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Ineffective Planning Yields Unintended Consequences

Ineffective Planning Yields Unintended Consequences

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Published by Bradley Anderson
Engaging competent legal counsel allows you to effectively plan your estate. However, some high net worth individuals have passed away without taking the correct steps. Some of them are very well known to all of us, and some of them are not. In this paper we will look at the estate planning errors of two famous deceased celebrities. Learn more: http://www.wealth-counselors.com/estate_planning/index.php/estate-planning/
Engaging competent legal counsel allows you to effectively plan your estate. However, some high net worth individuals have passed away without taking the correct steps. Some of them are very well known to all of us, and some of them are not. In this paper we will look at the estate planning errors of two famous deceased celebrities. Learn more: http://www.wealth-counselors.com/estate_planning/index.php/estate-planning/

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Published by: Bradley Anderson on Aug 28, 2013
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INEFFECTIVEPLANNING YIELDS UNINTENDEDCONSEQUENCES
 A look at the estate planning errorsof two deceased celebrities
 
BRADLEY B.ANDERSON
 
 
Ineffective Planning Yields Unintended Consequences
2
Engaging competent legal counsel allows you to effectively plan your estate.However, some high net worth individuals have passed away without taking thecorrect steps.Some of them are very well known to all of us, and some of them are not. Inthis paper we will look at the estate planning errors of two famous deceasedcelebrities.
 ASSUMPTIONS
It is important not to assume you are aware of all the issues when you'replanning your estate. You should consider all possible contingencies and work with your attorney to create an ironclad plan that can't go wrong under anycircumstances.
Marilyn Monroe Estate
Marilyn Monroe left the majority of her estate to Lee Strasberg, the famousdrama coach. He was married to his second wife Paula at the time of Marilyn'sdeath. According to reports theStrasburgs were almost likeparents to Marilyn. Paulawas eight years youngerthan Lee, and as a rule,women have longerlifespans than men.It would have been logicalfor Marilyn to assume thatLee would die before Paula.Under those circumstancesPaula would wind up inheriting whatever it is that Marilyn left to Lee.
 
 
Ineffective Planning Yields Unintended Consequences
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Since Marilyn looked upon Paula as family she probably thought that this wouldbe an appropriate result. As it turns out things did not unfold in this manner. Lee Strasberg lived longerthan Paula, and he wound up marrying a woman named Anna.Lee left the Monroe estate to Anna, even though Marilyn Monroe had never metthis woman. Anna made a fortune via licensing rights, selling the Marilyn Monroe image in amyriad of different forms. She ultimately sold ownership of the estate for some$20 million or more according to NPR.It's unlikely that Marilyn would have wanted to leave her legacy in the hands of someone that she didn't know, and it could have been prevented with moreeffective planning.
Steve McNair: You're Never Too Young
Many young adults procrastinate when it comes to estate planning because theydon't expect to die any time soon. The odds may be in your favor when you area young adult, but there are certainly no guarantees.Estate planning is particularly important for people who have dependentchildren. Taking chances when you are single and childless is one thing, butwhen you have people depending on you advance planning is a must.In addition to the children, some younger adults assist their parents. This isanother matter to take into consideration.With all of the above in mind
let’s
briefly examine the Steve McNair estate case.Sports fans will remember McNair as a star quarterback who spent most of hiscareer with the Tennessee Titans.

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