6 tragic celebrity estate plans
March 20, 2014 by Vanessa De La Rosa
Many celebrities accumulate large, diversified fortunes, have complicated family lives, and are greeted at every corner by family, friends and acquaintances looking for some extra dough. While less-than-perfect estate planning is certainly rampant among all socio-economic classes, an affluent celebrity’s failure to create a properly drafted will and an explicitly clear estate plan can result in a legal and emotional uproar after their death.
Julius H. Giarmarco, Esq., partner of Giarmarco, Mullins & Horton of Troy, Mich., says the biggest pitfall he sees among the affluent is a failure to maximize lifetime giving, since the federal estate tax is only vulnerable to lifetime gifts.