to you.

Bellaire Office
4949 Bissonnet Street
Bellaire, TX 77401

Phone: 713-660-9595
Fax: 713-660-8889
Bellaire Law Office Map

Bellaire Office

The Woodlands Office
3117 College Park Drive, Suite 240
The Woodlands, TX 77384

Phone: 936-273-2773
Fax: 713-660-8889
The Woodlands Law Office Map

The Woodlands Office

Carmine Office
1055 Deer Haven Road
Carmine, TX 78932

Phone: 979-278-4095
Fax: 713-660-8889
Carmine Law Office Map

Carmine Office
Back To Top