Celebrities Guilty Of Estate Planning Mistakes
June 18, 2013
Celebrities are really just normal, everyday people. They can make mistakes just like everybody else does in Florida and in any other state. Many of these mishaps revolve around financial planning decisions by celebrities. Some of these financial mishaps involve celebrities making significant estate planning mistakes. Among the celebrities who reportedly made poor decisions regarding their estate plans include Sammy Davis Jr., Steve McNair and many other famous people.
After the legendary entertainer Sammy Davis Jr. passed away in 1990 it was discovered that he did not properly prepare for the future with a good estate plan. Unfortunately for him, the man’s long career in the entertainment industry did not provide him with unlimited wealth. By the time he died, his estate had shrunken considerably, leaving behind a large tax obligation which the estate could not pay. His estate was considered insolvent because the debts owed were more than the assets within the estate.
Steve McNair was another celebrity who evidently made poor estate planning decisions. However, the now-deceased professional football player’s poor decision was to not make any decisions regarding his estate. Unfortunately, after McNair was murdered by his girlfriend, authorities discovered he had no estate planning documents. This resulted in his estate owing a large amount of taxes.
These mistakes made by celebrities are similar to the types of mistakes made by everyday people in Florida. This is why it could be important for readers to learn from their mistakes so they can avoid the same risks. Many common mistakes stem from either not enough estate planning or failure to plan at all. Consumers can avoid these mistakes by taking action to create an estate plan as soon as possible.