Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

Estate planning errors made by celebrities

There are several errors that Ohio residents sometimes make with their estate planning. Errors can be made by people of all types and socioeconomic levels, including celebrities. Learning from the mistakes that have been made by celebrities in planning their estates may help others to avoid making the same ones.

Heath Ledger and Francis Griffith Joyner both had wills, but they each made different errors with them. Ledger had his done when he was young and single. He never updated it after he had his daughter. This meant that everything he had went to his siblings and parents after his death, and his daughter received nothing. Francis Griffith Joyner never told anybody where to find the will that she had written. This led to her family's battling one another in court for four years before reaching a settlement.

Michael Jackson established a trust to pass his assets, but he failed to place a large number of assets in the trust. This likewise led to court litigation over the assets that passed outside of the trust and instead through probate court. Prince failed to draft any estate planning documents at all, leaving his assets to be distributed to his siblings according to the state's intestacy laws. Millions of dollars of his estate will also go to the IRS for taxes.

People may use trusts to avoid probate, but Jackson's case demonstrates how failing to fund a trust may subject the assets to probate anyway. People may want to meet with their attorneys to make certain that they avoid making any of the mistakes that these celebrities made.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

EMAIL US FOR A RESPONSE

We are here to help. Contact our attorneys today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
159 Crocker Park Boulevard
4th Floor
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us