You do not have to be a celebrity to have an all-star estate plan. However, probate attorneys say that the everyman may be able to benefit from some estate planningstrategies utilized by high-profile entertainers in Florida and other states. Even if you can’t imagine walking the red carpet yourself, you can still have an award-winning estate plan.
For example, Elizabeth Taylor’s estate provided an excellent model for the use of trusts in a modern estate plan. Very little information was ever publicly released about her estate, but professionals do know that the Elizabeth Taylor Trust simplified the execution of her estate plan. Even though early reports seemed to indicate that the star’s family members would contest her estate plan, quite the opposite was true; Taylor’s family refrained from filing probate, and there were no court battles in connection with her will. Taylor is thought to have left most of her trust assets to her children, grandchildren and several charitable organizations.
Another classic celebrity with a high-quality estate plan was Frank Sinatra. Ol’ Blue Eyes may have seemed like a carefree crooner, but Sinatra actually spent a significant amount of time ensuring that his estate was in order. His will, weighing in at a hefty 21 pages, included a “no contest clause”‘ that would effectively disinherit any beneficiary who chose to pursue legal action against the estate plan. No one challenged the will.
Although these celebrities may have had massive estates to distribute, everyday Florida residents may benefit from using similar estate planning strategies. Florida residents who are interested in learning more about estate planning may benefit from the assistance of a probate attorney. These professionals may be able to help clients model their estate plans after those of successful celebrities!
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