Don’t make the same mistake so many celebrities, like Prince, have made.Whether your estate is worth $40,000 or $400 million, the effects of poor estate planning are undeniable. Between estate taxes at the state and federal levels, more than half of a person’s estate can be lost to the government, often leaving the family with far less than they anticipated. Worse yet, failure to name who will get your estate could have unanticipated consequences. This can mean serious financial trouble for the spouse and children who would rely on those funds to take care of daily life, go to college or cover medical expenses.
Because Prince had no will, people are coming out of the woodwork to argue who gets his estate. But the simple creation of a will or trust would have allowed him to avoid this confusion and to specify who would get the fortune he spent his lifetime building. So often with families, it’s not about the dollar amount, but rather about what it represents — years of long hours, hard work, family sacrifices, and ultimately seeing that dream come to fruition. And remember, without an estate plan, families are also thrust into the lengthy and confusing Probate process, which not only adds undue stress on the family, but it also makes the details of the estate public record and allows people to contest easier. For high profile celebrities, or simply those who value their privacy, a proper estate plan is integral when it comes to legacy.
For more info about Prince and his estate planning pitfalls, the article by Rachel Greszler of The Daily Signal gets into the details of Prince’s estate and who will be receiving the most from his multi-million dollar estate (hint: it’s not his family).
Want to learn more about protecting your legacy?
Check out Michael’s book Your Ultimate Legacy, available now on Amazon, CreateSpace and Kindle. If you’re ready to start the planning process and protect your legacy, schedule your initial consultation today, or give us a call at 847-398-7901.