It’s time to roll out the red carpet – today I’m handing out awards to some of the most famous celebrities who at one point, had it all together. Some of them left a lasting impression on history, civil rights, music and the box office but what they all have in common is that they left a lasting impression on their personal finances as well – just maybe not in the way you might have thought.
“And, now, this year’s award goes to…”
Nightmare of the Year Award: Martin Luther King Jr. left a mark on history and civil rights before he was assassinated at the early age of 39. He didn’t leave behind a will or estate, though. That oversight left his family grappling for control of his image and financial legacy even now, 49 years after his death.
Should of Went to Rehab Award: Like many pop stars who live fast and die young, Winehouse did not leave a will or any planning. She was divorced at the time of her death, but still reportedly professed a deep love for her co-dependent. Friends said she would have wanted to have left something for her soulmate but that wish went with her to the great gig beyond.
Strikeout of the Year Award: The Wrigley’s left a huge estate tax obligation on their assets, including the Chicago Cubs and Wrigley Field. The $40 million tax bill forced heirs to sell stock, the Cubs and Wrigley Field.
Gettysburg’s Forgotten Page of the Year Award: Abe Lincoln was the first president to do many things, including winning re-election during a time of war. But did you know he was also the first one to have passed away without leaving a will behind?
The Last Tycoon of the Year Award: Tony Curtis usually played the happy-go-lucky guy on the screen, but his children were anything but happy or lucky when they found out what he left them in his will; nothing. Because he disinherited them, he guaranteed nothing but a long court fight from at least some of the six children he had from six different marriages.
Imagine that, some of the biggest names out there really didn’t have it all together. Think about the fortunes these famous celebrities had and what they could’ve have protected and passed on to their families. It’s so important to have a sound estate plan in place and not to delay for any reason.
If you need some help with setting up your estate planning, just give me a call.
Have a great rest of your week!