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Etta James Saga Illustrates Need for Thoughtful Estate Planning
By Danielle and Andy Mayoras
January 24, 2012
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A few weeks into the New Year, how many of your clients’ resolutions have already fallen by the wayside? Exercise more. Eat less. Spend more quality time with family.
Well it’s not too late to help your clients tackle a very important resolution that up to two-thirds of adults in our country ignore — estate planning. That’s right, it’s the topic no one likes to think about, but everyone knows they should take care of … wills, trusts, powers of attorney, and more.
Your clients don’t have to be intimidated by it! In fact, celebrity stories are a great way to break the ice to remind everyone of what they need to do.
So, with the help of some recent stories in the news, here are Trial & Heirs: New Years Estate Planning Resolutions for 2012, for you to share with your clients. (Also, we recently gave an interview discussing some of these stories, which you can watch here).
1. Help Clients Plan Now and Stop Procrastinating.
R&B legend Etta James was 72 when she passed away last week, after suffering from leukemia, dementia and other problems. Canadian Olympic skier Sarah Burke was only 29 when she died recently from injuries in a freak skiing accident, despite being one of the top athletes in the world. It’s a sad reality that accidents and serious medical conditions can affect any of us, at any time. We all need to be prepared.
While it’s easy to procrastinate doing a will, trust or other legal document, the consequences can be devastating. Take author Stieg Larsson, whose Girl With The Dragon Tattoo book and sequels achieved global success. The recent Hollywood movie adaptation has grossed over $140 million worldwide since it was released a month ago.
Larsson died without even a will. This sparked a huge lawsuit between his live-in girlfriend of 32 years and his brother and father, whom the girlfriend claims were not close with Larsson. The family members inherited his now-vast estate (conservatively estimated at $40 million) and sued because the girlfriend has possession of a laptop with an unpublished fourth manuscript. You can read about the Larsson Estate lawsuit here, which remains unresolved.
Larsson died unexpectedly at the age of 50 from a heart attack. His procrastination with his estate planning means he did not get to decide whether his girlfriend or his family members inherited his estate.
Don’t let your clients make the same mistake with their estates. They’ve worked hard their entire lives; shouldn’t they decide who receives what, when, and how? No one should procrastinate and let the laws in the state they live in determine who receives their property after they pass away.
2. Clients Should Appoint Medical and Financial Decision-Makers.
Etta James’ final year of life was marred by controversy, between her husband of 42 years and her two adult sons from prior relationships. Her 2008 power of attorney gave legal authority to one of her sons, but her husband claimed it was signed after James already had dementia and was not competent. They fought in court over who would make her financial and medical decisions, and even how much money her husband would be allowed to have to pay for her care. You can read our Etta James lawsuit article here.
Luckily, the family reached a resolution a few weeks ago, around the time James’ illness was declared terminal. The settlement allowed her husband to make her medical and financial decisions as her conservator (called guardian in some states), but only permitted him to control $350,000 for her medical care.
Britney Spears is also under conservatorship, despite being much younger than James … or indeed, the large majority of adults who have conservators or guardians. Just recently, her father announced that he was going to ask the court to terminate the medical/non-financial part of her conservatorship so she could get married without restriction. Reportedly, he will hang onto the financial control. We have written before that the reasons for this are suspect, and may be for the purpose of insulating Spears from lawsuits.
Legacy expert attorneys Danielle and Andy Mayoras say advisors can point to the bigamy scandal surrounding actress Reese Witherspoon’s family as yet another example of why it’s so important for clients to have their estate planning and legal affairs in order.
Legacy expert attorneys Danielle and Andy Mayoras say even the most savvy and successful entrepreneurs are counting on their financial advisors to protect their life’s work and legacy after they’re gone. Are you up to the task?
Legacy expert attorneys Andy and Danielle Mayoras say your clients have names and reputations that will live on after they’re gone. The estate planning guidance you provide them now will ensure their legacy and wishes are protected for generations to come.
Legacy expert attorneys Danielle and Andy Mayoras say the legal battle between two feuding CEOs provides yet another example of why it’s so important for advisors to make prudent succession planning decisions as their firms grow and evolve.
Legacy expert attorneys Andy and Danielle Mayoras say that contrary to preliminary reports, British songstress Amy Winehouse did not have a will in place at the time of her death—an estate planning mistake that advisors and their clients can’t afford to make.
Legacy expert attorneys Danielle and Andy Mayoras say planners with clients whose families are involved in this type of legal struggle over an elderly parent should keep in mind that there are two sides (at least) to every story, and allegations of a parent’s care or finances being compromised are not always easy to prove.
Legacy expert attorneys Andy and Danielle Mayoras – along with everyone else – have now had a chance to take a look at Whitney Houston’s will. That the deceased music superstar opted for a will rather a living trust points to some shortcomings in her overall estate planning strategy.
Legacy expert attorneys Andy and Danielle Mayoras say the pop star's been very busy lately but it remains unclear what – if any – decisions she’s making herself and illustrates the importance of informed legal and estate planning regardless of your station in life.
Legacy expert attorneys Andy and Danielle Mayoras say it won’t be long before the recently deceased pop star’s estate planning efforts – or lack thereof – will come to light.
John Goodman's lawyer states that the adoption was done to protect Goodman's children, not to shield assets from the family of the slain driver who is suing him. While Goodman, of Palm Beach, has been bashed across the country for his legal maneuver, it actually makes sense from a probate law perspective.
Legacy expert attorneys Andy and Danielle Mayoras say most of music diva Whitney Houston’s purported financial woes could have been averted had she and her family sought out and received professional financial and estate planning advice before things turned sour.
