Lessons Learned From Celebrity Estates: Structuring Estate Plans to Avoid Missteps

Estate planning missteps made by celebrities mirror those often made by affluent individuals. Other than being famous, and often worth more after death, these individuals' estate plans are like most others. And, like many others, there may be no estate plan or will. Primarily, individuals and trust and estate professionals would like to ensure assets are distributed to heirs as intended, avoid litigation, and preserve their legacy.

Failure to devise an estate plan, update an estate plan, or not incorporate uncertainties in inheritance plans all have consequences. Recently, Gene Hackman predeceased his much younger wife of 30 years. Their wills were outdated, and it is doubtful he considered that his wife might pass first. No one can be certain their assets will be distributed as they intended. 

All estate plans are unique; however, reviewing the estate plans of the rich and famous offers invaluable planning tips and techniques applicable to all estates. 

Listen as our panel of trusted estate planning attorneys describes the estate plans of famous individuals and offers recommendations that taxpayers and trust and estate professionals should consider.

• Lessons learned from celebrity estates: introduction
• Prince
• Aretha Franklin
• Gene Hackman
• Richard Simmons
• Rupert Murdoch
• Other celebrity estates
• Lessons learned
• Best practices

The panel will cover these and other key issues:

• Wealth transfer missteps to avoid using examples from celebrity estates
• Utilizing estate plans to ensure assets are distributed to heirs as intended
• The caveats of not having an updated estate plan
• Steps to mitigate litigation in estates

Learning Objectives

After completing this course, you will be able to:

• Identify techniques to incorporate in estate plans to ensure assets are distributed as intended in estate plans
• Determine the importance of implementing an estate plan
• Decide steps to take to mitigate litigation in estates
• Ascertain missteps made in specific celebrity estates

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite:

  Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

  
  

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IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).