Celebrities have enough money to hire the best estate planning lawyers. You would think celebrities, of all people, should have ironclad estate plans that keep their affairs private, leave money and possessions to the people they love and the charities they care about, and take advantage of legal ways to avoid or minimize estate taxes.
Unfortunately, it doesn’t always turn out that way. Celebrities can be negligent about estate planning no matter how much money they have. Other than not having a will, the biggest mistake is relying on a simple will to transfer a sizable estate. By failing to take advantage of trusts, celebrities hurt their loved ones in three ways: 1) a big chunk of the estate is lost to estate taxes; 2) probate proceedings are public and can drag on for years; and 3) their fortune may even end up in the wrong hands.
Click the thumbnail below to read more about five famous estate planning blunders–we are certain you’ll learn some valuable tips here, even if you’re not a celebrity yourself!