This column discusses a common trend of celebrities making bad estate plans. It is common for high profile celebrities to accumulate large amounts of wealth, but many of these celebrities often make very bad decisions when it comes to planning for their estates. These individuals will often make poor decisions when selecting advisers and trustees. It is also common for celebrities to fail to maximize the opportunities that are presented to them; often failing to benefit from certain bright line transactions. Celebrities should seek out help from competent high caliber experts who can help walk them through the many investment and estate planning options that might be available.
See Russ Alan Prince, Many Celebrity Entertainers Fail To Effectively Plan Their Estates, Forbes, September 1, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