Legacy expert attorneys Andy and Danielle Mayoras say the billonaire's case serves as a reminder that too many people make the estate planning mistake of relying on verbal or written promises that contradict their will or trust.
It took years for the great civil right activist’s final wishes to finally be honored, something that legacy expert attorneys Andy and Danielle Mayoras say could have been resolved much sooner had she done a better job – or had better advice and professional assistance – with her estate planning.
Legacy expert attorneys Andy and Danielle Mayoras say there’s no doubting the greatness of Martin Luther King Jr. However, he made a mistake common among millions of Americans: He didn't have a will.
Legacy expert attorneys Andy and Danielle Mayoras say events surrounding his estate have been anything but consistent with his musical legacy. In the 30 years since his death, his estate has seen far too many court fights, lawsuits and money-grabs to count. And that legacy of fighting over money doesn’t seem likely to end any time soon.
Legacy expert attorneys Andy and Danielle Mayoras say the intrigue and legal wrangling surrounding the copper heiress’s $400 million estate serve as a stark reminder that everyone -- wealthy or not -- needs to get proper estate planning advice from their financial advisor before it’s too late.
Al Davis, the long-time principal owner and general manager of the Oakland Raiders, died last week at age 82. As legacy expert attorneys Andy and Danielle Mayoras point out, estate taxes are huge concern for NFL owners and it appears that Davis, unlike other professional sports owners, made the necessary arrangements to keep the franchise under his heirs’ control.
Soon after the tragic news of Steve Jobs' death broke, people began wondering what would become of the Apple co-founder and innovator extraordinaire's fortune. Forbes recently estimated Jobs’ wealth at $7 billion. According to legacy expert attorneys Andy and Danielle Mayoras, it appears Jobs had his estate planning act together.
An auction of the deceased actor’s memorabilia, clothes and other property recently garnered more than $1 million but none of his five children, including actress Jamie Lee Curtis, have yet to receive a dime. And, from most indications, that’s exactly the way the “Some Like It Hot” star wanted it.
Celebrities are not the only ones to make mistakes with their estate planning. It happens to people all across the country on a regular basis. According to legacy expert attorneys Andy and Danielle Mayoras, one of the most common estate planning mistakes that people make is joint ownership.
Now almost 30 years old and seemingly back at the top of her game, why would the pop superstar still need her father to serve as her conservator? One company claims it’s simply a ploy to duck a deposition in a multimillion-dollar lawsuit.
The so-called “Godfather of Soul” passed away on Christmas Day 2006, and generously left his $100 million fortune to a special trust set up to help poor and needy children. Yet, four-and-a-half years later, not one child has seen a cent. Why?
Russell Armstrong was the 47-year old husband of "Real Housewives of Beverly Hills" cast member Taylor Armstrong. Tragically, Russell committed suicide on Aug. 15, about one month after Taylor had filed for divorce. His untimely death and the subsequent squabbling by surviving relatives highlight the importance of estate planning whether you're famous or not.
Zsa Zsa Gabor has never been one to shy away from the limelight. But when does pursuing fame cross the line for a 94-year-old? That point may have come this week, when her husband of 25 years told CNN that he had started the process of donor matching and blood work so he could turn Zsa Zsa into Ma Ma.
One of the challenges that we have as professionals is motivating our clients to do their estate planning. Our new television special titled "Trial & Heirs: Protect Your Family Fortune!" debuts tonight and we think it will help motivate your clients to take the necessary estate planning steps that many have put off for far too long.
It’s shocking how many rich and famous people make mistake and after mistake, which often leads to heirs fighting over inheritances. But, it’s not only the rich. Everyday across the country, people from all walks of life make the exact same mistakes time and time again. The only difference is the dollar amounts that they’re fighting over.
Civil rights icon Rosa Parks passed away in Detroit at the age of 92 back in 2005. Almost six years later, her legacy is still tied up in a lengthy court battle. The case features allegations of abuse, cronyism and corruption by the probate judge as well as the two lawyers he appointed to oversee the estate and trust.
Ryan O'Neal is at it again. He and Craig Nevius, a Hollywood producer who used to work closely with Farrah Fawcett, are in the midst of more legal fighting against one another.
Celebrity heirs fighting over the estate is far from uncommon but it is unusual when an ugly court battle starts before the celebrity even dies. That certainly has been the case with the Dennis Hopper estate.
No, it can’t be. Has the 15-year saga started by Anna Nicole Smith, as she tried to get money from the estate of her deceased husband, really come to an end?
Leona Helmsley, widely regarded as the “Queen of Mean” before she died at age 87 in 2007, left behind a fortune valued by some to be worth $40 to $80 billion. She earmarked twelve million dollars to take care of her dog, Trouble, until the Judge reduced it to a paltry $2 million.
While Whitney Houston was recently admitted to rehab, she has one other big concern that she still has to face - her no-holds-barred court fight with her late father’s widow.
Irvin Feld was a rock-and-roll promoter who purchased “The Greatest Show on Earth” in 1967. He created a promotion company to manage the Ringling Bros. Circus, along with Disney on Ice and monster truck shows, but none of his shows have been as eventful as what’s happened between his two children the last few years.
The Michael Jackson Estate has featured fireworks since very shortly after Michael died on June 25, 2009. His mother, Katherine Jackson, was not happy about non-family members, including attorney John Branca and music executive John McClain, being named as executors of his estate. So she hired lawyers and challenged the executors in probate court. They fought … and fought … and fought.
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