Tuesday, November 28, 2023
Jessica Galligan Goldsmith, Erica Howard-Potter, John S. Kiely, Merrie Jeanne Webel, Kirsten A. Curatolo, David E. Stutzman, and Samuel F. Thomas published an Article in the ABA Probate & Property Magazine, Celebrity Estate Planning: Misfires of the Rich and Famous VI, Probate & Property Magazine, November/December 2023. Provided below is an introduction to the Article:
As estate planning professionals, we see many clients with poorly drafted documents and poorly conceived estate plans. Sometimes the errors made are based on mistakes of fact and sometimes they are based on mistakes of law. If clients come in time, these estate planning misfires can usually be avoided. If not, the consequences for the client’s family can be devastating. Surprisingly, wealthy celebrities are often the recipients of poor estate planning. When estate planning misfires occur, litigation among family members and with taxing authorities can be the ultimate result. The misfires discussed below involve celebrities, but the overarching issues relate to everyone.