Alex Spanos, owner of the Los Angeles Chargers, formerly the longtime San Diego Chargers, recently passed away. The Team will not need to be sold to pay the massive Estate Taxes that are normally triggered by a transfer of a very valuable Family Business to the next Generation. Start Early When Mr. Spanos purchased the... [Read More]
Category: Famous People Estate Planning
The Queen of Soul, without an Estate Plan
Why Not Plan? If you are 76 years old, why do you not have an Estate Plan (a Will or Trust)? If you have terminal Pancreatic Cancer, why don’t you do an Estate Plan? If you have an estimated value of your Estate at over $80 million dollars, why don’t you do an Estate Plan?... [Read More]
The Family Business – Statistics, Structure and Unique Estate Planning Issues
This blog follows up our last blog regarding families and their transitions of assets and businesses. Sometimes those families are famously like the J. Paul Getty family or the Biltmore Estate Cecil family. Sometimes it is the family down the street with the dry cleaning store on the corner. In this blog we explore how... [Read More]
Succession: Getty and the Biltmore Estate
Estate planning often involves business succession planning as well. Parents create a business that grows over time, employs many people and becomes part of the local culture and in some cases, expands into the region or country or even worldwide. While we often think of the personal inheritances and personal assets in estate planning, when... [Read More]
Jerry Lewis Disinherits Six (6) Children
Internationally known comedian Jerry Lewis recently passed on. Jerry Lewis left a great legacy of laughter for so many of us but disappointment and heartache lead him to specifically disinherit 6 of his adult children. He had previously lost one adult son to drug addiction & eventually suicide. He listed the six (6) adult children by... [Read More]
Lessons in Estate Planning from the Brangelina Divorce
It’s not just about the divorce. The public is surprised and fascinated by the recent separation and pending divorce of movie stars, Brad Pitt and Angelina Jolie. We watch with fascination the same as we are drawn to watching a car wreck. In some way we are disappointed that two beautiful and competent people are unable to survive... [Read More]
A Common Will Misconception: A Will Does Not Avoid Probate
I read it on the Internet so it must be true. NOT TRUE. Don’t believe everything you read online, including information about the legal process. A recent Reuter’s article, “Dearly beloved: Prince’s death prompts uptick in wills” contains misleading and incorrect information which can end up costing you more money and time then is... [Read More]
Lessons from Prince: How the IRS becomes family
As I discussed in my previous blogs (Prince’s Estate Plan)(Prince’s Unlikely (and possibly, Unwanted) Heirs) Prince’s lack of Estate Planning teaches us the following lessons: How to let the IRS become family… Prince’s lack of Estate Planning is making the Internal Revenue Service his primary beneficiary, an unnamed heir, if you will. The IRS is going to take... [Read More]
Mental Incompetency: Two high profile cases, Two lessons learned
Lesson 1: Sumner Redstone, Billionaire: Mental Incompetency Case Dismissed The Trial over the Mental Incompetency of 92 year old billionaire, Sumner Redstone (former chairman of Viacom of the Viacom Media Empire), was dismissed by the Judge. As previously stated in my blog “Media Mogul Redstone Court Fight” click here Mr. Redstone’s former girlfriend had filed an... [Read More]
Prince’s Estate Plan
Prince: No Estate Plan? Out of Character Since the iconic musician Prince was discovered dead in the elevator in his residence on April 21, 2016, there has been a lot of speculation on his Estate Plan. Prince did not leave a wife or any children. He left one full sister and several half-siblings. Recent reports are... [Read More]